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Buying an apartment is a decision that has many variables to consider. Square footage, location and budget are some of the most important factors before buying. Covid emergence has shown that additional capabilities are now more important and take precedence over values such as location in large cities.
Location
According to the COAPI General Council of Spain, the pandemic has led to the fact that demand has shifted a significant proportion of apartments to single-family houses located in peripheral areas. However, those buyers who decide to choose an apartment prefer apartments with a terrace or communal areas.
People who decide to live in this type of property are greatly attracted by the location in the city center, and, along with this, one of the main requirements when looking for their future house has always been that it should be close to public transport and that there should be shops, supermarkets and good infrastructure in the area in general. However, as a result of the pandemic, the demand for real estate with open space has grown significantly, even more than as a result of the above factors.
Price
Budget is another fundamental factor when buying an apartment. Community Madrid and Basque Country are the most expensive communities in Spain with prices of 3,117 euros per sq. m. and 2 883 euros per sq. m., respectively. They are followed by Balearic Islands and Catalonia, where both rates exceed 2,500 euros per sq. m.
For this reason, many buyers decide to opt for apartments with a good location and a smaller area in most of them. “Typically, the client is looking for a property with a good layout and two / three bedrooms,” said representatives of the Spanish COAPI General Council.
New building or secondary housing?
CGCOAPI argues that there is no definite answer to the question what is better - to buy a new or a secondary apartment, and this will always depend on the specific profile of each buyer and the preferences that are guided by them when determining the property.
New apartments guarantee a longer life of the property, have a more modern design and lower energy consumption, as well as many other qualities. However, secondary apartments have a lower price, better location and lower tax burden, as the property transfer tax is between 4 and 11% depending on the autonomous community.