Why do buyers choose new housing in Spain?

Growing interest in new housing in Spain

According to the latest data from the analysis by the company "Tranio," more than a quarter of clients interested in purchasing residential real estate in Spain prefer new homes. The growing interest in properties on the primary market can be attributed to several factors.

As a result, the construction sector in Spain is once again starting to develop actively, and numerous quality projects are emerging in the market. One of the advantages of purchasing real estate at the construction stage is that the full amount is not required upfront, as the transaction is carried out in stages.

• Quality of new housingusually surpasses secondary market objects, which relieves buyers from the need to carry out major repairs.
• Clients can also expectguaranteesfrom the developers regarding the elimination of possible shortcomings.
• Additionally, utility costs in new homes are generallybelowthanks to the implementation of modern energy-saving technologies.

Current offers in the new construction market

As for current offers in the new construction market in Spain, there are many attractive options available. For example, in Barcelona, there are 172 listings for the sale of two-bedroom apartments with terraces in a new residential complex with a swimming pool.

• The total area of this property is 45 m², and the price is €397,000.
• In this city, you can also consider a three-room apartment in a modern residential complex with an area of 103 m², priced at €575,000.

For those looking to buy a property by the sea, an option in Lloret de Mar is interesting:

• A three-room apartment with a large terrace just 200 meters from the beach, with a total area of 97 m², priced at €275,000.

Real estate in the historic center and Calpe

In the very center of Barcelona, there is a stylish one-bedroom apartment in a new residential complex with a relaxation area and a swimming pool. This apartment has an area of 50 m² and is priced at €294,000.

In Calpe, in the Alicante area, a new three-bedroom apartment is also available, just 350 meters from the sea, with an area of 103 m² and priced at €455,000.

Benidorm and more spacious options

If you are looking for more spacious options, a four-room apartment is available in Benidorm in a new residential complex, located near the beach, with a total area of 131 m² and a price of €410,000.

• In addition, there are new two-bedroom apartments near the beach in Benidorm, priced at €320,000, with an area of 68 m².

Definition of new housing and its features

The definition of the term "new home" in Spain can sometimes be ambiguous, as "new" properties refer to real estate that has not been sold before. Thus, it can happen that even an apartment that has not found a buyer for several years is considered new.

Such apartments can remain vacant for a long time, losing their value in the process, yet they still continue to be classified as "new." After the economic crisis of 2009, when around 650,000 properties were left unsold on the market, the supply of new constructions decreased by 18% in 2015.

Nevertheless, as of today, there are still about 536 thousand vacant properties.

Revival of new construction

However, the volume of new construction in Spain began to rise in 2015, marking the first significant increase since 2008. According to the National Institute of Statistics of Spain, in the first quarter of 2015, the number of building permits issued increased by 53% compared to the previous figures from 2014.

This change indicates a resurgence of interest in new properties on the market and provides investors with the opportunity to explore new real estate offerings in the country.

Overview of the housing market in Spain

Currently, potential clients are presented with a wide range of residential properties that are hard to find in other Mediterranean markets. Since the beginning of 2015, there has been a positive trend in the construction sector in Spain, as the volume of new construction work has started to grow for the first time since the economic crisis of 2008.

The situation in Barcelona

A particularly noticeable revival in the real estate market occurred in Barcelona, where the situation has significantly improved. For many years after the crisis, very few new buildings were constructed here, but according to information from the analytical company CBRE, in 2015, a total of 58 new projects were launched, allowing for the creation of around 1,000 new housing units.

Geographical features

Barcelona is located between the mountains on one side and the sea on the other, and is also surrounded by two rivers that separate the city from the suburbs to the south and north. This creates certain limitations for further residential construction growth. The city has planned space for 800,000 real estate units, and it is impossible to exceed this number.

Nevertheless, even in conditions of limited space, the demolition of old buildings and their reconstruction continues, leading to the emergence of new residential complexes even on plots that seemingly are not intended for construction. This is reported byEsteban Batie, president of the company Mas-Spain.

Demand for housing

Interest in apartments in the capital of Catalonia remains high, and new units are often sold out within just six months of being on the market. Renovated apartments in the historic part of the city are particularly in demand.

• These buildings are constructed in a unified architectural style with the neighboring structures, which makes them particularly appealing to buyers.
• The presence of amenities such as parking, elevators, and concierge services makes these homes ideal for comfortable living.

As reportedMaria KamyshevaAs a project manager for Tranio in Spain, I can say that apartments in residential complexes with well-developed infrastructure are also in high demand. They are often chosen by foreign buyers, even if they are located on the outskirts of cities, as these properties usually offer comfortable living conditions.

