New houses and developments in Albacete
New developments in Albacete
The province of Albacete currently has more than 50 new construction developments, which translates into more than 500 new properties, both under construction and on the market. It is one of the most prominent provinces in all of Castilla-La Mancha in terms of new construction, but its proximity to the Valencian and Madrid regions has slowed its growth. However, this is also a favorable aspect, as sale prices are lower than in neighboring regions.
The cheapest price per square meter for new construction is in Tobarra, with prices starting at €500/m². It is followed by Caudete and Elche de la Sierra, with very similar prices around €550/m², and Villarrobledo, which is close to €600/m². On the other hand, the highest prices are found in the capital, exceeding €1,300/m². The municipalities that also have high prices are Chinchilla de Monte-Aragón, which is close to €880/m², Hellín, at around €750/m², and Almansa, which does not reach an average of €680/m².
Which municipalities have the most significant new developments in the entire province?
The capital city concentrates the largest volume of new constructions, both in the process of marketing and construction. It is followed by Almansa, Chinchilla de Monte-Aragón, and Hellín. Precisely, these are the ones with the highest costs, caused by higher population density and greater demand.
What affects the price of new developments in the province of Albacete?
As in most of Spain, the relationship between supply and demand is what determines the sale price of a new home in the Albacete region. It should be noted that, on average, prices in Albacete are lower than in neighbouring autonomous communities with higher population densities. Other factors inherent to the property also affect the cost, such as location, orientation, materials used, finishes, dimensions of the property, and its installations. Special mention should be made of the property services, as the cost of community versus private expenses in an independent house can vary greatly. This is also an aspect to consider when purchasing a new home.
Therefore, one of the main tips when buying a new home is to do so off-plan or in the early stages of construction, as the final price can be reduced by up to 30%.
What is the new construction real estate market like in the province of Albacete?
Appraisals establish the average price for the entire region at around €1,200/m², with an annual growth rate of 2%, according to data from Tinsa. Regionally, Albacete has been one of the provinces with the least growth in all of Castilla-La Mancha, only ahead of Cuenca. Specifically, the supply remains in the capital and in some of the most important municipalities in the area, such as Chinchilla de Monte-Aragón, Almansa, and Hellín.
The price varies greatly depending on the type of home and location, with prices being lower in the outskirts of the capital and in smaller towns. Similarly, semi-detached and/or independent villas are the most expensive. In vertical constructions, penthouses located in the urban area of Albacete have the highest cost, as they have features and qualities that are highly valued by local buyers.
What is the importance of buying new developments compared to second-hand properties in the province of Albacete?
The real estate sector in Albacete has been stable in recent years, recovering levels prior to the real estate crisis of the previous decade. New properties in the province are concentrated in the capital and in larger towns such as Chinchilla de Monte-Aragón, Hellín, and Almansa. These properties are fully equipped, prepared, and adapted to the region's climate, which has very low temperatures in winter and dry summers. Therefore, the materials used in new build properties are fully insulated. In addition, new properties offer greater customization options than second-hand properties and also come with greater guarantees and security.
The insulation factor is linked to the greater energy efficiency of new buildings. In fact, some new constructions include technological systems such as solar panels that promote the use of renewable energy. Furthermore, in recent years, new developments include common services that increase the value of the properties. These typically include garages, parks, swimming pools, paddle or tennis courts, and even gyms.
Where to buy new developments in the province of Albacete?
Albacete is one of the most influential provinces in Castilla-La Mancha, especially due to its proximity to the Region of Murcia and the Valencian Community. According to the College of Quantity Surveyors, most new developments are located in the capital, where you can buy a 100 m² flat with various bedrooms for around €110,000. Depending on the location of the residential area, the cost can range from €200,000 to €250,000. In Hellín, prices start from €100,000, as they do in Chinchilla de Monte-Aragón and Almansa. Although these are small municipalities, they have a high population density, which affects the final price of new properties.