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When buying a property in Mallorca, the buyer pays several mandatory taxes and fees in addition to the value of the property. The first of these is the IVA tax – a Russian equivalent of the VAT, which currently stands at 8%.

When buying a home, a stamp duty (AJD) is also charged, which in the Balearic Islands is 1%.

When buying a home on the secondary housing market, the property transfer tax (ITP) has to be paid, which varies depending on the region of Spain. On average, it is about 8%.

 Below you will find an approximate cost calculation when buying a property worth 250.000 euros in the primary market:

 ·         VAT (IVA) 8% – 20,000 Euro

·         Stamp duty (IAJD) 0.5% – 1,250 Euro

·         Notary – 1,097 Euro

·         Property Registry – 517 Euro

·         Paperwork – 525 Euro

·         VAT (notary, property register, paperwork) – 34 Euro

 Total – 23,423 Euro

 Be sure to take into account the costs arising out of legal support for the transaction, these expenses do not exceed 1% of the property value.

The calculation is given as an example, therefore individual conditions and particularities will apply for each of the properties.

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The Real Estate Agency Yes Mallorca Property S.L. (CIFB16556185) has been in operation since 2007, and clients have evaluated its work qualitatively
The company's specialists regularly work with reputable information portals such as Mallorca Magazin, Westfalen, TFT Mag, Houzz and others.

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