Buying a property in Spain step by step – 8 stages

Buying a property in Spain takes 8 steps: budget and financing, choosing a location, working with an agent, viewing properties, reservation and preliminary contract, NIE number and bank account, notarial deed, and post-purchase fees. Banks typically finance up to 70% of the property value for foreign buyers, and a deposit, usually 10% of the price, is paid on signing the preliminary contract. With professional support the whole process is straightforward and secure.

What does buying property in Spain look like, step by step?

1. Setting the budget and financing.
2. Choosing the location and type of property.
3. Working with a professional estate agent.
4. Viewing properties and choosing an offer.
5. Reservation and signing the preliminary contract (Contrato de Arras).
6. Obtaining an NIE number and opening a bank account.
7. Signing the notarial deed (Escritura Pública) and registration.
8. Fees and taxes after the purchase.

Step 1: How do you set a budget and financing?

First set your budget and sources of financing. If you are planning to buy a property in Spain with a mortgage, check your creditworthiness with a Spanish bank beforehand.

• Banks in Spain typically offer foreign buyers financing of up to 70% of the property value.
• Add the extra costs to your budget: taxes, notary and registration fees.

Steps 2–4: How do you choose a location, an agent and a property?

Step 2: Choosing the location and type of property

Spain offers a variety of regions and property types, from seaside apartments to villas with a pool. The most popular locations include the Costa Blanca, the Costa del Sol and Mallorca. Decide whether the property is to be a holiday home, a rental investment or a place of permanent residence.

Step 3: Working with a professional estate agent

An experienced estate agent in Spain helps you find the right property, conducts the price negotiations and carries out the transaction in accordance with Spanish law.

Step 4: Viewing properties and choosing an offer

After an initial shortlist, view the selected properties in person. This is the moment to check the location, standard of finish and surroundings.

Steps 5–7: How do the reservation, NIE number and notarial deed work?

Step 5: Reservation and preliminary contract

Once you have chosen a property, you sign a reservation agreement and a preliminary contract (Contrato de Arras). This requires paying a deposit, usually 10% of the property value, which secures the transaction.

Step 6: NIE number and bank account

An NIE number (Número de Identificación de Extranjero) is essential for buying a property in Spain. You obtain it at a local office or through a representative. A Spanish bank account is also useful for settling the payments connected with the purchase.

Step 7: Notarial deed and registration

The final stage of the transaction is signing the notarial deed (Escritura Pública) in the presence of a notary in Spain. Once payment has been made, the property is registered in the new owner's name at the relevant office.

Step 8: What fees and taxes are involved in the purchase?

• Purchase tax: ITP or VAT, depending on the type of property.
• Notary and registration fees.
• Legal fees.
• IBI property tax, paid annually.
• Utility and community fees.

What to look out for before buying?

• Legal status of the property: whether there are any mortgage charges or legal problems.
• The seller settling all outstanding fees.
• For resale properties: assessing the technical condition of the building.
• Choosing a reputable law firm to handle the transaction.
• If you plan to rent it out: local regulations on short-term rentals.

Frequently asked questions

Aria Spain, a licensed agency (RAICV no. 4123), sells new-build properties from developers on the Costa Blanca, Costa Cálida and Costa del Sol with no commission for the buyer. We help with obtaining an NIE number, opening a bank account, getting a mortgage and with the notary. Contact us or book a free consultation.