Nope, it will not increase your wealth tax. At least not as far as I'm aware.

The property will just have a higher value when and if you decide to sell. Then you will only have to pay capital gains tax (the difference between the amount you bought it minus the amount you are selling). If you get facturas (invoices) on any work done to your property, then those can be used to decrease capital gains tax when selling, so keep all facturas of work done in a safe place.

If you are already paying wealth tax then yes, it will increase the tax. But if your worldly chattels still come within the allowances then it will make no difference. An increase of course might push you into the lower wealth tax band if you have been teetering on the edge

Thanks Mitzyboy, think we will open a bottle of wine and relax. No need to worry about these things until it happens. We are probably too poor to pay any wealth tax anyway!

Thanks Martha, Good advice We will keep all invoices for any work we have done. Now I am opening a bottle of wine, hubby has put on some music. Been researching about Spain all day and am up to my eyes with info so need to chill out