Property Barcelona – Information on Annual Property Costs

Local Taxes – IBI - Payable annually. Calculated on the rateable value (catastral) of the land assigned by the Spanish Tax Office. It is advisable to ascertain annual local rates for a property before purchase as this differs from town hall to town hall.

Wealth Tax – Payable annually – for non-residents this is 0.02% of the property value

Property Owner’s Income Tax – Payable annually – if you own a property it is assumed that you derive income from it and you must pay tax on this - between 0.25% and 0.5% of the value catastral (normally much lower than the value on the deed).

Community fees - The fees are usually calculated on the pro-rata size of the apartment. Expenses can vary substantially, according to the services required.

Insurance - As a guide, an average annual cost for a 250,000 Euros apartment would be in the region of 250 Euros. In an apartment building, the responsibility for insuring the building usually lies with the Community. If this is adequately covered, the individual's insurance policy need only to cover damage to the apartment interior, contents, and third party liability.

Electricity - There is a minimum rate applied (whether you are in residence or not), based on the potential amount of electricity your property could use if all power and lights were in use. As a rough guide, the estimated minimum charge for an apartment is likely to range between 20 and 30 Euros per month.