New buildings in Spain are in great demand among buyers

New buildings in Spain are in great demand among buyers

Real estate market has shown great resilience during the crisis and is on the rise.

Most popular areas are the following:

  • Vicalvaro and Hortaleza.
  • Villaverde.
  • Fuencarral.
  • Tetuan and Vallecas in Madrid.
  • Eixample and La Marina del Prat Vermel in Barcelona.
  • Martiricos.
  • Paseo Maritimo and Martin Carpena in Malaga.

These are the areas with the biggest boom in real estate projects that are already completed or underway and are mentioned by real estate agents. With the demand that the COVID-19 pandemic is giving a big boost, supply of new real estae is booming in major cities. There were 23,939 residential buildings for which construction management visas were issued in 2020, just 10% less than in 2019. In the first four months of 2021, 9,725 visas were issued, nearly 800 more than in the same period in 2019, according to data from the Ministry of Transport, Mobility and Urban Agenda.

But there are other signs that the new real estate market is resilient during the health crisis. If in 2019 new deals for the sale of vacant property amounted to 50,723, then last year they reached 54,731 units, which is equivalent to an increase of 8%. In the first quarter of this year, there were already 14,572, that is, 41% more than in the same period of 2020, and 29% more than in the first three months two years ago.

“New buildings are in great demand, so much so that more than 90% of buyers prefer them over secondary property,” summed up the General Council of Official Association of Property Agents (COAPI). In addition, the proportion of users looking only for new housing under construction and refusing to buy a secondary property has increased from 18% last year to 21% this year, according to Fotocasa.

“A year after the COVID-19 outbreak in Spain, both property preferences have changed, as well as basic requirements that property must meet,” says Maria Matos, research director and spokesman for the real estate portal.

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