How much savings do you need to buy a €300,000 apartment in Spain?

Buying a home involves more than simply paying the price shown in the listing. In addition to the property price, we must factor in the deposit, taxes, and other costs associated with the transaction. That’s why, before starting your search, it’s essential to be clear about how much money you’ll need to have saved.

Currently, the average house price in Spain stands at €2,897/m², although there are significant differences depending on the city. For example, the average price per square metre reaches €6,590/m² in Madrid and €5,436/m² in Barcelona, while in cities such as Sevilla (€2,855/m²) or Granada (€2,932/m²) prices are lower.

At Fotocasa, we analyse how much money we need to have saved to buy a €300,000 apartment and which costs we should take into account before taking the step.

How to buy a house in Spain as a non-resident foreigner

What Portion of the Price Does the Bank Finance?

In general, financial institutions usually grant mortgages for up to 80% of the property value in the case of resident buyers. This means we must contribute at least 20% of the purchase price as a deposit.

For a €300,000 apartment:

• 20% deposit = €60,000

This amount does not include taxes or other transaction costs. To find out the monthly instalment we would pay depending on the price of our property, we can use Fotocasa’s mortgage repayment calculator.

Does the mortgage change if we are foreign buyers?

When the buyer does not reside in Spain, the conditions may vary. While a resident can obtain up to 80% financing, non-residents usually access a lower percentage, typically between 60% and 70% of the property value.

This means that the initial contribution may be higher if we are buying from abroad.

In addition, loan terms are usually shorter and it is more difficult to access favourable conditions, which can make our monthly instalment more expensive.

How much must be paid in taxes and purchase costs?

In addition to the deposit, we must budget for approximately an additional 10–12% of the property price to cover taxes and associated costs related to the transaction.

The exact amount depends on whether we are buying a new-build or a resale property, as well as on the Autonomous Community where the property is located, among other factors.

Calculating expenses when buying a house in Spain 2026

Taxes when buying a resale property

When purchasing a second-hand home, the main tax is the ITP (Impuesto de Transmisiones Patrimoniales – Property Transfer Tax).

The ITP applies to the transfer of assets between private individuals, that is, when we buy a resale property from another private seller. It is the most relevant tax in this type of transaction.

The applicable rate depends on each Autonomous Community and usually ranges between 6% and 10% of the purchase price, although in some regions it can reach up to 13% for higher-value properties.

If we take a €300,000 apartment as an example:

• With a 6% rate, we would pay €18,000.

• With a 10% rate, we would pay €30,000.

In some Autonomous Communities, there are tax reductions for certain buyer profiles, such as young people, large families or purchasers of VPO (Viviendas de Protección Oficial – subsidised housing).

The ITP must be paid within the deadline established by the regulations of the corresponding Autonomous Community.

Taxes when buying a new-build property

If the property is newly built, the taxes differ from those applied to a resale home.

In this case, VAT (IVA – Impuesto sobre el Valor Añadido) and Stamp Duty (IAJD – Impuesto de Actos Jurídicos Documentados) must be paid.

1. VAT (Value Added Tax)

Unlike a resale property, when buying a new-build home VAT must be paid.

The general rate is 10% of the purchase price.

If we buy a property for €300,000, the calculation would be:

• 10% of €300,000 = €30,000 VAT

This amount is added directly to the property price.

2. IAJD (Stamp Duty)

The IAJD is paid for the formalisation of the purchase deed and its registration in the Land Registry (Registro de la Propiedad).

The rate varies depending on the Autonomous Community and usually ranges between 0.5% and 1.5% of the property price.

For a €300,000 property, this would amount to:

• With a 0.5% rate → €1,500

• With a 1.5% rate → €4,500

It is important to note that since November 2018, when applying for a mortgage, the IAJD is paid by the bank. However, if we buy a new-build property in cash, without financing, the buyer must assume this cost.

Other taxes and additional purchase costs

In addition to taxes (ITP, VAT or IAJD), when buying a property in Spain we must assume a series of additional costs that increase the total cost of the transaction.

