The Market Right Now: November 2026
Autumn is quietly one of the shrewder times to buy on the Costa del Sol. The summer frenzy has passed, the light is extraordinary (18°C most afternoons), and vendors are more negotiable than they were in June. Average asking prices across Málaga province hit a record €4,272/m² in Q3 2026, up around 7.6% year-on-year — but the pace of growth has cooled markedly from the 14% peaks of late 2025, and analysts describe this as stabilisation, not correction.
Before we walk through the purchase process, let's address the question every Canadian and American buyer is currently googling: the proposed 100% tax on non-EU buyers. The short answer is that it is not law. As of November 2026, the bill has not been debated in parliament once since it was submitted in May 2025, and it was notably absent from the government's own housing reform package in January 2026. Even as originally drafted, it would have targeted only non-EU, non-resident buyers of resale properties — new-build purchases from a developer were explicitly excluded. For now, non-EU buyers purchase on exactly the same legal terms as anyone else.
Step 1: The Search — Portals vs. Local Experts
The portals — Idealista and Kyero — give you a solid read on the market. Idealista in particular carries the most comprehensive listing inventory on the Costa del Sol and is the first place most serious buyers go. Use it to calibrate prices by area: a two-bedroom apartment in Fuengirola will sit very differently to one in Nueva Andalucía or on Marbella's Golden Mile.
What portals don't give you is off-market access — which is where a boutique agency with roots in the specific corridor you're targeting earns its keep. A French buyer looking in Mijas, or a Russian buyer weighing Estepona against Benahavís, benefits enormously from an agent who handles the conversation in their own language. Sellers share pre-launch pricing and upcoming releases with agents they trust; those deals rarely appear on Idealista. At Mava Signature, we work in English, French and Russian across the Fuengirola-to-Marbella corridor, and a meaningful portion of the new-build inventory we present to clients is off-portal at reservation stage.
Step 2: Making an Offer — The Reservation Contract
Found the apartment in El Higuerón or the villa plot in Benahavís? The next step is a reservation contract (contrato de reserva), accompanied by a deposit of €3,000 to €10,000 depending on the developer or vendor. This takes the property off the market while your lawyer carries out initial checks. On most resale and new-build purchases this deposit is refundable if the deal falls through before the private purchase contract — confirm this in writing before you transfer anything.
Step 3: Get Your NIE Number — Don't Leave It Late
The NIE (Número de Identificación de Extranjero) is your Spanish tax identification number and without it you cannot legally complete a property purchase, pay the associated taxes, or open a bank account. As of 2026, there is no fully online process — you must attend in person or send a legal representative.
You have three routes. First, apply at the Spanish consulate in your home country (the right choice if you're still in Toronto, Montreal, New York or Geneva). Second, book a cita previa appointment at a Policía Nacional station once you're in Spain — the online appointment system at sede.administracionespublicas.gob.es releases slots in batches that go quickly, so check regularly. Third, grant your Spanish lawyer a power of attorney (escritura de poder) and let them handle the entire process on your behalf — the most practical option if your schedule doesn't allow multiple Spain visits.
- Documents needed: Form EX-15, Form 790 código 012 (the fee receipt — currently €9.84), valid passport with copies of all pages, and proof of reason (a purchase reservation contract works).
- Timing in Spain: number usually issued same day or within 1–3 working days of your appointment; the bottleneck is securing the appointment itself, which can take 1–4 weeks depending on location.
- Timing from abroad: 2–12 weeks via consulate depending on country and workload.
Start this process the moment you've signed the reservation contract. Waiting until the private purchase contract deadline is a risk you don't need to take.
Step 4: The Private Purchase Contract (Contrato de Arras)
Once your lawyer has carried out initial due diligence and both sides are committed, you sign the private purchase contract — typically an arras penitenciales under Article 1454 of the Spanish Civil Code — and pay a further deposit bringing the total to 10% of the agreed purchase price. This contract is bilateral: if the buyer withdraws, they forfeit the deposit; if the seller withdraws, they repay double. For off-plan and new-build purchases, staged payment structures replace the arras — your lawyer should ensure all stage payments are covered by a bank guarantee.
Step 5: Due Diligence — What Your Lawyer Is Actually Checking
This is the work that justifies the legal fee. A competent independent Spanish lawyer will:
- Pull the Nota Simple from the Registro de la Propiedad to confirm title, ownership and that there are no mortgages, charges or embargoes registered against the property.
- Cross-reference with the Catastro (Spain's land registry) to verify that the described boundaries and built area match what's registered — discrepancies are common and can affect future sales or lending.
- Check for outstanding IBI (annual property tax) and community charge arrears, which pass to the new owner if unpaid.
- Verify planning status — particularly important on rural properties and anything built before 2007 in Andalusia, where illegal constructions (though subject to regularisation programmes) still surface on resales.
- For new-builds, review the developer's licencia de obras, the cédula de habitabilidad (habitation certificate) and the bank guarantee protecting your stage payments.
Legal fees: budget €1,500 to €3,000 for a standard purchase, or approximately 1% of the purchase price plus 21% IVA, with most independent firms applying a minimum around €2,500 including IVA.
Step 6: Completion at the Notary
Completion takes place before a Notario — a state-appointed official whose role is to verify the legality of the transaction, not to protect your interests (that's your lawyer's job). Both buyer and seller (or their attorneys under power of attorney) attend. The notary reads the full deed, all parties sign, and you transfer the balance of the purchase price — typically by banker's draft drawn on your Spanish bank account. Your lawyer then files the new title deed with the Registro de la Propiedad, pays the applicable taxes on your behalf, and delivers the registered title. Allow 4–8 weeks for formal registration to complete.
Step 7: Total Purchase Costs — What to Budget
The tax structure differs sharply between new-build and resale, and this is one reason Mava Signature's clients often find new-build off-plan the cleaner calculation at contract stage.
New-build (buying from the developer):
- IVA (VAT): 10% — set nationally, applies to all residential new-builds across Spain.
- AJD (Stamp Duty): 1.2% in Andalusia — one of the lowest rates in Spain.
- Notary fees: approximately €600–€1,000 depending on purchase price.
- Land Registry fees: approximately €370–€530.
- Legal fees: €1,500–€3,000+.
- Total: budget 12–13% above the purchase price.
Resale:
- ITP (Property Transfer Tax): 7% in Andalusia — a flat rate and among the most competitive in Spain.
- Notary, registry and legal fees as above.
- Note: on resales, estate agent fees are sometimes charged to the buyer (2–3% + IVA) — confirm this before making an offer. On new-build purchases, the agent's commission is almost always included in the developer's price.
- Total: budget 9–10.5% above the purchase price.
To put real numbers on this: a €400,000 new-build apartment in Estepona or Mijas will cost approximately €448,000–€452,000 all-in (USD ~$491,000 / CAD ~$672,000). A €400,000 resale will cost approximately €436,000–€440,000 all-in.
One Thing Worth Noting in November 2026
The 12-month Euribor averaged 2.954% in August 2026 and the ECB deposit rate has been at 2.25% since June — the most buyer-friendly mortgage environment in three years. If you're considering financing part of a purchase, Spanish banks will typically lend non-residents up to 60–70% of the purchase price, and the conditions have improved materially compared to 2024. Worth a conversation with your lawyer and a Spanish mortgage broker before you commit to an all-cash structure.
If you're weighing up new-build developments between Fuengirola and Marbella and want to understand what's currently at reservation stage — including off-plan opportunities not yet on Idealista — the Mava Signature team works in English, French and Russian and can walk you through the numbers for a specific property. What area, budget or property type are you currently focused on?