Apartments in Spain

• 1. NIE and bank account: obtain your foreigner identification number (NIE) through the consulate or in person in Spain. At the same time, open an account with a Spanish bank. Discount-House helps via a representative. Timeline: 2–4 weeks.
• 2. Due diligence of the property: check the nota simple from the registry — owner, IBI debts, mortgages. For new builds: developer's license and bank guarantees. Timeline: 5–10 days.
• 3. Preliminary contract (arras) and 10% deposit: secures the property. If the seller backs out, they return double the deposit. Validity period: 30–90 days.
• 4. Escritura before a notary: final contract, transfer of full payment, and keys on the same day.
• 5. Registration in the Registro de la Propiedad: 2–6 weeks after the notary. Total additional costs on top of the property price: 10–14%.
• For short-term rental, a tourist licence (licencia turística) is mandatory.

It's important to understand: the price in the listing is not the full cost of the transaction. Taxes and fees are added on top: for new builds — VAT (IVA) 10% plus stamp duty (AJD) 1–1.5%; for resale properties — property transfer tax (ITP) from 6% to 11% depending on the region. Plus notary and registration — another 1–3%. In total, budget 10–14% extra on top of the property price. This isn't a problem if you know in advance — our specialists always provide a full calculation before any document is signed. In addition to one-off transaction costs, it's important to consider annual holding costs. The IBI property tax is 0.4–1.1% of the cadastral value — on average €300–800 per year. If you are buying an apartment in a residential complex with a pool, lift, and security, add monthly comunidad fees (from €50 to €150). Our managers always calculate all regular expenses in advance so there are no surprises after the purchase.

Types of apartments: which one to choose for your goal

The Spanish market offers very different formats. Studio (estudio) — compact and affordable, ideal for tourist rental in coastal towns. 1–2 bedroom apartments — the most versatile choice: suitable for personal holidays, long-term rental, and resale. Duplex — a two-level apartment with a terrace, or a townhouse, often costs only slightly more than a standard apartment, but feels much more spacious. Penthouse (ático) — top floor, panoramic terrace, sea or mountain views; a premium segment with good liquidity. Bungalow — a single-storey house in a residential complex with its own small garden, very popular among older buyers on the Costa Blanca.

Another choice you will have to make: new build or resale? New build (obra nueva) — modern construction standards, energy efficiency class A or B, 10-year developer warranty, and 10% VAT. Resale (segunda mano) — often wins on location (first line, city centre), you can move in immediately, but the ITP tax is 6–11%. There is no single answer — it all depends on your planning horizon and how important the specific location is to you.

How the transaction works: from the first call to the keys

Many people are put off by not knowing the procedure — but that's a shame, because the Spanish transaction is logical and predictable. A foreign buyer is protected by law just as much as an EU citizen. The whole process takes 2–4 months and consists of several clear steps.

First — you need to obtain an NIE (Número de Identificación de Extranjeros), a foreigner's identification number. Without it, you cannot sign a contract, open a bank account, or register ownership. You can apply for an NIE through the Spanish consulate in your country or in person in Spain — timeline 2–4 weeks. We help with this as part of our transaction support.

Next — legal due diligence of the property: an extract from the property registry (nota simple), checks for debts on taxes and utilities; for new builds — the developer's license and bank guarantees. After that, a preliminary contract (arras) is signed with a 10% deposit — from that moment the property is reserved for you. The final step — signing before a notary (escritura): full payment and the keys are handed over on the same day. Then registration in the property registry — takes another 2–6 weeks.

Residency through property purchase: what has changed

Just a few years ago, buying property worth €500,000 or more opened a direct path to Spanish residency through the Golden Visa programme. In April 2025, this programme was officially closed. But the path to Spanish residency has not disappeared — the routes have simply become different.

For those living on passive income or a pension, the Non-Lucrative Visa is an excellent option: you need to prove a monthly income of at least €2,400 and not work as an employee in Spain. For freelancers and remote employees with a monthly income of at least €2,646 — the Digital Nomad Visa. For entrepreneurs — residency through setting up a company or autonomo status. The path to Spanish citizenship under any of these routes opens after 10 years of legal residence. If you would like to explore the options for your situation — our specialists will explain everything for free during your first consultation.