A reduction in notary fees on property purchases in Spain and Tenerife
The government has announced a 5% reduction in notary and registry fees on property deeds as part of a package of measures to reduce the deficit and stimulate the economy. Notaries and Registrars are upset at this attack on their earnings, whilst house buyers will hardly notice the difference the savings are so small.
How big a saving will that 5% reduction in notary and registry fees give the average home buyer in Spain? Between €35 for a property costing €150,000, and €45 for a home costing €300,000, according to calculations done by Idealista.es, a Spanish property portal. Almost insignificant really.
Notaries and registrars are upset as the latter’s fees are already down by 50% thanks to the slump in property transactions.
