Buy in Mediterranean Spain, where and at what price?

Property prices on Spain’s Mediterranean coastline vary widely by location. Taxes on the purchase too! So where to buy in Spain to have the best value for money? Discover it in our four-part study: the fourth is a synthesis of the previous 3 (Catalan and Balearic Coast / Valencia Community and coast of Murcia / Andalusia Coast) and incorporates elements of taxation.

Buy in Spain; it was the case for 100,000 foreigners in 2017! So why not you? The vast majority of buyers invest on the Spanish Mediterranean coast.  But the purchase prices of apartments or villas are very different in all the various costal areas, ranging from one times to five times the average and the taxes levied in each Spanish autonomous community can vary from one to two times the average.

We propose, through 4 studies, an analysis of these prices and charges from north to south, from the Franco-Spanish border to the Spanish-Portuguese border, via the Balearic Islands. We also give you price elements for the main seaside resorts of each littoral zone studied.

The first study focused on the Catalan Coast (Costa Brava, Costa del Maresme, Costa Dorada) and the Balearic Islands.

The second study focused on the coast of the Valencia Community (Costa del Azahar, Costa de Valencia, Costa Blanca) and that of the Region of Murcia (Costa Cálida).

The third study dealt with the Andalusian Coast (Costa de Almeria, Costa Tropical, Costa del Sol, Costa de la Luz).

Finally, the fourth study, which is the subject of this publication, summarizes the three preceding ones and integrates the elements of taxation with the purchase (ITP, AJD on the mortgage) by region.

This may help you choose the location of your future real estate investment, but remember that it will never replace an on-site visit after a selection of properties by your real estate advisor.

Notes: (1) by shoreline, we mean the area distant at most 5 kilometers from the seaside – (2) the advertised price is the average price recorded on April 3, 2018 on the Idealista real estate search site for the dwellings of each coastal area.

TAXATION TO PURCHASE ACCORDING TO THE COASTAL REGIONS

Taxation on the purchase of real estate is not the same throughout Spain. Buying in Spain from Catalonia will cost you a bit more in taxes than buying in the Balearic Islands or Andalusia.

The most important tax is the ITP (“Impuesto de Transmisiones Patrimoniales”, that is to say the tax on inheritance transmission). It is payable by the buyer of any used property.

When you buy a mortgage, there is another tax which is the AJD (“Impuesto de Actos Jurídicos Documentados”, i.e. the tax on legal acts), whose calculation base is most often … well above the value of the building!

The rates of these two taxes vary widely according to the autonomies, that is to say the Spanish regions (“comunidades autónomas”) as shown in the table below (in bold our coastal regions studied).

Autonomous CommunityITP (%)AJD (%)
Calculation basisTotalityResp. hyp (1)
Andalusia8,00%1,50%
Aragon8,00%1,20%
Asturies8,00%1,20%
Balearic8,00%0,75%
Canary6,50%1,50%
Cantabria10,00%1,50%
Castille – La Manche9,00%1,50%
Castille-Leon8,00%1,50%
Catalonia10,00%0,50%
Ceuta6,00%0,75%
Madrid6,00%1,50%
Valencia10,00%1,50%
Estrémadura8,00%1,50%
Galice10,00%1,00%
La Rioja7,00%0,50%
Melilla6,00%1,50%
Region de Murcie8,00%0,50%
Navarre6,00%0,50%
Basque Country4,00% 0,50%
(1): total mortgage liability  

The ITP varies from 4% (Basque Country) to 10% (Catalonia, Valencia Community, Cantabria and Galicia). Note the rate of Madrid (6%) much lower than those of other major Spanish cities (Barcelona and Valencia at 10%, Malaga and Seville at 8%), except Bilbao (4%).

The AJD on the mortgage varies from simple to triple: the lowest tax at 0.50% is in Ceuta, Melilla, Navarre and the Basque Country, the highest at 1.50% in 10 autonomous communities including Catalonia, Andalusia, the Valencian Community and the region of Murcia. CAUTION: The AJD’s calculation base is on “Total Mortgage Liability” and not just the amount borrowed. The basis of calculation therefore includes principal, interest and fees. The total mortgage liability can then vary between 135% and 200% of the value of the loan!

