Buying a house is a major decision. Asturias, with its natural beauty and tranquility, is an attractive option. This guide will help you understand the key steps and costs involved in purchasing property in this region.
1. Preliminary Research
Before searching for properties, familiarize yourself with the local real estate market. Asturias offers a variety of options, from coastal houses to rural properties. Define your budget and choose the type of property that best suits your needs.
2. Choosing the Type of Property and Location
Asturias has a wide range of choices: apartments in Oviedo or Gijón, rural homes in the valleys, or chalets on the coast. Your decision will depend on whether you’re seeking tranquility, nature, or urban amenities.
3. Financing and Associated Costs
The cost of a property in Asturias includes taxes and additional expenses, which vary depending on whether the property is a resale or new construction.
For Resale Properties:
- Transfer Tax (ITP): The standard rate in Asturias is 8%, but it can be reduced to 3% if it’s your first home and the value does not exceed €130,000. For luxury homes (over €400,000), the ITP increases to 10%.
- Notary Fees: Between €600 and €1,200, depending on the property value.
- Property Registry Fees: Between €400 and €700.
- Real Estate Agency Fees: Approximately 3% of the property’s total value.
For New Properties:
- Value Added Tax (VAT): New homes are subject to a 10% VAT instead of the ITP.
- Stamp Duty (IAJD): Between 0.5% and 1.5%, depending on the region.
- Other costs include property appraisal (approximately €300–500) and mortgage arrangement fees, which typically range from 0.5% to 1% of the total loan amount.
4. Required Documentation
To buy a house in Asturias, you’ll need:
- NIE (Foreigner Identification Number), if you’re not a Spanish citizen.
- Energy Efficiency Certificate for the property.
- A public deed and Property Registry record to ensure the property is free of liens or encumbrances.
5. Purchase Process and Contract Signing
Once you’ve found a property, a deposit agreement («arras») is typically signed with the seller, securing the reservation of the property. At this stage, a deposit (usually 10% of the price) is paid. The transaction is finalized at the notary’s office, where the purchase is formalized, and the property is transferred.
6. Legal and Professional Considerations
It’s advisable to hire a lawyer specializing in property transactions to ensure a secure process. Real estate agents can also help negotiate the best price and provide valuable insights into the local market.
7. Investment Opportunities
The real estate market in Asturias is growing, particularly in coastal and rural areas. Buying property here can be a profitable investment, especially if you plan to use it as a second home or rent it out to tourists.
Conclusion
Buying a property in Asturias can be an excellent investment, whether for a primary residence or a second home. With this detailed guide and proper advice, you’ll be well-prepared to make a secure and informed purchase.
