The real estate consulting company Activum Real Estate Consulting analyzed data on the real estate market in the northern regions of Spain and presented interesting data on the results of the analysis in its latest report. The report contained a detailed analysis of the real estate market in Galicia — the region with the largest supply of new residential real estate. Thus, the north of the country alone offers for sale more than 1,800 residential units in 36 complexes.
Prices for new housing in the largest cities of Galicia vary quite slightly, because of this, the average price in the region is quite stable. It stands out, except that the city of Santiago is the most expensive of the Galician cities. The average price for new properties is approximately EUR 324,000, we are talking about an average apartment with 3 bedrooms, that is, a fairly large property. The average area of such an offer is approximately 120 square meters, and the cost of such a meter is at the level of EUR 2,700.
Vigo became the second most expensive city after Santiago. Here, the average price for new buildings is at the level of EUR 310,000, and the living area is about 123 square meters, the price per square meter is EUR 2,500. At the same time, the cheapest city in the region is La Coruna, where the average price is around EUR 302,000, and the average area reaches a level of almost 160 square meters. The cost per square meter in this city is a little more than EUR 1,900. As you can see, even between the most expensive and the cheapest city in Galicia, the price spread is extremely small, although the size of the living space can vary significantly.
Volumes of new housing on the market
As already mentioned, the average price for a new property in Santiago is EUR 324,000. The number of newly built and put on the market objects is 242 pieces. In the municipalities of Comarco Santiago, such as O Castigneirinho and Crucero de Sar, the cheapest prices are around EUR 260 000, and there are about nine residential complexes for sale.
It is followed by the following areas:
- Campus Sur and Santa Marta (22 projects, average price – EUR 286,000);
- Apostille San Lazaro-Meixonfrio (91 projects, average price – EUR 291,500);
- Vanceiros-Fontinhas (14 projects, average price — EUR 295,000).
Finally, the most expensive areas of Santiago, in second place in Galicia after the Oi in Vigo, are Ensanche and Sar. There are 42 new residential properties for sale, the price of which reaches EUR 449,000.