Barcelona is a vibrant city with a rich cultural heritage, a Mediterranean climate, and a booming real estate market. If you are considering buying property in Barcelona, it is important to be aware of the total cost of ownership, which includes not just the purchase price but also the various expenses associated with owning and maintaining a property.

Typically, the total cost of purchasing property in Barcelona amounts to an additional 11% to 15% on top of the purchase price. For instance, if the cost of an apartment in Barcelona is €423,000 (the average property price in Barcelona in 2022), you should budget between €470,000 to €497,000 to cover additional costs. For properties larger than 100m², which have an average price of €741,000 in 2022, you should budget for €823,000 to €852,000. However, it is important to note that the total cost of buying property in Barcelona varies depending on several factors, so it is not possible to give an exact figure. In the following sections, we will provide a more detailed breakdown of the costs involved in buying property in Barcelona to give you a better idea of what to expect.

Here is a breakdown of the total cost of buying property in Barcelona:

• Property’s Extra Costs:

In addition to the purchase price, there are several extra costs associated with buying property in Barcelona. These include:

1. Property Transfer Tax (ITP): This is a tax on the transfer of ownership of a property and is calculated as a percentage of the purchase price. In Barcelona, the ITP ranges from 5% to 10% depending on the value of the property.

• Notary fees: A notary is required to legalize the purchase contract and register the property with the Land Registry. The notary fee is set by law and can range from €600 to €900, depending on the complexity of the transaction and other considerations including the market value of the property, the length of the Title Deed, and any attachments included in the document.

• Property registration fees: These are fees associated with registering the property with the Land Registry and are typically around 0.4% to 1% of the purchase price.

• Legal fees: It is advisable to hire a lawyer to guide you through the purchase process. Legal fees typically range from 0.7% to 1% of the purchase price.

• Valuation fees: If you are obtaining a mortgage, the bank will require a valuation of the property. As of 2022, the cost of a property valuation ranged from 250 to 600 euros, depending on the firm performing the service.

• Buying property with a mortgage in Barcelona:

If you are obtaining a mortgage to purchase a property in Barcelona, there are additional costs to consider. These include:

1. Mortgage fees: These are fees associated with obtaining a mortgage and can include application fees, appraisal fees, and processing fees. Mortgage fees typically range from 1% to 1.5% of the mortgage amount.

• Stamp duty: This is a tax on the mortgage deed and is typically around 1.5% of the mortgage amount.

• Insurance: Banks in Barcelona require mortgage borrowers to have home insurance and life insurance. Insurance premiums will vary depending on the insurer and the coverage. Monthly premiums for health insurance typically range from €100 to €200 ($112 to $224). Bigger insurance providers also provide affordable monthly premiums, with some policies costing as little as 50 euros (about $56 in the US).

• Mortgage interest: Mortgage interest rates in Barcelona vary depending on the lender and the terms of the mortgage. It is important to shop around and compare rates to find the best deal. Potential Spanish homebuyers may be able to qualify for fixed-rate mortgages in the 1-1.5 percent range.

• Costs related to owning property:

Once you have purchased a property in Barcelona, there are ongoing costs associated with owning and maintaining the property. These include:

1. Property taxes: Property owners in Barcelona are required to pay an annual property tax, known as IBI. The IBI is calculated based on the value of the property and can range from 0.4% to 1.1% of the property value.

• Community fees: If you are buying a property in a community with shared amenities, such as a swimming pool or a gym, you will be required to pay community fees. The fees will vary depending on the community and the amenities.

• Utilities: Property owners in Barcelona are responsible for paying for utilities, including water, electricity, and gas. Utilities (heating, electricity, gas, etc.) for a one-month stay in a Barcelona apartment for two persons occupying an area of 85 square meters cost €141.

• Maintenance: Property owners are responsible for maintaining their properties, which can include repairs, renovations, and upgrades.

Buying property in Barcelona involves several costs beyond the purchase price. It is important to factor in all the extra costs associated with buying and owning a property to ensure that you are making an informed decision. Working with a reputable real estate agent and a knowledgeable lawyer can help you navigate the complexities of the Barcelona real estate market and ensure that you are getting the best deal possible.