Costa Cálida: Affordable living under the sun, but what does it really cost?

Costs When Purchasing a Property in Murcia: What Should You Take Into Account?

The Murcia region is becoming increasingly popular among those seeking a second residence, a holiday home, or a secure real estate investment under the Spanish sun. The pleasant climate, relaxed lifestyle, and attractive property prices make this area especially appealing. However, when buying a property, it is important to consider more than just the purchase price. Spain has various additional costs that can influence your total budget.

Important Costs and Considerations

When purchasing property in Spain, legal assistance is highly recommended. A specialised real estate lawyer examines all documents, carries out the necessary checks, and ensures that you are protected throughout every phase of the process.
If you are buying from Belgium or the Netherlands, a power of attorney can save a great deal of time and administration. With this document, a local representative in Spain can perform official tasks on your behalf, without your physical presence.

You should also take into account the costs of connecting or activating electricity, water, and gas. Spanish banks often charge fees for issuing a bank cheque or making an international transfer. After the purchase, you will also pay annual property tax and income tax for non-residents, even if you do not rent out the property. The exact amounts vary by municipality.

Existing properties may involve additional renovation or modernisation costs, while new-build homes mainly incur extra costs for optional upgrades such as a pool or landscaping.

Costs for New-Build Properties in Murcia

For new-build properties, the main costs consist of taxes and administrative fees. You pay 10% VAT on the purchase price and 1.5% stamp duty. Notary and registration fees average around €2,800. Legal fees for a lawyer usually amount to 1% of the purchase price, plus 21% VAT.

A power of attorney issued in Belgium or the Netherlands costs approximately €675, while in Spain this document typically ranges between €75 and €150, depending on the notary.
A NIE number costs around €10 per person. Utility connections amount to roughly €300, and a bank cheque costs around €250. Additional administrative costs total approximately €250.

Costs for Resale Properties

For resale properties, transfer tax is the most significant cost; in Murcia, this is 7.75% of the purchase price. Notary and registration fees again total about €2,800. Legal fees average €1,650, though they may rise to 1% of the purchase price plus 21% VAT.

A power of attorney from Belgium or the Netherlands typically costs around €675, although this amount may vary depending on the notary. In Spain, the cost is significantly lower, generally between €75 and €150. A NIE number costs around €10 per person, and utility connections around €300. A bank cheque costs roughly €300, unless your bank approves a transfer instead. Administrative fees are again around €250.

Practical Tips from WOW-Estates

It is advisable to request a full cost overview in advance to have a clear idea of the total budget.
Notify your bank early about upcoming large international payments to avoid delays.
If you are taking out a mortgage, remember to consider additional costs such as bank fees and the mandatory property valuation.

Conclusion: A Carefree Purchase with the Right Preparation

Murcia offers excellent quality of life, a sunny climate, and attractive property prices. By understanding all additional costs beforehand, the entire buying process becomes more transparent and stress-free. At WOW-Estates, we guide you through every step, from the first viewing to the final handover of keys. Even after the purchase, we continue to support you with advice, follow-up, and assistance whenever needed.

Share