New build redován stands at a single active project priced at €190,000, scored 7.4/10 by veritySpain's editorial team, making it one of the more compact markets on the Costa Blanca interior. For international buyers, that limited supply has a practical upside: the purchase process here follows the same legal framework as anywhere in Alicante province, so the steps are well-documented even if the local transaction volume is modest. Spain's buying timeline runs roughly three to six months from reservation to completion. Costs on top of the headline price typically add 10 to 13 percent depending on whether you buy new build (subject to IVA plus stamp duty) or resale (subject to ITP). Understanding which bucket your purchase falls into is the first decision point.

The reservation and NIE phase

€500 to €5,000 is the typical reservation deposit range for new-build properties in the Alicante region, held against the agreed purchase price. Before you sign anything, you need a Número de Identificación de Extranjero (NIE), Spain's tax identification number for non-residents. The NIE application is filed at a Spanish consulate abroad or at a National Police station (Comisaría) in Spain; processing can take two to four weeks at busy periods. Open a Spanish bank account in parallel. Direct debit mandates for community fees and utility supplies require a domestic account, and lenders financing a Spanish purchase generally insist on one too. The NIE and bank account are not optional steps. Complete them before you pay any deposit.

Preliminary contract and staged payments

10 percent of the purchase price is the standard deposit required under a contrato de arras penitenciales once both parties agree to proceed. Registradores de España records show this private contract is the backbone of most residential transactions: the buyer forfeits the deposit if they withdraw; the seller pays double if they pull out. For new-build purchases off-plan, the developer will instead offer a contrato de compraventa with a staged payment schedule linked to construction milestones. Spanish law (Ley 57/1968 and its successor regulation) requires developers to guarantee stage payments via a bank guarantee or insurance policy. Always verify the guarantee before transferring milestone funds. Your Spanish lawyer should check the developer's licences, planning permissions (licencia de obras), and the property's nota simple from the Registro de la Propiedad before you commit funds beyond the initial reservation.

Mortgages and financing

70 percent loan-to-value is the typical ceiling for non-resident buyers from Spanish lenders, compared with up to 80 percent for residents, as a general market convention noted by Banco de España guidance on mortgage regulation. That means a buyer targeting the €190,000 listing analysed by veritySpain would need at least €57,000 in liquid equity plus buying costs. Fixed-rate mortgages have become the dominant product in Spain since the Euribor volatility of 2022 to 2023; variable rates tied to Euribor remain available but carry repricing risk. Spanish banks require a full appraisal (tasación) by a Banco de España-registered valuation firm before issuing a mortgage offer. The notary must then issue a Ficha Europea de Información Normalizada (FEIN) and allow a ten-day reflection period before signing. That reflection window is mandatory under the 2019 mortgage law and cannot be waived.

Completion, taxes, and registration

On completion day, buyer and seller sign the escritura pública (deed of sale) before a Spanish notary. New-build purchases are subject to IVA at 10 percent (for residential property) plus Actos Jurídicos Documentados (AJD), the stamp duty levied by the Valencian Community; current AJD rates for new residential property in the Valencia region are published by the regional government and should be confirmed with your fiscal adviser at the time of purchase, as they can be revised. Add notary fees, land registry fees, and your lawyer's fee and the total acquisition cost above the purchase price is typically in the 11 to 13 percent range for new build. After signing, your lawyer registers the escritura at the Registro de la Propiedad, which legally establishes your ownership. Registration takes two to eight weeks in normal conditions. Redován's location in the Vega Baja del Segura comarca means the relevant land registry office is in Orihuela.

Key takeaways

• Obtain your NIE and open a Spanish bank account before signing any reservation contract.
• New-build buyers pay IVA at 10 percent plus AJD stamp duty, not ITP transfer tax.
• Stage payments on off-plan properties must be backed by a bank guarantee under Spanish law.
• Non-resident mortgage financing is typically capped at 70 percent LTV by Spanish lenders.
• Budget 11 to 13 percent above the purchase price for taxes, notary, and legal fees.