How to Buy New Build Property in Spain

Start by defining your requirements: location, property type, budget, and timeline. For new builds, you'll typically choose between:

• Off-plan: Purchase before construction completes (often 12-24 months). Lower entry price, more customization options.
• Under construction: Building has started, completion within 6-12 months.
• Key-ready: Completed and ready to move in. What you see is what you get.

We recommend visiting Costa Blanca to see developments in person. Our team offers viewing trips and video tours for overseas buyers.

Once you've found your property, you'll sign a reservation agreement and pay a deposit to take it off the market. This is typically:

• €3,000 - €10,000 depending on property value
• Usually held for 30-60 days while you arrange finances and paperwork
• Normally deducted from the purchase price

The NIE (Número de Identificación de Extranjero) is your Spanish tax identification number. You cannot buy property, open a bank account, or connect utilities without it.

You can apply:

• In Spain: At the Foreigners Office (Oficina de Extranjería) or National Police station
• From abroad: At the Spanish Embassy or Consulate in your country

Processing typically takes 1-4 weeks. Many lawyers can handle this for you via power of attorney.

You'll need a Spanish bank account for:

• Paying the purchase price and taxes
• Setting up direct debits for utilities and community fees
• Mortgage payments (if applicable)

Major banks like Sabadell, CaixaBank, and Santander have experience with international buyers. You'll need your NIE, passport, and proof of income/address.

The Contrato de Compraventa is the binding purchase contract between you and the developer. At signing, you'll pay:

• 20-30% of the purchase price (minus the reservation deposit)

The contract should include:

• Full property specifications and plans
• Payment schedule
• Expected completion date
• Penalty clauses for delays
• Bank guarantee details (mandatory in Spain)

For off-plan properties, you'll make payments linked to construction milestones. A typical schedule:

Keep all payment receipts and bank guarantee certificates safely filed.

Before completion, you (or a professional snagging company) should inspect the property and compile a snagging list of any defects:

• Paintwork and finishes
• Doors, windows, and locks
• Plumbing and drainage
• Electrical installations
• Tiling and flooring
• Air conditioning and appliances

The developer must fix snagging issues before completion or agree to a retention from the final payment.

The final step takes place at a Spanish notary where you'll:

• Sign the Escritura (title deed)
• Pay the final balance
• Pay IVA (VAT) and Stamp Duty
• Receive the keys!

You can attend in person or grant Power of Attorney to your lawyer. After signing, your lawyer registers the property at the Land Registry.