Of the five autonomous communities studied (Catalonia / Balearic Islands / Valencian Community / Region of Murcia / Andalusia), the “lightest” taxation is in the Balearic Islands (ITP 8% and AJD 1.2%), ahead of Andalusia and Spain. Region of Murcia (ITP 8% and AJD 1.5%), and the most “heavy” taxation is in Catalonia and the Valencian Community (ITP 10% and AJD 1.5%).

Example: what will cost in taxes a property of 200,000 € with the purchase with a mortgage loan of 150,000 € (and interest and mortgage fees for 50,000 €)?

  • In the Balearic Islands: 18.400 € (ITP: 16.000 € + AJD: 2.400 €)
  • In Andalusia and in the Region of Murcia: 19.000 € (ITP: 16.000 € + AJD: 3.000 €)
  • In Catalonia and the Valencian Community: € 23,000 (ITP: € 20,000 + AJD: € 3,000)
COSTAL PURCHASE PRICE: THE CHEAPEST AND THE MOST EXPENSIVE BY PROVINCE

The 5 Mediterranean autonomous communities studied have one or more provinces (small region or large department):

Catalonia (3): Provinces of Girona, Barcelona and Tarragona

Balearic Islands (1): Province of Balearic Islands

Valencia (3): Provinces of Castellon, Valencia and Alicante

Region of Murcia (1): Province of Murcia

Andalusia (5): Provinces of Almeria, Granada, Malaga, Cadiz and Huelva

Among these 13 Provinces, the cheapest coastline is in the Provinces of Murcia and Almeria (1250 € / m2) followed closely by that of Castellon (1280 € / m2).

At a level about 15% more expensive there is the coastline of 3 other provinces: Huelva (1450 € / m2), Valencia (1460 € / m2) and Granada (1480 € / m2).

Above but less than 2000 €, 3 other provinces: Tarragona (1640 € / m2), Cadiz (1680 € / m2) and Alicante (1760 € / m2).

The 4 other provinces have average prices on the littoral well over 2000 € / m2: Malaga (2240 ​​€ / m2), Girona (2480 € / m2), the Balearic Islands (3010 € / m2) and finally the most expensive of the coasts Spanish Mediterranean, the coastline of the Province of Barcelona (3330 € / m2).

Between the cheapest coastline, that of the Provinces of Murcia and Almeria at 1250 € / m2, and the most expensive, that of the Province of Barcelona at 3330 € / m2, there is a difference of 1 to 2.7.

PURCHASE PRICE ON THE COAST: THE LESS EXPENSIVE AND THE MOST EXPENSE BY STATION

At a little over 1000 € / m2, the cheapest resort on the Spanish Mediterranean coast is Algeciras (1080 € / m2), the southernmost city in mainland Spain, less than 5 km from Gibraltar and 20 km from Morocco.

In contrast, the most expensive resort is the island of Ibiza with 5410 € / m2, exactly 5 times more than in Algeciras! This creates a problem for local residents who no longer have access to the property.

So you can for the same amount buy an apartment of 30 m2 in Ibiza or 150 m2 in Algeciras. It’s up to you to choose where you want to buy in Spain …

Our real estate advisors are at your disposal throughout the Mediterranean coast of Spain.

Between these two extremes, the main resorts of southern Mediterranean Spain are generally cheaper than those of the north coast and the Balearic Islands:

Buy in Mediterranean Spain at less than 1100 € / m2:

RegionProvincesCities€/m2
AndalusiaCadizAlgeciras1080

Buy in Mediterranean Spain between 1100 and 1400 € / m2:

RegionProvincesCities€/m2
AndalusiaAlmeriaRoquetas de Mar1110
AndalusiaHuelvaHuelva1130
ValenciaValenceGandia – Oliva1160
MurciaMurciaCartagena1220
AndalusiaAlmeriaAlmeria1230
Région de MurcieMurcieMazarron – La Azohia1340
AndalusiaAlmeriaVillaricos – Mojacar1390

Buy in Mediterranean Spain between 1400 and 1700 € / m2:

