How much does it cost to buy a house in Galicia?

Prices vary by area. On the Costa da Morte, average prices range from €800 to €1,800/m². A renovated house in Corcubión or Cee costs €120,000-250,000, while beachfront apartments can exceed €300,000. Inland villages offer opportunities from €60,000.

Can a foreigner buy property in Spain?

Yes, anyone regardless of nationality can buy property in Spain. You only need to obtain an NIE (Foreigner Identity Number), open a Spanish bank account, and meet tax requirements. There are no restrictions for international buyers.

What taxes do I pay when buying a house in Galicia?

For resale properties, ITP in Galicia is 8% (up to €400,000) and 10% on the excess. For new builds, VAT is 10%. You also pay AJD (1.5%), notary fees (€600-1,200), registry (€400-800), and administration (€300-600).

How long does the buying process take?

The complete process typically takes 6-12 weeks from signing the arras contract to the public deed. Property search can add 1-3 months. If you need a mortgage, allow 4-6 additional weeks for bank approval.

Buying 25 April 2025 2 min 312

Currency Exchange for Buying Property in Spain: How to Save on Transfers

Why currency exchange matters in your purchase

When buying property in Spain from abroad, the exchange rate can mean a difference of thousands of euros in the final cost. A 2% fluctuation in the EUR/GBP pair can mean €4,000 more or less on a €200,000 property. Choosing the right international transfer method is as important as choosing the right property.

Traditional banks vs specialist brokers

Most foreign buyers use their regular bank for international transfers. This is a mistake that can cost thousands of euros.

Feature	Traditional Bank	Specialist Broker
Typical spread	2-4%	0.5-1.5%
Transfer fee	€15-40	€0-10
Exchange rate	Daily rate with markup	Mid-market (real)
Speed	1-5 days	1-2 days
Savings on €200k	—	€3,000-6,000

Top currency exchange brokers

Wise (formerly TransferWise)

Most popular for international transfers. Mid-market rate with transparent 0.5-1% fee. Ideal for transfers up to €50,000.

Revolut

Excellent for frequent users. Competitive rates and fast transfers. Premium plans offer better conditions for large transfers.

OFX (formerly UKForex)

Specialized in large property purchase transfers. Forward contracts and personal advisors. No fee for transfers over €5,000.

CurrencyFair

Good option with spreads from 0.25%. Forward and regular contracts available. Popular with British and Irish buyers.

Timing strategies

Monitor the pair: Set rate alerts on XE.com or Wise
Avoid volatile days: Central bank announcements cause sharp movements
Split the transfer: Average the rate over 2-3 transactions
Forward contract: Lock in current rate for future date (up to 12 months)

Forward contracts: what they are and when to use them

A forward contract lets you lock in the current exchange rate for a future transfer. Ideal when you have signed arras but the deed signing is months away.