What are the costs incurred when buying a property in Spain?

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What are the costs incurred when buying a property in Spain?

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Costs usually amount to between 11% or 12% of the purchase price of the property and include: Buyer pays 8% VAT (known as IVA in Spain). This increased in July 2010 from 7%. Stamp duty of between 0.5% and 1% is payable. Notary fees and land registry fees are fixed by law and based on a sliding scale ranging from 0.5% and 2%. Legal fees are between 0.75% and 1%.

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