New houses and developments in Cuenca
New developments in Cuenca
The province of Cuenca currently has over 20 new construction developments, which represent just over 300 homes throughout the territory. It is one of the provinces with the lowest number of developments, both in construction and commercialization, throughout the country. Its geographical location, between Valencia and Madrid, has caused a strong emigration towards these two cities, which are two of the most important nationally. Therefore, the real estate sector remains at very low figures, which also affects one of the lowest prices in all of Spain.
The highest average cost per square meter is located in the capital, with just over 1,100 euros. It is followed by Chillaron de Cuenca, which exceeds slightly over 800 €/m², Villar de Olalla, at about 750 €/m², Tarancón and Barajas de Melo, which range from 740 €/m². On the other hand, the cheapest are in Mota del Cuervo and Horcajo de Santiago, which do not reach 500 €/m².
Where is the largest volume of new construction developments currently located?
Currently, the highest percentage of homes under construction is in Cuenca, where the most important developments are also located. It is followed by Chillaron de Cuenca, Villar de Olalla, and Tarancón. This is because they are the main towns throughout the province.
What factors influence the final cost of a new build property in the province of Cuenca?
In general, the price per square meter of new build property will be determined by the supply and demand of the area. In this case, it is reduced to a certain amount due to the lower population density of the province compared to most of the country. Regarding the inherent factors of the houses, one must consider the orientation, location, materials used, finishes, quality of the property, its characteristics, dimensions, and proximity to other services such as medical centres, leisure places, and/or schools.
Referring to the qualities of the property, the analysis should focus on the common facilities included in the promotions built in recent years. If a flat in a residential complex is purchased, the expenses will be community expenses, while if an independent house is acquired, all costs will be private and particular. All of this affects the final value, but it should also be studied because it can mean time-saving.
If interested in buying a new construction house, it is recommended to do so when it is in the blueprint phase. If not possible, it is advisable to do it in the early stages of construction so that the price is lower than when construction is completed. The cost can vary up to 30%.
What is the new construction real estate market like in the province of Cuenca?
According to a Tinsa study, the province of Cuenca has presented a 3% year-over-year increase in the cost of a new property compared to the same date in the previous year. However, it is one of the provinces with the lowest growth in the last year and, in turn, has one of the lowest average prices in the country.
In 2022, the trend has been negative and it is not expected to improve throughout the year. However, it is expected that the new construction real estate sector in the province will be revived next year. In fact, efforts are being made to revive the current figures.
What benefits does buying a new development offer compared to a second-hand property in the province of Cuenca?
The real estate sector in Cuenca may be one of the most stagnant in the country, especially concentrated in the capital and its surrounding municipalities. On the other hand, new construction properties are always a guarantee and a security, especially due to the materials used and their finishes. The province experiences extreme temperatures in winter and summer, to which newly built properties are fully prepared. In addition, they have a customization capacity that second-hand properties do not offer, as they can be adapted to the buyer's needs and characteristics before or during construction. On the other hand, second-hand properties lack this capacity or present greater difficulties in achieving it. Likewise, the costs can exceed even those of buying a new construction house.
It is also worth noting that recent developments have strengthened communal facilities and services, such as gardens, playgrounds, paddle tennis courts, gyms, swimming pools, and garages. Similarly, some have energy-efficient systems, such as solar panels, which also attract potential buyers. All this adds value to the property, making it easier to sell in a hypothetical case, given these qualities.
Where to buy new developments in the province of Cuenca?
Cuenca has experienced slower growth due to the migration of people to nearby provinces, from the same autonomous community, or neighboring ones. In the capital, it is possible to buy a newly built house of around 180 m² and more than 3 bedrooms for a price that ranges from €165,000. There are also properties with 4 bedrooms and around 140 m² for a price close to €175,000. In Chillaron de Cuenca, it is possible to buy a two-story newly built detached house for around €120,000.
On the other hand, costs are lower in Tarancón. It is possible to buy a new property of around 110 m² and four bedrooms for a price ranging from €75,000. In the same municipality, it is possible to acquire a newly built house of around 75 m², with 2 bedrooms, for a price of around €50,000.