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New Developments on the Costa del Sol

Investing in a new development property on the Costa del Sol presents a unique opportunity to own a modern home in one of Spain’s most sought-after regions. Whether you’re looking for a permanent residence, a vacation home, or an investment property, new developments offer contemporary designs, state-of-the-art amenities, and energy-efficient features that cater to today’s discerning buyers.

Advantages of Purchasing New Developments on the Costa del Sol

Opting for a new build property comes with several benefits:

  • Modern Design and Amenities: New developments typically feature contemporary architecture and the latest home technologies, providing a comfortable and stylish living environment. 

  • Energy Efficiency: Constructed with sustainability in mind, these properties often include energy-efficient systems and materials, leading to lower utility costs and a reduced environmental footprint. 

  • Customization Opportunities: Purchasing off-plan or during the construction phase may allow you to personalize aspects of your home, such as finishes, layouts, and fixtures, to suit your preferences. 

  • Lower Maintenance Costs: Being brand new, these properties require less upkeep and are less likely to need immediate repairs, offering peace of mind to homeowners. 

Popular Areas for New Developments

The Costa del Sol boasts a variety of locations where new developments are flourishing:

  • Marbella: Renowned for its luxury lifestyle, Marbella offers high-end new developments with premium amenities. 

  • Estepona: A charming town that has seen significant growth, Estepona provides a range of new build options, from apartments to villas, often at more accessible price points than neighboring areas. 

  • Fuengirola: Known for its beautiful beaches and vibrant community, Fuengirola has a selection of modern developments catering to various budgets. 

Steps to Purchasing a New Development Property

  1. Determine Your Budget and Requirements: Assess your financial situation and define what you’re looking for in a property, including size, location, and amenities.

  2. Research Developers: Investigate the reputation and track record of developers to ensure they have a history of delivering quality projects on time. 

  3. Legal Considerations: Engage a local solicitor experienced in Spanish property law to review contracts, verify permits, and ensure the development complies with all regulations. 

  4. Secure Financing: If needed, consult with financial institutions about mortgage options for non-residents, keeping in mind that Spanish banks may finance up to 70% of the property’s value.

  5. Understand the Payment Structure: Familiarize yourself with the staged payment plan typical for new developments, which usually involves an initial deposit followed by payments at various construction milestones.

  6. Monitor Construction Progress: Stay informed about the building process and maintain communication with the developer to ensure timelines are being met.

  7. Final Inspection and Handover: Before completion, conduct a thorough inspection of the property to identify any issues that need addressing. Once satisfied, proceed with the final payment and property handover.

Costs Associated with Buying New Developments

When purchasing a new build property, consider the following expenses:

  • VAT (IVA): New properties are subject to a 10% VAT in Spain.

  • Stamp Duty (AJD): Typically ranges from 1% to 1.5% of the purchase price, varying by region.

  • Notary and Land Registry Fees: Approximately 1% to 2% of the purchase price.

  • Legal Fees: Solicitor fees are usually around 1% of the purchase price.

  • Additional Costs: Include utility connection fees, community fees, and property insurance.

Financing Your New Build Purchase

Spanish banks offer mortgage options to non-residents, typically financing up to 70% of the property’s value. It’s advisable to consult with financial institutions to understand the terms and ensure you meet the eligibility criteria.

Why Invest in the Costa del Sol?

The Costa del Sol remains a prime destination for property buyers due to its:

  • Climate: Enjoy over 300 days of sunshine annually.

  • Accessibility: Well-connected via Málaga-Costa del Sol Airport and an extensive road network.

  • Lifestyle: Experience a blend of cultural heritage, modern amenities, and a relaxed Mediterranean lifestyle.

  • Investment Potential: Benefit from a strong rental market driven by tourism and expatriate communities.

Embarking on the journey to purchase a new development property on the Costa del Sol can be both exciting and rewarding. With careful planning and the right professional guidance, you can find a modern home that meets your needs and serves as a valuable investment in this beautiful region of Spain.

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