Housing prices

As for prices, they are at the level of 2002 figures. In early 2015, Spain saw a rise in real estate prices for the first time since 2007. According to research by the companyValuation SocietyThe cost of real estate has increased by 1.8% compared to the previous year. However, this growth has not yet affected all regions, and buyers have the opportunity to invest in real estate profitably, hoping for further appreciation.

After the 2008 crisis, primary real estate properties lost an average of 38.7% of their value and are now at the level of May 2002 due to a large number of construction projects, many of which are still unfinished. This situation allows buyers to afford more spacious apartments than was possible seven years ago.

Popular apartment sizes

According to the data presented on the Spanish Property Insight portal, modern buyers in the real estate market prefer apartments with a total area of 90 to 130 square meters, containing three or four bedrooms. Generally, new residential properties have a higher cost compared to existing options.

Dynamics of prices for new buildings

The current new construction market is seeing an increase in prices. In the first half of 2015, there was a significant jump in prices, especially in areas like Madrid, where they rose by4.2%, and in Catalonia — on3%At the same time, there was a slight decrease in prices in the Basque Country.1.1%However, this dynamic does not bring significant changes to the overall picture.

Options for interior design

In Spain, developers offer their clients a unique opportunity to choose the interior design even before the finishing works begin. Moreover, at certain stages of construction, it is possible to make changes to the layout, providing future owners with greater flexibility.

Protection of consumer rights

However, even in new homes, minor defects can sometimes arise that cannot be ignored. In such cases, warranties come to the rescue: unlike those who purchase their first home on the secondary market, buyers of new buildings are protected from various defects thanks to a law that requires the developer to address any issues that arise.

Construction legislation

In Spain, the protection of the rights of buyers of new real estate is governed by the Construction Law 38/99 (Ley de Ordenación de la Edificación, LOE). This law grants owners of new apartments the right to claim for any defects found during the construction or finishing process within one year from the date the building is put into operation.

In such situations, the developer must rectify the identified issues free of charge. The deficiencies that may require correction include:

• Peeling paint
• Broken door handles
• Leaking faucet
• Low-quality plastic windows

It is recommended to notify the developer of any issues before the final payment in the transaction is completed.

Serious shortcomings and their consequences

If the defects turn out to be more serious, the LOE law provides owners with the opportunity to seek protection of their rights withinthree yearsThis includes situations that may pose a threat to the health of residents or the environment, such as:

• Poor sound insulation, contributing to the growth of mold.
• Gas leaks in pipelines

Warranty on load-bearing structures

For the structure of the building, including its load-bearing elements, provisions are made.10-year guaranteed termSuch problems can include foundation defects and cracks in the walls or ceilings.

Advantages of buying new buildings

Thus, buying a new property in Spain becomes much more secure and safe for residents, which fosters confidence in their choice and long-term investments. This allows owners to sleep peacefully, knowing that their rights are protected and the need for repairs will be minimal in the first few years of living there.

Conclusion

In conclusion, it is worth noting that interest in new housing in Spain continues to grow. I understand why more than a quarter of buyers prefer the primary real estate market. This is due not only to the quality of new properties but also to changes in the construction industry, which make purchasing more accessible and comfortable.

Every year, more and more modern residential complexes are emerging, creating unique opportunities for a wide range of choices. Against the backdrop of high real estate prices in other Mediterranean countries, Spain offers attractive conditions for its clients. The option of partial payment is another factor that makes acquiring new housing more accessible for the average person.

Moreover, as I noted in the article, new apartments have many advantages, such as:

• Guaranteesfrom developers;
• Low utility billsthanks to modern technologies;
• Qualitynew properties are higher than those of secondary housing;
• Less necessityunder repair.

The long-awaited revival of the construction sector indicates a recovery in the economy and an increase in the number of quality offerings in the market.

The real estate market in Spain, especially in major cities like Barcelona, is starting to attract the attention of not only local but also foreign investors. Existing properties with ready infrastructure and modern amenities, including those on the outskirts of cities, are becoming particularly appealing to buyers looking to invest in a quality and comfortable home.

Although the concept of a "new home" can include properties that have been on the market for a long time, what we see today indicates healthy growth and changes in the market. Investing in primary real estate can be a successful move for those seeking stability and potential capital growth.

Considering all these factors and the current situation, it can be confidently stated that Spanish real estate will continue to attract the attention of buyers from around the world.