New Developments
in Torremolinos

No. The Spain Golden Visa route via real estate investment closed on 3 April 2025 under Organic Law 1/2025. Buying a new-build property in Torremolinos no longer creates a route to residency by that mechanism. Non-EU buyers can still purchase property freely, but any residency plans need to run through separate visa or residency categories unconnected to the property purchase. Anyone relying on residency as part of the purchase decision should confirm current immigration rules with a qualified immigration lawyer, not through the property transaction itself.

Off-plan means paying against a schedule tied to construction progress, with delivery typically one to three years out depending on stage, and pricing generally set lower than the finished product will command. Ready-to-move means the building exists, the unit can be inspected as-is, and completion can happen within weeks once contracts and financing are in order. Torremolinos currently has 1 completed development against 8 off-plan or pre-construction projects, so most current inventory sits on the off-plan side of that split.

A reservation deposit, often a fixed sum, holds the unit while contracts are prepared. The private purchase contract then sets a larger deposit, commonly a percentage of price, with the remaining balance for off-plan units staged against agreed construction milestones. Ready or near-complete units typically move faster, with a larger portion due closer to or at completion. Exact percentages and staging vary by developer and project, so the schedule attached to a specific unit should be checked directly rather than assumed.

The decision should follow available stock rather than preference alone. Torremolinos centre has 10 developments from €290k, covering the widest range of budgets, unit types and construction stages. La Carihuela has 3 developments from €428k, positioned closer to the seafront with fewer remaining plots. If budget sits under €400k or the project needs to be off-plan, the centre is where that stock currently exists. If beachfront proximity is the priority and budget allows, La Carihuela is the narrower but relevant set.

New-build purchases carry IVA at 10 percent plus AJD stamp duty, which in Andalucia is typically around 1.2 percent, alongside notary fees, land registry fees, and independent legal fees, usually a percentage or fixed sum agreed with the lawyer directly. Together these generally add a meaningful percentage on top of the listed price, though exact figures depend on the specific property and should be confirmed with a lawyer or tax adviser before committing, since rates and allowances can change.

Spanish banks do lend to non-residents, though typically at lower loan-to-value ratios than for residents, often around 60 to 70 percent of valuation rather than purchase price. Terms, rates and required documentation vary by lender and by the applicant's income and residency status. For off-plan purchases, financing is usually arranged closer to completion once the building is finished and a formal valuation can be carried out. Buyers relying on financing should confirm terms with a bank or mortgage broker early, before committing to a payment schedule.