Thursday, January 25, 2018
What are the purchase costs of a house in Tenerife?
The percentages of the fees can always be changed by the government. In general, a distinction should be made whether you are buying a new construction property from the developer or an existing property.
Purchase cost new build property
- VAT (igic): 7%
- Stamp duty (AJD): 1%
Purchase cost of existing property
The following costs are also always incurred:
- Notary: +- € 900
- Land registry: +- € 500
- Connection to water / electricity: € 500 including meter (only for new construction)
- Counsel: +- 0,8% - 1,5%
Conclusion
To be safe, add 10% one-time purchase cost on top of the purchase price for a purchase in Tenerife.