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Calculation: How Much Does It Cost to Buy and Maintain an Apartment by the Sea in Alicante, Spain

June 30, 2020
15

In Spain you can find housing with hotel-type infrastructure. Swimming pools and playgrounds, gyms, sauna, SPA, bike paths, walking areas, bars and restaurants. But when you choose a property, you better understand how much it will cost to buy and own it. We asked the manager of EspanaTour Irina Rud to analyze the buyer's expenses on the example of an apartment with a large terrace in Alicante.

What to Buy in Spain

Market and Prices

The South of Europe was mostly affected by the recent pandemic. Some experts believe that the Spanish real estate market can collapse in prices by 30-35%. Others think that mass sales will only affect unclaimed properties.

The market has revived a little in summer, many people want to buy property in Spain. Prices have barely changed, and the cost has fallen only for unmarketable realty. There is a noticeable increase in prices in the segment of new buildings and popular offers at the construction stage.

In popular locations such as Barcelona, Madrid, resorts of the Costa Blanca and the Balearic Islands prices are rising despite international disasters.

Barcelona is the most expensive city in the country: the average price per square meter is €3,200. In Madrid the bar is lower: on average, €2,700 per sq.m. The spread of prices in megacities is large, depending on the area, the cost of similar properties may differ.

In resorts like Torrevieja, Benidorm or Orihuela Costa you can find an apartment in the secondary segment for a little money at a short distance from the beach (1.5-3 km): about €50,000-70,000. Slightly more spacious properties are available with a budget of €100,000, for example, bungalows or townhouses with 3 rooms. But you can't find anything on the coast line.

With €150,000 and more you can afford very spacious apartments or bungalows in a couple of kilometers from the beach on the Costa Blanca. Beyond the threshold of €200,000-300,000 the choice is huge. Impressive area, new equipped housing with the latest technology. Picking up something on the shore is not a problem. At the same time, there are enough offers on the market for half a million euros. The threshold for entering the Spanish "Golden visa" program is exactly here.

Also Read: How to Buy Property in Spain as a Foreigner?

Apartment With a Large Terrace

For calculations we take a typical new complex by the sea in Orihuela Costa, province of Alicante. The beach can be reached on foot. The Mediterranean coast is just 800m away, the international airport is about an hour away by car (40 km). The location is popular among tourists, which means that the apartment is suitable for both living and renting.

The apartment is located in a gated complex with developed infrastructure: 7 swimming pools, 6 jacuzzis, a gym, a sauna, a playground, bike paths. After the construction is completed (2021) the lounge area will have shops, a restaurant and a bar.

How much will you pay at the purchase stage

Apartment price: €185,000

2-bedroom apartment in a building under construction with an area of 100 sq.m with a terrace (23 sq.m). The price includes a parking space.

At the signing of a reserve agreement you pay a security deposit of €6,000-10,000. The second payment is required in a month, the buyer transfers about 25%, and one more month later the seller expects a similar receipt (25%). The remaining balance (up to 50%) is paid when signing the contract of sale and delivery-acceptance of the property. When buying property in Spanish resorts, bargaining is appropriate. Sometimes you can achieve significant benefits.

On the example of a selected apartment, it looks like this:

€6,000 - booking;
€40,250 - second payment;
€46,250 - third payment;
€92,500 - the apartment is accepted and the contract of sale is signed.

Lawyer's fee: €870

This is the standard fee for checking documents by a licensed Spanish lawyer.

The lawyer guarantees the purity of the transaction and conducts the case until the buyer enters into ownership.

Notary services: from €600

Certification of documents in Spain will cost from €600 to €1000. A specialist can be selected by both the seller and the buyer or their representative.

Translation services: €0

In this example, the translator's assistance is included in the payment for legal support of the transaction, but if the agent does not provide such a service, the specialist will cost €70-100. An hour costs from €10-25.

It also costs about €10-25 per hour to support the transaction with a notary translator. His presence is strictly mandatory, since it is important that all participants understand what they are signing.

Realtor's fee: €0

The commission is paid by the seller. The bid depends on the property. This apartment does not affect the buyer's expenses.

Property purchase tax: €18,500

Apartments are subject to a purchase tax (IVA-El impuesto sobre el valor añadido) at a rate of 10% of the market value. The buyer is obliged to pay the entire amount within 30 days after signing the purchase and sale agreement, and there is a penalty for delay (1.5-3% of the tax amount).

Stamp duty: €2,775

Stamp duty or tax on the legal record of the transaction (IAJD-Impuesto sobre los Actos Jurídicos Documentados) it is 1.5% of the property value, but only applies to transactions with new real estate.

The fee varies from 0.5% to 1.5% depending on the region. We are considering a new building, so we also add stamp duty to the estimate. It, like the purchase tax, must be paid without delay.

Registration of real estate: €300-450

When the purchase and sale agreement is signed, the lawyer sends to the Registry to register the transfer of ownership of the property. The process takes about 1-2 months. The buyer pays the registration fee on the day of the transaction.

Connecting utility services: €400

The lawyer's fee includes both legal support and connection of communications. The lawyer does this.If the building is new, the owner must install meters for light and water. That costs about €400.

Furniture: €15,000

Developers in new buildings offer to buy a standard package of furniture and appliances for €5,000-20,000, depending on the compound. You can either purchase a ready-made set or buy everything on your own, it depends solely on your choice.

For a 2-room apartment in our example has a ready-made package of furniture from the developer for the price of €15,000.

Also Read: Property Taxes in Spain

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The expenses on maintenance in Spain

The cost of utilities depends on the amount of months you spend in the new apartments. Let's make a calculation for a situation where a family of two people lives in a new Portuguese apartment all year round.

Property tax: €925 per year

The annual property ownership tax (Impuesto sobre Bienes Inmeubles, IBI) ranges from 0.4% to 1.1% of the cadastral value of the property and depends on the location. In this case, the bid will be 0.45% of the cadastral value (€185,000).

Condo fee: €1,438 per year

This is a fixed fee that is paid in installments quarterly or at a time by each resident. The bill includes all services for the maintenance of the complex (gardening, cleaning, pool cleaning, territory security, concierge service, etc.).

Insurance: from €150 per year

Most apartments are insured in Spain, but this option is voluntary. For €150-450 per year, depending on property and insurance coverage, you can stop worrying about whether something has suddenly happened to your Spanish property.

Utilities: €65 per month (€780 per year)

On average, electricity costs €50-120 per month and water costs €15-30 for a family of three people in a resort apartment.

City services issue an electricity bill every month. It consists of two parts: fixed one (€12-16 per month) and up-to-date measures (kilowatts per meter). The cost of one kilowatt is €0.15.

The water service issues water bills on a quarterly basis. The bill also consists of a fixed fee (€13.28 per quarter) plus the up-to-date amount of water consumed. The cost of a cube of water is €0.55.

Total Expenses on the Purchase and Maintenance of the Apartment

Purchase Expenses
Apartment Price	€185,000
Realtor's Fee	€0
Lawyer's Fee	€870
Property Purchase Tax	€18,500
Stamp Duty	€2,775
Notary Services	€600
Translation Services	€0
Registration of Real Estate	€300
Connecting Utility Services	€400
Furnishings	€15,000
Total amount:	€ 223,445