How to Calculate Your Real Budget for Buying Property in Galicia as a Foreigner

Price ranges by area in Galicia

Property prices in Galicia vary enormously by area. While A Coruña and Vigo have prices comparable to similar-sized Spanish cities, rural areas and the Costa da Morte offer significantly more affordable opportunities:

• Costa da Morte (Corcubión, Cee, Muxía, Fisterra): From €60,000 for a renovated apartment. Stone houses with land from €80,000. Properties needing renovation from €40,000.
• A Coruña city: Apartments from €180,000. Townhouses from €280,000. Premium areas from €3,500/m².
• Vigo: Apartments from €120,000. Townhouses from €200,000.
• Santiago de Compostela: Apartments from €160,000.
• Rural interior (Zas, Vimianzo, Dumbría, Mazaricos): Stone houses from €40,000. Properties with land from €30,000.
• Rías Baixas (Sanxenxo, Baiona, Cambados): The most expensive area. Apartments from €200,000. Villas from €350,000.
• Lugo and Ourense cities: The most affordable capitals. Renovated apartments from €80,000.

Area	Apartment (€/m²)	House (€)	Renovation (€)
Costa da Morte	900 - 1,400	60,000 - 180,000	40,000 - 80,000
A Coruña	1,800 - 3,500	180,000 - 500,000	N/A
Vigo	1,200 - 2,500	120,000 - 400,000	N/A
Rural interior	500 - 900	30,000 - 120,000	25,000 - 60,000
Rías Baixas	2,000 - 4,000	200,000 - 600,000	N/A

The Costa da Morte offers the best value on the entire Galician coast. You can buy a renovated stone house with sea views for less than a 60 m² apartment in A Coruña.

Hidden costs nobody explains

The purchase price is just the beginning. Foreign buyers often underestimate additional transaction costs, which add 10-15% to the property price:

• ITP (Property Transfer Tax): 8% for the first €150,000, 9% from €150,000-250,000, 10% above €250,000. Applies to second-hand homes.
• VAT (new builds): 10% on the sale price.
• Notary: €600 - €1,500 depending on property price.
• Land Registry: €350 - €700.
• Gestoría: €300 - €500 for tax settlement and registry procedures.
• Lawyer: €1,000 - €2,500 for complete legal review.
• Sworn translator: €100 - €300 if needed at signing.
• Valuation (if mortgage): €250 - €400.
• Home insurance: €200 - €600/year.

Golden rule: always add 12% extra to the purchase price. For a €150,000 house, you need about €168,000 total.

Mortgages for foreigners: what you need to know

• LTV: Spanish banks finance up to 60-70% for non-residents vs 80-90% for residents.
• Interest rate: 0.5-1% higher for non-residents. Fixed rates around 3.5-4.5% in 2025.
• Active banks: Santander, BBVA, CaixaBank, Sabadell. In Galicia: Abanca, CaixaBank.
• Income requirement: Monthly payment must not exceed 30-35% of net income.
• Documentation: Passport, NIE, 2-3 years of tax returns, bank statements, employment contract.
• Maximum term: 20-25 years for non-residents.

Item	Resident	Non-resident
Max LTV	80-90%	60-70%
Fixed rate (2025)	2.5-3.5%	3.5-4.5%
Max term	30-35 years	20-25 years

Currency exchange costs

If your currency is not the euro, exchange costs can add thousands:

Method	Spread	Cost per €150k	Cost per €300k
Traditional bank	1-3%	€1,500 - €4,500	€3,000 - €9,000
Wise	0.5-1%	€750 - €1,500	€1,500 - €3,000
Revolut	0.3-1%	€450 - €1,500	€900 - €3,000
FX broker	0.2-0.5%	€300 - €750	€600 - €1,500

Never use your bank for large international transfers without comparing first. The difference can exceed €5,000 on a €250,000 purchase.

Budget calculator: real scenarios

Scenario 1: €150,000 budget (British couple, Costa da Morte)

Item	Amount
Renovated stone house in Cee	€120,000
ITP (8%)	€9,600
Notary, Registry, Gestoría	€1,450
Lawyer + Translator	€1,350
Insurance, FX, Travel, NIE	€1,850
TOTAL	€134,250

Scenario 2: €250,000 budget (German family, A Coruña)

Item	Amount
90 m² apartment in A Coruña	€200,000
ITP (8% + 9%)	€17,700
All transaction costs	€5,900
TOTAL	€223,600

Scenario 3: €400,000 budget (Swiss investor, Rías Baixas)

Item	Amount
Villa in Sanxenxo	€320,000
ITP + all costs	€37,300
TOTAL	€357,300

Monthly carrying costs

Expense	Monthly	Annual
IBI (property tax)	-	€200 - €800
Community fees	€30 - €150	€360 - €1,800
Insurance	-	€200 - €600
Electricity (Iberdrola/Naturgy)	€60 - €120	€720 - €1,440
Water (Viaqua)	€20 - €40	€240 - €480
Gas	€30 - €60	€360 - €720
Internet	€35 - €55	€420 - €660
TOTAL	€175 - €425	€2,500 - €6,500

Rental income on the Costa da Morte: €400-800/week in high season (June-September) can cover most annual expenses.

Tips to optimize your budget

1. Compare FX rates: Use Wise or FX broker. Save €2,000-5,000.
2. Negotiate: 5-10% discount is common on the Costa da Morte.
3. Bank properties: Abanca, Santander, BBVA have repossessed properties with 20-40% discounts.
4. Consider renovation: €60k house + €40k renovation = €100k total vs €130k ready-to-move-in. ITP only on the €60k.
5. Seasonality: Buy in winter (Jan-Mar) for 5-8% savings.
6. Local agents: Many Costa da Morte sales are word-of-mouth and never reach online portals.

The most costly mistake is not budgeting for additional expenses. Many foreign buyers arrive with just the purchase price and discover they need 10-15% more. Plan ahead.