Key Takeaways
- ✓ Non-EU citizens can buy property in Spain with no restrictions — you just need an NIE (tax ID number).
- ✓ Total purchase costs (taxes + fees) add 11–14% on top of the sale price in the Valencia region.
- ✓ The process from offer to keys typically takes 6–12 weeks for resale, longer for new builds.
- ✓ Non-resident mortgages cover 60–70% LTV at fixed rates around 3.5–4.5% (2026).
- ✓ Always use an independent lawyer — never rely on the seller’s solicitor or the estate agent’s recommendation alone.
The Purchase Process Step by Step
1. Get your NIE. The Número de Identidad de Extranjero is a tax identification number required for any financial transaction in Spain. Apply at a Spanish consulate abroad or at the nearest National Police foreigners’ office in Spain. Processing takes 1–4 weeks. Your lawyer can apply on your behalf with a power of attorney.
2. Open a Spanish bank account. You’ll need this for the purchase payment, mortgage drawdown, and ongoing direct debits (utilities, community fees, IBI tax). Most banks require your NIE, passport and proof of income. Popular choices for non-residents include Sabadell, CaixaBank and BBVA.
3. Make a reservation deposit. Once you’ve found a property, a reservation deposit of €3,000–€6,000 takes it off the market for 7–14 days while your lawyer runs checks. This is usually deducted from the final price.
4. Sign the arras contract (contrato de arras). This is the binding private purchase agreement. The buyer pays 10% of the purchase price as a deposit. If the buyer pulls out, they lose the 10%. If the seller pulls out, they must return double the deposit. Your lawyer should review — or ideally draft — this contract.
5. Due diligence. Your lawyer checks the nota simple (land registry extract), verifies ownership, confirms there are no debts or charges on the property, checks planning permissions, and reviews community fee records. For new builds, they’ll also check the developer’s bank guarantee and building licence.
6. Sign at the notary (escritura pública). Both parties sign the title deed before a public notary. The balance is paid (usually by banker’s draft), keys are handed over, and the notary submits the deed for registration. Your lawyer should attend. The whole appointment typically takes 30–60 minutes.
Costs Beyond the Price Tag
Budget an additional 11–14% of the purchase price for taxes and fees in the Valencia region (Costa Blanca). Here’s the full breakdown:
| Cost | Resale | New Build |
|---|---|---|
| Transfer tax (ITP) / VAT (IVA) | 10% | 10% IVA + 1.5% AJD |
| Notary fees | 0.3–0.5% | 0.3–0.5% |
| Land registry | 0.2–0.3% | 0.2–0.3% |
| Legal fees | 1–1.5% | 1–1.5% |
| Total additional costs | ~11.5–12.3% | ~12–13.8% |
In Andalusia (Costa del Sol), the ITP is only 7%, bringing total resale costs down to roughly 9–10%. See our annual costs guide for ongoing expenses after purchase.
Getting a Mortgage as a Non-Resident
Spanish banks lend to non-residents at 60–70% loan-to-value, with fixed rates currently around 3.5–4.5% for 15–25 year terms. You’ll need proof of income, tax returns, and a clean credit history from your home country. The full process takes 4–8 weeks from application to approval. We cover this in detail in our mortgage guide for foreign buyers.
Common Pitfalls and How to Avoid Them
Not using an independent lawyer. The estate agent’s “in-house lawyer” may not prioritise your interests. Hire your own. Budget €1,500–€2,500 for legal fees.
Skipping the nota simple check. This land registry extract reveals debts, charges, and ownership issues. Your lawyer must obtain a fresh copy — never rely on one provided by the seller.
Underestimating ongoing costs. IBI tax, community fees, basura, insurance and utilities can add €2,000–€5,000 per year depending on the property. Factor these into your budget from day one.
Paying a reservation deposit without a signed agreement. Any money you hand over should be covered by a written contract specifying refund conditions.
What Buyers Actually Pay: Real Examples
Here are three real listings at different price points currently for sale through OceanHome, showing what your budget can buy on the Costa Blanca:
€364,000Bright 2-Bedroom Apartment in Punta Prima
Torrevieja · Punta Prima
€149,0002-Bedroom Apartment in Playa del Cura
Torrevieja · Playa del Cura
€450,0003-Bedroom Villa with Pool in Torre la Mata
Torrevieja · Torre la Mata
At €129,500, you get a well-located two-bedroom apartment in a residential area with community pool. At €149,000, you’re within walking distance of one of Torrevieja’s best beaches. At €289,000, you have a detached villa with a private pool and garden. Total purchase costs (including 10% ITP) would be approximately €144,000, €166,000 and €322,000 respectively.
Our Recommendation
Start with the NIE and bank account — these take the longest and cost nothing to set up early. Hire an independent lawyer before you view properties, not after you’ve found one. And always budget 12–13% on top of the asking price for the full cost of purchase. If you’d like help navigating the process, get in touch — our team in Torrevieja guides buyers through every step.