Rough Price Guide

A Rough Guideline to Property Prices

As a general rule the Coast is usually more expensive than inland due to higher land prices. This is particularly the case with an individual detached villa on a larger plot.

The property boom of 2001/2/3/4/5 that produced 30%-35% annual increases is long over. 2006 had a more healthy 9% annual increase and in 2007 the property inflation was about 7% p.a. However since 2007 Spanish property prices have dropped officiall around 12% but in practice by around 30% in part due to the world economic downturn and in part to over building of certain types of properties. There is oversupply for certain types of property notably golf resorts and  new 2 bed apartments in high rise blocks due partly to the Spanish domestic market where prices have become too great for many Spanish people. There is also a glut of similar type resale properties on large estate developments which have forced prices down. 

So it is a buyers market with very attractive bargains available. However in prime locations and for individual good quality homes the market is still active and also for inland areas where there is a shortage of supply, quality properties are still in demand.

INLAND COUNTRY AREAS prices:

Old Houses and Fincas to renovate from €70,000
New Detached Villas on small developments from €160,000
New Detached Villas on Large Individual country plots from €210,000 depending on the plot.
Large renovated homes and quality resales from €250,000
Cave houses from €50,000
Land prices for plots vary but a 5000m2 good plot with planning permission and papers and good views will be from €70,000-120,000


COASTAL AREAS prices:

New Apartments from €80,000
New Spa Apartments from €140,000
New Golf Apartments from €100,000
New Penthouses some with sea views from €117,000
New Townhouses from €125,000
New Detached villas from €180,000 on smaller plots
New Quality Detached villas from €230,000

Resales Apartments from 70,000
Resale Penthouses from 80,000
Resale Detached from 150,000


PURCHASE COSTS
From July 2010 the tax and costs are as follows: Purchase price + 8% tax (IVA/ VAT on new property or Property Transfer Tax on resale property) and + approx 3% for notary fees, stamp duty and land registry, application for water, gas and electricity connections, your solicitors fees etc. Add 1.5% if you require a new mortgage (existing mortgages are transferable in Spain with no set up costs) so 8 + 3 = 11% + 1.5% if you require a Spanish mortgage.