The process involves several steps. First, you sign a reservation contract and pay a deposit, which is usually 15% of the purchase price. A future purchase contract (Contrato de Compraventa) is then signed, where payment terms are agreed upon, and a final purchase contract (Escritura) is signed after construction is completed.

New buildings often offer modern design, higher energy efficiency and lower maintenance costs. They can also be equipped with the latest technology, such as a smart home system. Additionally, new builds usually have a construction and equipment warranty.

In addition to the purchase price, you have to take into account Value Added Tax (IVA), which is 10% for new properties. There are also notary fees, real estate registration fees and legal fees. The total costs are around 12-14% of the purchase price.

Yes, it is possible to get a mortgage for a new building. Banks usually finance up to 70-80% of the value of the property, but as a foreigner you must meet certain conditions, such as proof of income or ability to repay the loan.

Yes, in some cases developers allow clients to customize layouts or select materials during the construction phase. It depends on the specific project and the stage of construction in which the property is located.

Construction time depends on the size of the project, but typically takes 12 to 24 months. For larger projects, construction may take longer, but the expected completion date should always be stated in the purchase contract.

Yes, there are statutory guarantees for new builds in Spain. These include a ten-year warranty against structural defects, a three-year warranty on installations and one year on finishing work. Warranties provide protection to the buyer against hidden defects.

After purchase, you will have to pay annual property tax (IBI), which depends on the location and size of the property. Community charges may also need to be paid if the new build is part of a gated complex with shared facilities such as swimming pools or gardens.