PROPERTY PURCHASE COST  IN IBIZA

Approximate purchase costs is 10% of official value made up of 7% tax (8% applies in Baleares on the excess over €400,000) (Spanish equivalent of stamp duty) Local taxes, legal fees and notary fees.

If a mortgage is required there is a 3% charge on the mortgage value made up of 1% arrangement fee, 1% tax and 1% notary charge. ?

For a non resident applying for a mortgage the maximum borrowing is 70% based on the bank valuation but not exceeding the official price.
However for residents this percentage can be increased but never more than 80%.

A bank valuation will cost no more than 500€

There can be some small negotiation in these fees.