New houses and developments in Granada

New developments in Granada

The province of Granada currently has over 100 new developments with more than 1,100 homes, which may be completed or still under construction. Despite having a lower volume of new properties on offer, it is still a great investment opportunity in Andalusia. According to data from Activum Real Estate Consulting, a total of 540 new homes were approved in 2021, covering more than 200,000 m² of built-up land in the province of Granada.

The most affordable new development per square meter can be found in Ogíjares and Albolote, both with prices around €400/m². Padul follows at around €500/m², with Monachil costing no more than €550/m², and Churriana de la Vega above €600/m². The overall lowest average price in Granada is around €470/m². The most expensive areas, mostly near the capital or the coast, are Sierra Nevada and Almuñecar, both averaging around €2,000/m². Other towns with similar prices include Granada capital, Calahonda, Playa Granada, Torrenueva, and Armilla.

Which municipalities have the highest number of new construction homes under construction?

Currently, the municipalities with the highest volume of new construction developments in the province of Granada are Granada capital and surrounding areas (over 60); followed by the Costa Tropical area (around 20), Armilla (nearly 10), Ogijares (around 7), Atarfe (more than 5), and Maracena (also around 5 developments).

In which coastal municipalities are the main new construction developments located?

The most notable new developments in the coastal area of the province are located in towns such as Almuñecar, Salobreña, Albuñol, Castell de Ferro, La Herradura, Polopos, Punta La Mona, Sorvilan, Velilla, Calahonda, Los Guajares, and La Mamola.

What influences the price of new development in the province of Granada?

In general, the price per square meter of a new construction development in the province of Granada can change according to the state of the real estate market, that is, the supply and demand available at the time of search. Obviously, there are other causes that influence the value of these properties, such as their location, size, construction materials and finishes, height, orientation, and other extras such as sociocultural and leisure areas, or parking. At the same time, there is another factor that increases or devalues the price and that operates independently of the quality of the property. These can include population density in the locality, whether it is a nerve center for work, if it is an area for real estate investment or if it is a tourist area such as the coast.

Regarding the qualities of the property itself, it is worth mentioning that services or common areas have much more importance. This is because it is not the same to talk about a new construction villa or development than an independent house. In the first scenario, any expense on facilities is borne by the community, while in the second, the owner has to pay the expenses.

If there is a particular interest in buying a new construction property in the province of Granada, the best decision is to buy during the construction phase, when it is still on paper. If that is not possible, it is best to buy in the early stages of construction, as the value can drop by up to 30%.

What is the situation of new construction developments in the real estate market of the province of Granada?

The province of Granada started 2022 with over 1,000 new build properties with the project underway. This represents an increase of 20% compared to the data collected at the beginning of 2021 by the College of Architects of Granada. This means that the growth is expected to continue throughout 2022.

At the regional level, the area of Los Montes has the least amount of new build properties. During 2021, in comparison to the total new developments in Granada, the metropolitan area of the capital and its surroundings accounted for over 60% of the projects. Meanwhile, Costa Tropical and the Valle de Lecrín are behind with 25% of the supply. Baza follows with 10%. It is also worth noting that Granada closed 2021 with a 35% increase in the number of real estate transactions compared to 2020 and higher than those of 2019 according to data from the INE. Within that increase, it is worth noting that 55% corresponded to purchases of newly built properties.

What is the importance of buying new development compared to second-hand properties in the province of Granada?

The purchase of new property is showing a recovery from the real estate crisis of the early 2000s. In the province of Granada, most of these properties are located near the capital, as it is one of the most in-demand areas. These houses offer a guarantee of investment compared to second-hand properties. One of the significant advantages of a new property is that it can be personalized to the buyer's liking. In addition to the guarantees it offers, such as energy savings and cost savings. Regarding energy, Granada and Andalusia, in general, are among the Spanish regions that are investing the most in the use of solar panels, thanks to their clear climate for much of the year.

In addition to this, the latest new developments have increased investment in the residential complexes with common areas and recreational areas, increasing the value of these properties, as many also have private parking, green areas, swimming pools, and gyms.

Where to buy new development in the province of Granada?

The province of Granada is an interesting Mediterranean area for the purchase of new build apartments, both under construction and already for sale. According to Idealista, most new properties are located in the city of Granada and its surroundings, or in towns such as Ronda, Armilla, Almuñécar, Salobreña, Baza, and Motril. Other coastal areas such as Albuñol or Polopos, of great tourist interest, also have significant amounts of developments with hundreds of new homes.

The area around the city of Granada has the highest number of new developments for sale in 2022, with an average final cost of around €170,000 for apartments, around €200,000 for townhouses, and between €280,000 and €1,100,000 for detached houses. In the area of Atarfe, you can find houses with prices ranging from €80,000 to over €150,000, whether they are apartments, villas, or independent houses.

In other areas such as Armilla or Churriana, there is a greater availability of semi-detached villas and country houses. Considering the cost of new construction for these types of buildings is higher due to the tourist and employment interest of the capital. The area of Maracena is one of the most desired in the surroundings of the capital and has a great variety of property types, highlighting residential areas. You can find apartments of 90 m², as well as townhouses and independent houses of larger sizes. The cheapest areas have values close to €75,000, while houses that require a higher purchasing power can cost around €1,000,000. Finally, in the area of Nueva Alhambra (closer to the capital), the properties are usually high-end townhouses and apartments with luxury urbanizations, whose price always exceeds €250,000.