Real estate market update

A mortgage is not the only major expense when purchasing a property. There are numerous costs and taxes involved in completing the transaction and becoming the legal owner.

Between property valuation, notary fees, land registry costs and taxes (VAT, transfer tax, etc.), experts recommend having savings of around 10% to 12% of the purchase price, depending on the autonomous region.

In nearly half (49%) of the approximately 300 municipalities that meet the criteria to be declared stressed residential market areas, according to the idealista study, the winner of the last municipal elections on May 28th was the Partido Popular (PP). This party has already announced its refusal to apply rent controls. If we include other parties that have expressed opposition to the rent cap, the figure rises to 53%, while in only 39% of these locations was the winner a party that supports rent limits, primarily the PSOE.