Are there extra costs that I will have to pay when I purchase my property?

You will have to pay 7% of the value of the property purchased, this is called transmission tax, Spanish equivalent to the UK’s Stamp duty and is paid directly to the Spanish government. On a new build property you will have to pay 7% IVA (VAT equivalent) and 1% transmission tax. The Notary and the Registry fees are also paid by the purchaser and these fees vary depending on the size and location of the property purchased.