Buying Property in the Canary Islands

Buying Property in the Canary Islands

Buying Property

Are you looking to buy your dream home? We have written this post to inform people or what to expect when buying property in the Canary Islands.

Whether you are a first-time buyer looking to upgrade or searching for a retirement home, investment opportunity or an off-plan project, you will find what you are looking for in the Viking Real Estate Portfolio.

Our experienced team of lawyers and agents have the detailed local knowledge to guide you through the buying and conveyancing process from start to finish and are with you every step of the way.

In the last year, the world-wide pandemic has made travel a difficult experience. On the positive side however, it has led to several clients selling their properties and there are undoubtedly more bargains about.

Our multilingual staff can ensure all maintenance, IBI and property taxes are up to date and our team of In-house lawyers and legal staff will represent or assist our clients every step of the way in visiting the Council, (Ayuntamiento) signing Deeds in the Public Notary and navigating all local Laws.

As part of a special service developed over the last year, Viking offers to book and organise Real Estate Inspection visits which comply with current travel restrictions and can arrange digital Zoom Viewings.!!!

Viking’s Travel arm will assist with securing relative paperwork, booking flights, offering discounted 4- and 5-star hotel and resort accommodation and should your dream property become more permanent, will even take all the stress out of moving abroad with its unique relocation services, including passports and travel for your pets!

Costs involved in buying property in the Canary Islands.

It is important to understand what costs and taxes are involved when buying property in the Canary Islands, as they differ between islands, mainland, and various countries.

Canary Islands

Purchase Price

The purchase price is the amount that the property costs without taxes or equivalent VAT which in the Canary Islands is called IGIC.

IGIC

This is the VAT in the Canary Islands, the rate to apply to the purchase price. In the Canary Islands this is set at 7% (Mainland Spain’s VAT is 10%)

Notary Fees

This depends on the price of the property but is between 700 euros and 1000 Euros.

Land Registry Fees

This cost on average is 3 quarters of the cost of the Notary fees.

Stamp Duty

For a new building, the stamp duty is only 1% of the purchase price.

On average, the fees payable will be 9% on top of the sales price.

Obtaining your NIE number.

The NIE number is a tax number in Spain for foreigners. You need this number to be able to register your purchase in the land registry office and pay your taxes. This number is also needed to arrange your contract with service suppliers such as water, electricity, telephone, and other services and also to open a bank account.

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