The usufruct of a property is the right to enjoy its habitability without being the owner (who has the use and enjoyment of the property). If we buy a property with usufruct we will have to consider the usufructuary as if it were another seller, this one sells the right of habitability (usufruct) and the owner sells the ownership (nuda propiedad),
There are different types of usufructs, it can be: lifetime; when it lasts all the life; or temporary, granted for a determined period of time. This will affect the value of the usufruct.
If it is temporary, the value is 2 percent of the total value of the property for each year of duration of the usufruct without exceeding 70 percent of the value of the property and without taking into account periods of less than one year.
For example if the usufruct on a property of 100,000 euros is 20 years and 2 months only the 20 years will be computed, and whose value will be 20x2%=40% so 40%x100,000 euros = 400,000 euros would be the value of the usufruct.
If the temporary usufruct is less than 1 year, for example 9 months, it will count as 1 year. And the calculation on the 100000€ would be 1x2%=2% where 2%x100 000€=2000€ would be the value of the usufruct.
Remember that the percentage can never exceed 70% of the value of the property, in which case 70% and no more would be applied for the calculation of the value of the usufruct.
If it is for life, the minimum value is 10% and the maximum value is 70%. The value is calculated by subtracting the age of the usufructuary from 89.
If the usufructuary is 50 years old and the house has a value of 100 000€, it is calculated by 89-50=39% where the value is 39%x100000=39 000€.
The property may also have more than one usufructuary, passing the right from one to another as they pass away. In this case it will be necessary to calculate the value with the age of the youngest usufructuary. 89-age of the youngest. If it is a married couple who enjoys the usufruct of 80 and 70 years old we will take the age of the 70 year old then 89-70=19% the value would be 19%100 000=19 000€.
So: What is the value of the full ownership of the property? It is the sum of the value of the usufruct plus the bare ownership.