Buying off-plan property in Spain as a foreigner is more straightforward than most people expect. But you do need to understand a few key steps before you commit. If you are considering a purchase on the Costa del Sol, this guide covers everything — from getting your NIE number to collecting your keys at completion.
Step 1 — Get Your NIE Number
Your NIE (Número de Identidad de Extranjero) is your Spanish tax identification number. You cannot buy property in Spain without one. Sort this first.
The good news is the process is simple. You can apply in person at a Spanish consulate in your home country or at a Foreigner’s Office (Oficina de Extranjería) in Spain. Many buyers use a lawyer or gestor to handle this on their behalf. This saves time and removes any language barrier.
Allow two to four weeks if you are applying from abroad.
Step 2 — Open a Spanish Bank Account
A Spanish bank account is not strictly mandatory. But it makes the buying process significantly smoother. It simplifies fund transfers, community fee payments, and utility connections at completion.
Most Spanish banks allow non-residents to open accounts with a passport and NIE number. Popular choices for international buyers include Santander, BBVA, and CaixaBank. All three have English-speaking staff across Costa del Sol branches.
Step 3 — Appoint an Independent Lawyer
Do not skip this step. Your lawyer works exclusively for you — not the developer, not the agent.
They will check the developer’s credentials, review the land registry, verify all planning permissions, and examine your purchase contract in detail. They also ensure your deposit stays protected throughout the process.
Legal fees in Spain typically run between 1% and 1.5% of the purchase price. It is one of the most important investments you make when buying off-plan property in Spain.
Step 4 — Understand the Off-Plan Payment Structure
The typical payment structure on the Costa del Sol works like this.
You pay a reservation fee of €6,000 to €10,000 upfront. This secures the property and takes it off the market immediately. Next comes a private purchase contract, where you pay around 10% of the purchase price minus the reservation fee. During construction, staged payments cover a further 20% to 30% of the price. You pay the remaining 60% to 70% at completion when you sign at the notary and receive your keys.
Your lawyer must ensure that bank guarantees protect all stage payments. If the developer fails to complete, you get your money back in full.
Step 5 — Factor in the Additional Costs
Many buyers underestimate the total cost of purchasing in Spain. Budget an additional 12% to 14% on top of the purchase price to cover everything comfortably.
These include VAT (IVA) at 10% on new build properties, notary and land registry fees, your lawyer’s fees, and any mortgage arrangement costs. On a €500,000 property, expect to budget an additional €60,000 to €70,000 in purchase costs.
Plan for this early. It avoids unwelcome surprises at completion.
Step 6 — Completion and Handover
On completion day you sign at the notary, pay the final balance, and receive your keys. Your lawyer will be present to review all documents before you sign anything.
After completion, your lawyer registers the property in your name at the Land Registry and handles utility connections. For off-plan properties, completion typically happens two to four weeks after the developer confirms the property is ready. Your contract will specify the estimated completion window.
Why the Costa del Sol is One of Europe’s Best Markets for Off-Plan Investment
The Costa del Sol attracts international buyers for good reason. Over 300 days of sunshine annually, world class infrastructure, strong rental demand, and consistent capital appreciation make it one of the most stable property markets in Europe.
Buying off-plan property in Spain offers a specific advantage. You buy at today’s price with completion in one to three years. In a rising market, many buyers see significant equity growth before they even receive their keys.
At First Occupancy Group we specialise exclusively in off-plan and new build properties across Marbella, Estepona, Mijas, Málaga and Sotogrande. We offer expert guidance at every stage and provide early access to some of the most exciting developments on the Costa del Sol.
Ready to explore your options? Browse our current developments or get in touch with our team today.
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First Occupancy Group — specialist off-plan property consultancy, Costa del Sol