RegionProvincesCities€/m2
AndalusiaCadizSan Fernando – Chiclana1470
ValenciaCastellonOrpesa del Mar1480
ValenciaValenceCullera1490
ValenciaAlicanteTorrevieja1490
ValenciaCastellonBenicarlo – Peniscola1500
ValenciaAlicanteArenals – Santa Paula1520
AndalusiaCadizSanlucar de Barrameda1530
ValenciaAlicanteAlicante1540
AndalusiaHuelvaIslantilla – Isla del Moral1580
CatalogneTarragoneCalafell – Cunit1680

Buy in Mediterranean Spain between 1700 and 2000 € / m2:

RegionProvincesCities€/m2
AndalusiaGrenadeAlmunécar – Salobrena1740
AndalusiaCadizEl Puerto de Santa Maria1740
CataloniaTarragonaTamarit – Torredembara1790
CataloniaTarragonaTarragona1840
ValenciaValenciaValencia1900
CataloniaTarragonaSalou – Cambrils1940
ValenciaAlicanteDénia – Xabia1980
ValenciaAlicanteCalp – Benidorm1990

Buy in Mediterranean Spain between 2000 and 2300 € / m2:

RegionProvincesCities€/m2
ValenciaAlicanteOrihuela – Torre de la Horadada2000
CataloniaGironaLloret del Mar – Blanes2030
AndalusiaMalagaTorremolinos- Benalmadena2050
AndalusiaMalagaEstepona – Bahia Dorada2050
AndalusiaMalagaMijas – Fuengirola2110
AndalusiaMalagaMalaga2120
CataloniaBarcelonaVilanova i la Geltru2170
AndalusiaCadizCadiz2180
AndalusiaCadizGuadiaro –The Alcaidesa2210
CataloniaBarcelonaArenys de Mar – Canet de Mar2270
CataloniaBarcelonaBadalona2290

Buy in Mediterranean Spain between 2300 and 3000 € / m2:

RegionProvincesCities€/m2
BalearicBaléaresIle de Minorque2310
AndalusiaMalagaSan Pedro – Cancelada2550
CataloniaGironaRoses – Empuriabrava2570
CataloniaGironaBegur – Palafrugell2710
CataloniaGironaPalamos – Aro2730
BalearicBalearicMallorca2840

Between 3000 and 5000 € / m2:

RegionProvincesCities€/m2
AndalusiaMalagaMarbella3070
CataloniaBarcelonaSitges3210
BalearicBalearicPalma Bay3240
CataloniaBarcelonaGava – Casteldefels3670
CataloniaBarcelonaBarcelona4730

Buy in Mediterranean Spain at more than 5000 € / m2:

RegionProvincesCities€/m2
BalearicBalearicIbiza-Formentera5410
AND IF YOU ADD TAX TO THE PURCHASE PRICE?

If we add the elements of taxation, ITP and AJD, is the ranking changed? Finally, quite a bit because the Balearic Islands, which benefit from the best taxation, have high prices for the purchase. And the more advantageous taxation of the southern coastal regions accentuates the price difference with those of the north, but does not change the order of the ranking.

Below, you have the final ranking on the total price (€ / m2) that integrates the purchase price, the ITP and the AJD (based on a total mortgage liability of 150% of the purchase price) for the 13 Provinces of the Spanish Mediterranean coast and their main resorts.

It’s up to you to find your happiness according to your budget!

You want to buy an apartment or a villa on the Catalan coast, the Valencia coast, in Alicante, near Malaga, in Cadiz or in the Balearic Islands, contact us:

By email to spainpurchase@yahoo.com

We will get in touch with you to give you the best advice and find the villa or apartment that fits your wishes.

BUY IN SPAIN: THE TOTAL PURCHASE PRICE (INCLUDING TAXES IN € / M2)

Summary table:

