New build san miguel de salinas currently spans a price range of €135,000 to €1,000,000, across 13 developments analysed by veritySpain, which assigned the municipality an average quality score of 7.6 out of 10. That breadth reflects a market where compact inland apartments sit alongside larger villas near the Orihuela Costa boundary. International buyers from northern Europe make up a significant share of purchasers, drawn by year-round mild temperatures and direct flights to Alicante-Elche airport, roughly 40 kilometres to the north. Understanding the purchase process before you commit protects both your budget and your timeline. The steps from initial reservation to collecting keys typically take between six and eighteen months for off-plan property, depending on construction progress and mortgage requirements.

Reservation and private purchase contract

A reservation contract (contrato de reserva) is the first legal document you will sign, and it normally requires a deposit of €3,000 to €6,000 paid to the developer. This takes the property off the market for a defined period, usually two to four weeks, while due diligence is carried out. Appoint a Spanish lawyer (abogado) who is independent of the developer before paying any money; their fee typically runs to 1,000–2,000 euros for a standard transaction. Your lawyer will check that the developer holds a building licence (licencia de obras), that the plot is free of charges (nota simple from the Registro de la Propiedad), and that stage payments are covered by bank guarantees or insurance as required by Ley 57/1968. Registradores de España publishes guidance on how to verify title status online through its portal. Missing this check is the single most common mistake made by first-time buyers in the Alicante region.

NIE number and bank account

Every foreign buyer must obtain a Número de Identificación de Extranjero (NIE) before the notary can complete the sale. The NIE is your tax identification number in Spain. Applications go through a Spanish consulate in your home country or directly at a National Police station in Alicante; consulate routes often take four to eight weeks, so apply early. You will also need a Spanish bank account to receive the mortgage (if applicable) and to pay the automatic standing charges that follow ownership: community fees, IBI property tax, and utility contracts. Opening an account remotely is straightforward with most major Spanish banks provided you supply a valid passport and a proof of overseas address. No NIE, no escritura. That is a hard rule.

Taxes and purchase costs

New-build property in Spain attracts IVA (VAT) at 10 percent of the purchase price, plus Actos Jurídicos Documentados (AJD), the stamp duty equivalent, set at 1.5 percent in the Comunitat Valenciana. On a €250,000 apartment that means roughly €25,000 in IVA and €3,750 in AJD before notary and registry fees are added. Notary fees follow a sliding scale set by the state and typically range from €600 to €1,200. Land registry fees run to a similar order. Legal fees, as noted above, add a further €1,000 to €2,000. Budget a total acquisition cost of 13–15 percent above the purchase price to cover all taxes and professional fees. veritySpain data shows that buyers who underestimate this figure routinely face short-term cash-flow problems at completion. Resale property (second-hand) pays ITP transfer tax instead of IVA, currently 10 percent in Valencia; the distinction matters if you consider combining a new-build purchase with a resale in the same area.

Mortgages and stage payments for off-plan

Spanish banks will lend up to 70 percent of the appraised value (tasación) to non-resident buyers, compared with up to 80 percent for residents. The appraiser is appointed by the bank, not the buyer, and the report is valid for six months. During the construction phase the developer will request stage payments at agreed milestones: typically 20–30 percent on signing the private purchase contract (contrato privado de compraventa), with subsequent payments tied to structure completion and roof installation. Each stage payment must be covered by a bank guarantee (aval bancario) or insurance policy under current legislation; insist on receiving these documents before each transfer. At notary completion, the mortgage is drawn down simultaneously with the final payment. Banco de España publishes its mortgage statistics quarterly, providing context on prevailing interest rates and lending conditions for non-residents. Fixed-rate mortgages of 10 to 25 years are the most common product taken by international buyers currently.

Key takeaways

• Appoint an independent Spanish lawyer before paying any reservation deposit; expect fees of €1,000–€2,000.
• Apply for your NIE early; consulate processing can take four to eight weeks and no sale completes without it.
• Budget 13–15 percent above the purchase price for IVA, AJD, notary, registry, and legal fees.
• Verify that every stage payment is covered by a bank guarantee or insurance policy issued by a regulated entity.
• Non-residents typically access mortgages up to 70 percent of the appraised value; check current rates via Banco de España before committing to a developer timeline.