How to buy an apartment in Finestrat
Buying an apartment in Finestrat follows the standard Spanish property acquisition process. Start by obtaining an NIE (Numero de Identificacion de Extranjero) — a foreigner identification number required for any property transaction. Apply through a Spanish consulate abroad or at the local National Police office in Benidorm — processing typically takes 1-3 weeks. You will also need a Spanish bank account for the purchase and ongoing utility payments.
Once you select a property, you sign a reservation agreement with a deposit of 3,000-6,000 EUR, followed by a private purchase contract (contrato de arras) with 10% of the price. For new-build apartments in Finestrat's Sierra Cortina complexes, developers offer staged payment plans — typically 30% at signing, further instalments during construction, and the balance at handover. Budget 12-14% above the purchase price for transaction costs: IVA 10% (new build) or ITP 10% (resale), plus AJD 1.5%, notary, registry, and legal fees.
Before committing, review the community statutes (estatutos de la comunidad) carefully — these govern renovation permissions, rental policies, pet rules, and common area usage. Request the most recent community meeting minutes and annual fee statements. For apartments with terraces or solariums, verify that these spaces are registered as part of your property title, not as common areas with permitted use.
Engage an independent Spanish lawyer — not one affiliated with the seller or developer. They will conduct a Land Registry search to confirm clear title, verify there are no outstanding debts (IBI tax, community fees, utility bills), check building permits, and review the sales contract. For new builds, confirm that the developer holds bank guarantees (aval bancario) covering your stage payments, and verify the build completion insurance (seguro decenal) is in place. Final completion takes place at a notary office, where the escritura publica (public deed) is signed and the balance is paid.