RegionProvinceCostal Area€/m2 HTITPAJD€/m2 TTC
AndalusiaCadizAlgeciras10808%1,50%1190
AndalusiaAlmeriaRoquetas de Mar11108%1,50%1220
AndalusiaHuelvaHuelva11308%1,50%1250
ValenciaValenceGandia – Oliva116010%1,50%1300
MurciaMurciaCartagena12208%1,50%1350
AndalusiaAlmeriaAlmeria12308%1,50%1360
MurciaMurciaProvince of Murcia12508%1,50%1380
AndalusiaAlmeriaProvince of Almeria12508%1,50%1380
ValenciaCastellonProvince de Castellon128010%1,50%1440
MurciaMurciaMazarron – La Azohia13408%1,50%1480
AndalusiaAlmeriaVillaricos – Mojacar13908%1,50%1530
AndalusiaHuelvaProvince de Huelva14508%1,50%1600
AndalusiaGrenadeProvince de Grenade14708%1,50%1620
AndalusiaCadizSan Fernando – Chiclana14708%1,50%1620
ValenciaValenciaProvince de Valence146010%1,50%1640
ValenciaCastellonOrpesa del Mar148010%1,50%1660
ValenciaValenceCullera149010%1,50%1670
ValenciaAlicanteTorrevieja149010%1,50%1670
ValenciaCastellonBenicarlo – Peniscola150010%1,50%1680
AndalusiaCadizSanlucar de Barrameda15308%1,50%1690
ValenciaAlicanteArenals – Santa Paula152010%1,50%1710
ValenciaAlicanteAlicante154010%1,50%1730
AndalusiaHuelvaIslantilla – Isla del Moral15808%1,50%1740
CataloniaTarragonaProvince of Tarragona164010%1,50%1840
AndalusiaCadizCadiz16808%1,50%1850
CataloniaTarragonaCalafell – Cunit168010%1,50%1890
AndalusiaGrenadeAlmunécar – Salobrena17408%1,50%1920
AndalusiaCadizEl Puerto de Santa Maria17408%1,50%1920
ValenciaAlicanteProvince of Alicante176010%1,50%1980
CataloniaTarragonaTamarit – Torredembara179010%1,50%2010
CataloniaTarragonaTarragona184010%1,50%2070
ValenciaValenceValence190010%1,50%2130
CataloniaTarragonaSalou – Cambrils194010%1,50%2180
ValenciaAlicanteDénia – Xabia198010%1,50%2220
ValenciaAlicanteCalp – Benidorm199010%1,50%2230
ValenciaAlicanteOrihuela – T. of the Horadada200010%1,50%2250
AndalusiaMalagaTorremolinos- Benalmadena20508%1,50%2260
AndalusiaMalagaEstepona – Bahia Dorada20508%1,50%2260
CataloniaGironaLloret del Mar – Blanes203010%1,50%2280
AndalusiaMalagaMijas – Fuengirola21108%1,50%2330
AndalusiaMalagaMalaga21208%1,50%2340
AndalusiaCadizCadiz21808%1,50%2400
CataloniaBarcelonaVilanova i la Geltru217010%1,50%2440
AndalusiaCadizGuadiaro – The Alcaidesa22108%1,50%2440
AndalusiaMalagaProvince de Malaga22408%1,50%2470
BalearicBalearicIsland of Menorca23108%1,20%2540
CataloniaBarcelonaArenys de Mar – Canet de Mar227010%1,50%2550
CataloniaBarcelonaBadalona229010%1,50%2570
CataloniaGironaProvince de Girona248010%1,50%2780
AndalusiaMalagaSan Pedro – Cancelada25508%1,50%2810
CataloniaGironaRoses – Empuriabrava257010%1,50%2880
CataloniaGironaBegur – Palafrugell271010%1,50%3040
CataloniaGironaPalamos – Aro273010%1,50%3060
BalearicBalearicMallorca28408%1,20%3120
BalearicBalearicProvince of Balearic30108%1,20%3300
AndalusiaMalagaMarbella30708%1,50%3380
BalearicBalearicBay of Palma32408%1,20%3560
CataloniaBarcelonaSitges321010%1,50%3600
CataloniaBarcelonaProvince de Barcelona333010%1,50%3740
CataloniaBarcelonaGava – Casteldefels367010%1,50%4120
CataloniaBarcelonaBarcelona473010%1,50%5310
BalearicBalearicIsland of Ibiza-Formentera54108%1,20%5940

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With more than 20 years of experience in real estate acquisition procedures in Spain, we are at your disposal to assist you with all the necessary steps from the search for a property to services offered after the acquisition. When you are buying a home in Spain we help with organizing the visits of properties, the legal verification of the properties, the obtaining of a mortgage, the administrative procedures and the signature of the different notarized documents.
Do not hesitate to contact us!
Send an email to spainpurchase@yahoo.com


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