PROPERTY PRICE

It is the price accepted by both parties. The buyer does NOT have to pay any additional percentage as a real estate commission since this is already included in the sale price and paid by the seller (in other countries the practice may be different).

Even in the case of purchase through 2 agencies collaborating in the sale of a property (a very common case due to the dense network of real estate collaborations on the island), the buyer has NO additional cost since it is the real estate agencies that have a joint agreement with the seller.

Below, we provide a reliable estimate of the costs associated with the purchase of a property that are borne by the buyer. On average, they can be summarized as 8-10% of the purchase value of the property.

NOTARIAL COSTS

The cost of the Notary for a sale deed of a property ranges between 1,000 and 1,300 euros

PROPERTY REGISTRATION

about 800 euros

MANAGEMENT FEES

around 700 EUROS

PROPERTY TRANSFER TAX (ITP)

in the Canary Islands, 6.5% of the price indicated in the sale is paid (IN THE CASE OF SALE OF A “SECOND-HAND” PROPERTY)

IGIC: ONLY IN CASE OF NEW BUILDING PROPERTY PURCHASE

Canary Islands apply an IGIC of 7% on the price indicated in the sale.

BANK CHECK COST

banks apply a commission for the issuance of non-transferable bank checks (called “cheques”). Attention!! This commission is often significantly reduced by agreeing to enter into a property insurance contract with the same bank (through an affiliated company)

LOAN EXPENSES

if a mortgage is requested, the associated bank expenses must be considered (current account opening, bank commissions, property appraisal, insurance,…)