New Developments
in Vélez-Málaga

The Spanish Golden Visa real estate route closed on 3 April 2025 under Organic Law 1/2025, and property purchase no longer grants residency by itself. Non-EU buyers can still purchase freely in Vélez-Málaga, but any residency pathway now has to run through a separate route, such as the non-lucrative visa or another category entirely, based on personal circumstances. This needs confirming with an immigration lawyer before a purchase decision is built around a residency assumption.

Of the six developments tracked in Vélez-Málaga, two are off-plan with licence secured, three are under construction, and one is completed. Off-plan and under-construction units are paid in stages tied to build progress and close later, carrying construction and delivery timing risk in exchange for earlier-stage pricing. The completed unit can be inspected as-is, closes faster, and removes construction risk entirely, though it sits at whatever price the finished market has set for it.

A reservation deposit, typically €6,000 to €10,000, takes a unit off the market. A private purchase contract follows within weeks, setting out the full schedule: for off-plan or under-construction units this is usually staged against build milestones, while completed stock is often paid as one balance shortly before notary. The remaining balance is settled at completion. Exact percentages and dates vary by project and should be confirmed in the contract, not assumed.

The six developments sit in different positions within the same municipal listing: some closer to the historic town center on smaller infill plots with shorter build schedules, others along the corridor toward the coast and Torre del Mar, where larger phased developments and beach proximity carry a price premium. Selection should follow use case, rental liquidity favors coastal proximity, personal use and lower entry price favor the inland positions, cross-referenced against current construction stage.

New-build purchases carry IVA at 10 percent and AJD at 1.2 percent in Andalucía, both due at completion, plus notary, registry, and independent legal fees typically totalling 1 to 1.5 percent. Budgeting roughly 12 to 14 percent above the listed price is a reasonable working figure, though the exact number depends on the property's value and the fee schedule in force at completion. This is a guide, not a substitute for a cost breakdown from an independent lawyer.

Spanish banks lend to non-residents, but typically at lower loan-to-value ratios than for residents, often 60 to 70 percent of valuation rather than 80 percent, and with additional documentation on income and source of funds. Approval and terms vary by nationality, bank, and the specific development, since some lenders require the project to be at a certain construction stage before releasing funds. This should be checked directly with a bank or independent broker before relying on financing assumptions.