New houses and developments in Álava
New developments in Álava
According to the Department of Territorial Planning, Housing and Transport, Building Statistics, there are more than 1,400 new homes planned for the entire province of Álava. This is reflected in their March 2022 report. Similarly, it is worth noting that last year there were more than 18% of new home sales in this territory, that is, more than 3,000 properties. In the last quarter, the price of new housing experienced growth of almost 9%, which translates to a value of almost €1,900/m², according to Tinsa.
The cost of housing continues to rise in the province of Álava. According to the report from the College of Real Estate Agents of Álava, what drives up the price is the quality and size of the homes, more square meters, large terraces, better energy efficiency, better insulation. In general, people prefer a home that is somewhat further away from the capital, larger, and with greater amenities, even for the option of teleworking. The vast majority have moved to the outskirts and some municipalities in the interior of the province. Areas on the outskirts of Vitoria, but about 2 km from the centre of it, such as Salburua and Zabalgana, are new neighbourhoods where there are new developments with very good qualities, such as underfloor heating or a private garden.
Currently, and according to the recent Idealista report, the average price per square meter in Vitoria-Gasteiz is around €2,400/m² in March 2022, with an evolution of 2.9% compared to the same month of the previous year. The most expensive areas are the center of the capital (€2,900/m²) and the San Martin neighbourhood (about €2,900/m²). The most economical area is the East Rural Zone, with the price per square meter around €1,700/m². In inland municipalities such as Llodio and Oion, the cost is around €1,700/m² and €1,000/m², respectively.
Which localities have the largest number of new buildings under construction?
Actualmente, los municipios que tienen mayor volumen de promoción de obra nueva en la provincia de Álava son: Vitoria-Gasteiz y las localidades circundantes, como Salburua, Zabalgana, San Martín; y otros municipios del interior, concretamente Miñano y Llodio.
What factors influence the final value of new-build property in the province of Álava?
In new construction developments in the province of Álava, the price per square meter generally depends on supply and demand. Location, proximity to schools and workplaces, supermarkets, green areas such as parks and gardens, and access to heating and good quality materials are determining factors in Álava when buying a new construction property. The height and orientation of the property and the common services it offers also affect its value.
The economic and employment situation of the municipality, population density, foreign investment, and tourism in the area also influence the property's price.
One of the best options, if you are interested in buying a new construction property in the province of Álava, is to purchase it while it is still in the planning stages before construction has started. If that is not possible, it is recommended to buy in the early stages of construction, as prices can be reduced by up to 30%.
What is the new construction real estate market like in the province of Álava?
As of March 2022, the construction sector in the province of Álava expects a 10% increase in new construction prices, mainly due to the rising cost of construction materials, according to the CEO of Construcciones y PisosVitoria.
Developers continue to build 600 new construction properties, expanding into the outskirts with 13 developments currently underway. The areas of Salburua, known for being one of the largest green areas integrated into an urban space in Spain, Zabalgana, and Aretxabaleta, also known as Goikolarra, are particularly noteworthy. The importance of building properties with large terraces or balconies is becoming increasingly important. It is estimated that Vitoria-Gasteiz will continue to grow to the east, west, and south of the capital city. In inland municipalities such as Miñano and Llodio, there are also areas of new construction developments.
What is the importance of buying new developments compared to second-hand properties in the province of Álava?
The real estate market is on the rise following the housing crisis a few years ago. In the province of Álava, the focus has been on the outskirts, areas very close to the center of the capital and with large green spaces and land: Salburua, Zabalgana, and San Martín.
New construction homes are a guarantee of purchase, compared to second-hand homes, as they offer the possibility of customization, the security of quality and guarantee as they are newly constructed, in addition to cost reduction and energy efficiency.
The development of facilities and common areas that include gardens, playgrounds, and private terraces in some cases are characteristics that have been emphasized in recent promotions. In general, there is a high demand for homes with a terrace.
Where to buy new developments in the province of Álava?
In the province of Álava, the largest volume of new construction promotions is located in municipalities close to the capital. These are localities with very good communications, public transport, and other services that are very relevant when deciding to buy a property, such as schools, leisure places or medical centres. All of these are determining factors when purchasing a new construction home in the province of Álava.
In Sulburua, which is in continuous development and growth, a 90 m² home can have a price of €299,000. In the same place, a semi-detached house of 286 m² with a private garden and pool costs around €485,000. Both homes are in a residential complex. In Zabalgana, the most populated neighbourhood in the outskirts of the capital, a 103 m² home is around €264,500. New independent villas are currently being built in that neighbourhood. These are the new neighbourhoods on the outskirts of Vitoria-Gasteiz that are in total expansion. In the capital and about 6 minutes from the center, a home costs €225,000, for 110 m², or €315,000 for 91 m² in the centre of Vitoria.
In municipalities in the interior of the province of Álava, new construction homes are available in Niñano or in the town of Llodio, for a cost of €273,000.