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.
There is no restriction on foreigners buying property in Spain. The paperwork is standardised, and the two variables that actually move your timeline are how long your NIE takes and whether a mortgage is involved. What follows is the full sequence, with the cost attached to each step.
For context: OceanHome currently lists 2,108 properties across the Costa Blanca and Costa del Sol. 218 are priced under €250,000 and 1,373 at €400,000 or above.
What the Market Looks Like Right Now
Before the paperwork, the shape of the market. These are live asking prices across our whole book, not historic sale prices:
| Price band | Listings | Median asking price |
|---|---|---|
| Under €150,000 | 46 | €139,900 |
| €150,000–€200,000 | 68 | €175,000 |
| €200,000–€250,000 | 104 | €229,000 |
| €250,000–€300,000 | 156 | €275,000 |
| €300,000–€400,000 | 361 | €349,900 |
| €400,000–€600,000 | 529 | €483,000 |
| €600,000–€1,000,000 | 423 | €782,700 |
| Over €1,000,000 | 421 | €1,890,000 |
Two things follow. The cheap end is thin: 46 listings under €150,000 out of 2,108, so that budget means moving quickly and compromising on location or condition. And 1,900 of the 2,108 are new build against 208 resale, a ratio that decides which tax you pay. Browse the book on our properties for sale page.
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.
What to Check Before You Sign
Due diligence is where a purchase is won or lost. These are the documents your lawyer should have in hand before the arras contract, not after.
Nota simple, dated within the last week. It names the registered owner, the exact registered surface area, and any mortgage, embargo or charge attached to the property. If the registered owner is not the person selling to you, stop.
The catastro record. Compare it against the nota simple and against what you walked around. Closed-in terraces and glazed solariums are frequently unregistered, and an unregistered extension becomes the buyer's problem after completion.
Community minutes from the last two annual meetings. These reveal planned special levies: a lift replacement or pool refurbishment can land months after you buy. Ask for a certificate confirming the seller is up to date on fees.
The energy performance certificate. It is legally required for the sale. It is also the cheapest signal you have about running costs: 359 listings in our book carry an energy rating of G, which is a fair warning about insulation on older stock.
IBI and basura receipts. The last paid receipt gives you the real annual bill rather than an estimate.
For new build only: the building licence, the developer's bank guarantee covering your stage payments, and, at completion, the licence of first occupation. Never make a stage payment without a guarantee in place.
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.
Buying Off-Plan: The Extra Steps
Off-plan is a different contract with a different risk profile, and it applies to most of what is on the market: 1,900 of our 2,108 listings are new build.
You sign a private purchase contract with the developer rather than an arras contract with a vendor. Payment is staged: a reservation fee, instalments during construction, then the balance at completion. Every euro paid before the keys exist must be covered by a bank guarantee, which Spanish law requires. Ask to see the policy document itself.
Completion happens when the developer obtains the licence of first occupation and the certificate of end of works. Until then the property cannot legally be occupied. Delivery dates in developer contracts are estimates with a grace period on top, so do not give notice on a rental against a projected date.
Snagging is where your remaining bargaining power sits. Inspect before you sign at the notary and list every defect in writing. Once you have signed you are relying on the statutory warranties, not on goodwill. Browse our new-build listings.
After the Notary: The First Month
The purchase is not finished when you leave the notary. Four things need doing, and none of them happen automatically.
Register the deed. Your lawyer or gestor completes registration over the following weeks. You own the property from the moment you sign; registration is what makes that public and protects you against a competing claim.
Transfer the utilities. Electricity and water contracts must be put in your name and set to direct debit. On a new build the supply contract is created from scratch and takes longer.
Register with the community and the town hall. Give the administrator your bank details for the community fee, and set up IBI and basura direct debits so you never miss a demand sent to an address you do not check.
Diarise your first tax return. Non-resident owners file the imputed income return (modelo 210) the year after purchase, whether or not the property is let. Our annual costs guide explains the calculation.
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:
€409,000Bright 2-Bedroom Apartment in Punta Prima
Torrevieja · Punta Prima
€154,9002-Bed Apartment in Playa del cura
Torrevieja · Playa del cura
€490,0003-Bed Villa in Rosaleda-los frutales
Torrevieja · Rosaleda-los frutales
Work the tax rule through each of them. The resale apartment at €154,900 with 89 m² pays 10% ITP plus roughly 2% in notary, registry and legal fees, so budget about €173,500 all in. The new build at €409,000 with 91 m² pays 10% IVA plus 1.5% AJD plus the same fees, so nearer €464,000. The resale villa at €490,000 with 130 m² lands around €549,000. Note what happens between the first two: almost the same floor area, a €254,000 gap in asking price, and an extra 1.5 percentage points of tax on top of the more expensive one.
Who Should Buy Now, and Who Should Wait
Buy now if you have the full cash requirement in place (purchase price plus 12–13%) or a mortgage agreement in principle, and you have visited the specific area in more than one season. The process rewards buyers who are ready: reservation windows are short, and the 46 listings under €150,000 in our book move fastest of all.
Wait if you have not yet spent a full week in the town you are considering, if your budget only works before purchase costs, or if you are relying on rental income you have not verified. Renting for a season first costs far less than buying in the wrong place. Our long-term rentals are a sensible way to test an area before committing.
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.