These are the main ones:

Notary fees

Notary fees depend on the property price and the number of copies of the deed.

They usually amount to between 0.2% and 0.5% of the property value.

For a €300,000 property, this would imply:

• 0.2% → €600

• 0.5% → €1,500

Land Registry

The Land Registry (Registro de la Propiedad) is the body where the property is registered in our name.

The cost is calculated in tiers and depends on the value declared in the public deed. It usually ranges between 0.1% and 0.25% of the property value. As a reference, for a €300,000 property, the cost is €433. For higher amounts, the fee increases according to the declared value.

Valuation fees

A valuation is mandatory if we apply for a mortgage, as the bank needs to know the official value of the property.

This cost usually ranges between €250 and €600.

Municipal tax (IBI)

Once we become owners, we must pay annually the Impuesto sobre Bienes Inmuebles (IBI – Municipal Property Tax).

Each town hall sets the applicable rate, although it is usually around 1% of the cadastral value of the property.

It is important to note that the IBI is not paid at the time of purchase as an upfront cost, but it does form part of the recurring expenses of being a homeowner.

Taxes for Foreigners Buying Property in Spain

Practical example: how much money do we need for a €300,000 property?

To better understand how much money we need to have saved, let’s carry out a full calculation based on 80% financing of the property value.

The costs to consider when maintaining a home in Spain as a non-resident foreign buyer

Other costs to consider when buying a property

In addition to the deposit and taxes, there are other costs that can influence the overall budget. They are not always included in the initial calculation, but it is advisable to take them into account to avoid unexpected expenses.

How much does a move cost?

The cost of moving depends on factors such as distance, the volume of furniture or the services contracted (packing, dismantling, assembly or crane service).

The price can vary considerably depending on the type of move:

• A simple move within the same city can cost around €300–€600.

• For a larger home or greater volume of furniture, the cost may range between €600 and €1,200.

• For long-distance relocations, the amount may exceed these figures.

The budget will depend on the size of the property and the type of service contracted. That is why it is advisable to request several quotes before organising the move.

How much can a renovation cost?

Buying a property to renovate can be a good option to secure better deals. However, if the property requires refurbishment, the impact on the budget can be significant.

Depending on the scope of the works, we can distinguish between:

• Partial renovations, such as refurbishing a bathroom or kitchen.

• Full renovations, when work is carried out throughout the entire property.

• Structural renovations or complete reconfigurations of the layout.

If we take as an example a property of 80 m², the approximate cost depending on the type of renovation would be:

• Basic renovation (€300–€500/m²)
  Between €24,000 and €40,000.

• Mid-range renovation (€500–€700/m²)
  Between €40,000 and €56,000.

• Complete full renovation (€700–€1,000/m²)
  Between €56,000 and €80,000.

As we can see, the type of work can significantly change the final budget. Before buying, especially if the property is older, it may be advisable to request an indicative estimate.

Furnishing the property

If we purchase the property unfurnished, we must also factor in this expense.

The total amount will depend on several factors:

• Whether we are starting from scratch or reusing existing furniture.

• The number of rooms we want to equip.

• The type of furniture and appliances chosen.

It is not the same to furnish just one bedroom as to equip an entire property including kitchen, living room, bedrooms and appliances. Although this expense is often addressed progressively, it is advisable to include it in the overall budget.

Buying second-hand furniture can be a good option if we have a tighter budget.

How much do foreigners pay for property in Spain?

The Spanish real estate market also has a significant share of international buyers. According to data from the Colegio de Registradores (Spanish Land Registrars Association), the average prices paid by foreigners vary depending on their region of origin.

In the fourth quarter of 2025, the highest average prices per square metre were recorded by:

• North America → €4,381/m²
• Oceania → €3,215/m²
• European Union → €3,010/m²
• Rest of Europe → €2,782/m²
• Asia → €2,779/m²
• Central America and the Caribbean → €2,090/m²
• South America → €2,082/m²
• Africa → €1,040/m²

This reflects that the profile of the foreign buyer and their purchasing power influence the average price paid per square metre.

These figures show that the international market has its own dynamics within the Spanish real estate sector.