New build finestrat properties are listed from €123,000 to €3,950,000 across the 40 projects veritySpain has analysed, with an average editorial score of 7.2 out of 10. That spread reflects genuine variety: compact apartments on the lower slopes of Sierra Cortina sit at one end, while larger villas with pool and sea views anchor the upper tier. For international buyers, understanding the purchase process before committing to a reservation is not optional. Spain operates a sequential legal system that moves from a private reservation contract through a full purchase deed (escritura pública), with each stage carrying binding obligations and real financial exposure. Knowing what you will sign, what you will pay in taxes and notary fees, and how long each stage typically takes is the foundation of a sound acquisition.

Reservation and private purchase contract

A reservation contract (contrato de reserva) is the first binding document you will sign, typically securing a plot or unit with a deposit of €3,000 to €10,000 depending on the developer. This amount is deducted from the final purchase price. It is not symbolic. If the developer fails to proceed, they must return double the deposit under Spanish law; if you withdraw, the deposit is forfeited. Speed matters here. Off-plan launches in areas with constrained supply can sell out quickly. Within days of reservation, the developer will present a full private purchase contract (contrato privado de compraventa), which sets out the specification, build timeline, staged payment schedule, and penalty clauses. Read it. Have a Spanish-qualified lawyer read it. Do not sign the private contract without independent legal advice. A short sentence is worth repeating: get a lawyer before you sign anything.

Due diligence and NIE registration

Every foreign buyer in Spain requires a Número de Identidad de Extranjero (NIE), the tax identification number issued by the Policía Nacional. Without it, no notary deed can be executed and no bank account can be opened in Spain. NIE applications can be filed at a Spanish consulate in your home country or in person at a designated police station in Alicante province, which covers the Costa Blanca including Finestrat. Allow several weeks for processing if applying from abroad. In parallel, your lawyer will run due diligence on the developer: verifying that the project holds a valid licencia de obras (building licence), that the land registry entry (Registro de la Propiedad) is clean, and that the developer has a bank guarantee or insurance policy (aval bancario) protecting your stage payments. Registradores de España publishes registry data that your lawyer can use to confirm title and encumbrances. Stage payments made during construction must be protected under Ley 57/1968 or its successor provisions; confirm this protection is in writing in the private contract.

Costs and taxes on a new-build purchase

New-build properties in Spain are subject to IVA (VAT) rather than the resale transfer tax (ITP). The current IVA rate on residential property is 10%, applied to the purchase price. On top of IVA, buyers pay Actos Jurídicos Documentados (AJD), a stamp duty levied by the regional government of Valencia; rates have varied and your lawyer should confirm the current applicable percentage. Notary fees, land registry fees, and gestoría (administrative processing) costs together typically add a further one to one-and-a-half percent. A working budget of 12 to 14% of the purchase price for all acquisition costs, including legal fees, is a reasonable starting assumption for new-build transactions in this province. Banco de España provides guidance on mortgage conditions for non-residents, including typical loan-to-value ratios available to foreign purchasers. If financing, factor in the bank's valuation (tasación) fee and arrangement costs.

Completion and handover

Completion of a new-build purchase occurs at the notary's office, where both parties sign the escritura pública de compraventa. The signed deed is then submitted to the land registry for inscription. Timelines from private contract to completion vary with construction stage: buying off-plan at launch can mean a 12 to 24-month wait; buying a nearly finished unit shortens that window considerably. On completion day, your lawyer will inspect the property against the agreed specification and produce a snagging list (lista de defectos). Minor defects should be noted on the deed or in a separate written record. Spanish consumer law provides a one-year guarantee on finishing, a three-year guarantee on habitability defects, and a ten-year structural guarantee (seguro decenal). veritySpain data shows that projects scoring above 7.0 in the editorial assessment consistently demonstrate stronger documentation compliance and clearer handover procedures, which reduces post-completion friction for buyers. Once registered, apply for your utility connections and arrange your fiscal residency or non-resident income tax registration as appropriate.

Key takeaways

• New build finestrat prices range from €123,000 to €3,950,000; budget 12 to 14% on top for all acquisition costs.
• A reservation deposit is legally binding; instruct a Spanish-qualified lawyer before signing any contract.
• Your NIE tax number is mandatory for completing any Spanish property purchase; apply early.
• New-build purchases attract 10% IVA plus stamp duty; resale properties use a different tax regime entirely.
• Stage payments during construction must be covered by a bank guarantee or insurance policy under Spanish law.