Important informations Information for buyers

General information about buying a property on Gran Canaria.

Real estate transfer tax on Gran Canaria: 6,5% for existing properties.

Notary and land register entry: The notarial costs depend on the purchase price in the notarial purchase certificate. For an apartment with a purchase price of approx. 100,000€, you can calculate between 800€ - 950€, depending on the effort. The entry into the local property register will be on the previously mentioned example approx. 400 €.

PlusValía (capital gains tax): According to the law this must be paid by the seller and has to be paid after the purchase/sale.

Land tax (IBI): It always depends on the cadastral value. For an average one bedroom apartment, e.g. in Playa del Inglés it is between 180€ and 250€ per year.

Garbage collection (Basura): The fee is about 60€ per year.

Comunidad (Community expenses): The amount of the monthly "house-hold" varies between 30€ and 300€ per month depending on the community.

Electricity & Water: For example an apartment with 2 persons costs about 60€ - 70€ per month (depending on usage).

N.I.E - number: Is a "foreigner identification number" or also a "tax number". This is mandatory and must be presented when buying a property.

Spanish bank account: The opening of a bank account is recommended for the payment of the property and the running costs - e.g.: water, electricity, telephone, community costs, real estate taxes. However, with SEPA it is not allways necessary.

Tax Representation: If you buy a property and your residence is not on the Canary Islands you need a tax representative.

Forms of payment: Please never buy a property without a notarial certification and the corresponding review of the relevant documents. The payment is almost always made by a certified and certified bank check. (Payable at the bank) Also possible is a direct online transfer. The transfer document is considered as a payment document and is included in the notarial deed of purchase.

How long does a purchase process take? If you have the wish to buy the property, we need about 1-2 weeks to prepare and organize all the important documents. Furthermore, you should open a bank account on Gran Canaria, have a valid ID and have the complete purchase sum. If a partial financing is necessary, the purchase process can be postponed for several weeks.

Sunny greetings from Gran Canaria,

Sun World Real Estate

  Kai Derichs • C/ Antonio Martín López - "Plaza Morro Jable" Local 16 • 35100 San Fernando • Telefon: +34 - 928 77 77 23 • Mobil: +34 - 638 28 29 40 • info@sun-world-immobilien.com