New constructions were one of the biggest surprises in Spain in 2020. Although the arrival of COVID-19 slowed down property sales in Spain and filled the real estate market with uncertainty, new builds were somewhat of an exception and managed to end the year of the pandemic with sustainable demand, a good volume of sales and even price rises in some cases. If you're planning on moving to Spain, then new developments and new builds for sale in Spain can be a great option with many advantages.
"After the coronavirus lockdown in 2020, the market for new homes has shown a better evolution than the market for second-hand or pre-owned homes in Spain," explains the Instituto de Valoraciones (Spanish Valuation Institute), which has summarised the reasons for this recent boost in new homes in a study, highlighting the many advantages of buying a new house in Spain instead of a used property. The benefits include that most new housing developments are better suited to the needs of demand and have greater energy efficiency, as well as the fact that they are located mainly on the outskirts and that they offer greater comfort than most pre-owned properties. Let's have a closer look at the advantages of buying a new build property in Spain.
New constructions are better adjusted to new demand requirements
The COVID-19 lockdown in Spain resulted in many families becoming more aware of the shortcomings of their home, especially the lack of indoor and outdoor space. For this reason, the study explains, "in recent months there has been greater interest in new homes, villas and other properties that meet the demands of today's consumers: large, outdoor spaces, lots of natural light, extra rooms that can be used an an office or high energy efficiency, among others.
New builds have extra spaces, even if they are communal
In addition to the change in demand when it comes to property characteristics, buyers in 2021 are expressing a need and desire for extras such as gardens, areas where children can play, sports facilities or a swimming pool.
"These spaces, more common in new developments, and have gained importance in recent years. They can also be decisive when making a decision to buy a home," says the study. Parking spaces and storage rooms are also among the extras in demand.
Location: new developments in Spain tend to be in the suburbs
Another reason for the recent boost in new homes in Span is that they are usually found on the outskirts of large urban centres or in medium-sized cities, which allows buyers to have more space for the same price, or even less.
In this sense, the study recalls that the availability of land in the centre of cities such as Madrid or Bardcelona is usually limited, so "these areas further from the centre are presented as an additional attraction for those interested in new homes. These areas are less densely populated and tend to be quieter areas, but they usually have all kinds of services nearby, such as schools, hospitals or shopping centres," add the experts at the Instituto de Valoraciones.
More efficient and with the possibility of choosing finishes
Another of the great benefits offered by new constructions is the possibility of customising your new home. Many new developments will offer buyers the option to alter the plans, known as off-plan housing, where buyers can often choose the materials to be used for rooms such as bathrooms or kitchens.
"Being able to design a made-to-measure home with styles such as the 'open concept', the possibility of including home automation technology or other solutions that favour energy saving, are some of the added values offered by new constructions". At the same time, the instutite also emphasises that it is "sustainability that characterises these homes, taking into account that currently the construction processes are more sustainable and houses are more efficient".
Advantages in the form of payment
Although it is usually more expensive to buy a new property in Spain, compared to a second-hand one, due to higher taxes and fees, in many cases, new developments have payment formulas that make the buying process easier for buyers. Options often include starting to pay installments while the house is being built, or being able to get advantageous mortgage conditions because of certain agreements that the promoters may have with banks.