New houses and developments in Guipúzcoa
New developments in Guipúzcoa
In the province of Guipúzcoa, there are currently a large number of new construction developments, mostly in residential areas or urbanizations with swimming pools and terraces, located on the Basque coast. According to the Department of Territorial Planning, Housing and Transport Statistics on Building and Housing in the March 2022 report, there are more than 1,400 planned new homes.
The average price in the province of Guipúzcoa in the fourth quarter of 2021 was around €2,400/m², representing a year-on-year increase of almost 4%, according to Tinsa. Donostia, the capital of Guipuzcoa, had an average purchase price of a home of just over €400,000, which represents a quarterly decrease of almost 1%, but a year-on-year increase of 2% during the last quarter of 2021.
The average price in the province of Guipúzcoa in February 2022 was around €3,000/m², which represents an increase of 0.6% compared to the same month in 2021, according to the Idealista report. Donostia is the most expensive area to buy a new home, with an average price of around €4,950/m², followed by Zarautz, at around €4,500/m², Hondarribia, at around €3,790/m², and Astigarraga, with a price of just over €3,300/m² per square meter. The most affordable municipalities are Zumarraga, at €1,510/m², Legazpia, with a price per square meter of around €1,180, and Soraluze/Placencia de las Armas, with a price of around €1,100/m².
Which municipalities have the highest number of new developments under construction?
Currently, the localities with the highest volume of new developments in the province of Guipúzcoa are San Sebastian, Donostialdea, Andoáin, Astigarraga, Hernani, Lasarte-Oria, Lezo, and Oyarzun.
In the beach area, where are the main new developments located?
The most notable new developments on the coast are located in the municipalities of Hondarribia, San Sebastián, Irún, Errenteria, Andoáin, Lasarte-Oria, and Zarautz.
What factors influence the price of new property in the province of Guipúzcoa?
In new property in the province of Guipúzcoa, the price per square meter generally depends on the relationship between supply and demand.
Factors that influence the value of properties include the location, size of the property, materials, quality and finishes, height (the cost of an apartment increases by 3,000 to 6,000 euros per floor, according to Tinsa), orientation, as well as shared facilities and services.
The economic and employment situation of the municipality, population density, foreign investment, and tourism in the area are also factors that affect the price of housing.
Shared services and facilities require special mention. Buying an apartment in a new residential complex is not the same as buying an independent new house or villa, as the cost of shared facilities is communal in the former case, while it is private and personal in the latter.
One of the best options when considering the purchase of a new property in the province of Guipúzcoa is to buy it while still in the planning stage, that is, before construction begins. This approach offers advantages such as personalization of the home, choice of the desired floor level and orientation, as well as easier payment options. If this is not possible, it is recommended to purchase the property during the early stages of construction, as the price may be reduced by up to 30%.
What is the situation of the new construction real estate market in the province of Guipúzcoa?
In Donostia, the price per square meter decreased by 0.7% in the last quarter of 2021, but with an annual increase of 2.2%, meaning that the average value stood at around €4,800/m², well above the average in the Basque Country, according to data from the real estate market report of the Official College of Real Estate Agents of Guipúzcoa API. Donostia continues to have high levels, reaching an average price of €417,000 last year, almost double that of the autonomous community. In total, in the province of Guipúzcoa, it was €255,000.
The reason, according to experts, is that, after buyers' preference for larger homes, with terraces and open spaces due to the situations of recent years, interest in location has returned, leading them to focus on the capital of Guipúzcoa. Foreigners have also had an influence, as they made a total of 2.6% of purchases in Guipúzcoa last year.
The coastal regions of Guipúzcoa are the most sought-after by developers. The area of Andoain (Donostialdea) plans the development of 266 homes with an urban regeneration project. Another project of around 500 homes in seven buildings, in the area composed of the train station's tracks of Topo de Easo and surrounding areas, such as Autonomía Street, connecting to Morlans, and Menchu Gal Square in Donostia. These offer the opportunity to improve urban transport and create a new central hub in the city, in the area of the train station tracks.
In the coastal town of Hondarribia, there are also new construction developments. In municipalities in the interior of the province of Guipúzcoa, such as Azpeita, it is possible to acquire a home in a residential area, a few minutes from the center of the town. Additionally, in Eibar, Arrasate or Azkoita.
What is the importance of buying new developments compared to second-hand property in the province of Guipúzcoa?
The real estate market is on the rise after the real estate crisis of a few years ago. In the province of Guipúzcoa, the focus has been on Donostia-San Sebastian, Zarautz, Errenteria, and the Donistialdea region, such as Andoain or Lasarte, among others, which are coastal areas with a lot of tourism and foreign investment.
New construction apartments are a guarantee of purchase compared to second-hand ones, as they offer the possibility of customization, the security of quality and a warranty due to being newly constructed. In addition, they offer reduced costs and the ability to have energy efficiency. The development of facilities and common areas, including large swimming pools, gardens, playgrounds, tennis and paddle courts, and even gyms in some cases, are features that have been emphasized in recent developments. Generally, there is a high demand for houses with terraces.
Where to buy new development in the province of Guipúzcoa?
In the province of Guipúzcoa, a private urbanization apartment of about 80 m² with a pool in Zarautz has a cost of around €225,000. In Errenteria, next to the river, which has been conditioned for enjoyment, and in urbanizations with a pool, an 85 m² or 73 m² apartment has a price of around €300,000 or €265,000, respectively.
A detached house in the municipality of Irún, bordering France, with an area of 167 m², costs around €450,000. In Hondarribia, a new build apartment can cost around €412,000.
In Igeldo, one of the most exclusive areas of Donostia-San Sebastian, a luxury villa with views of the coast can have a price of €3,850,000. Exclusive penthouses with a private pool just a few meters from La Concha Bay or apartments in urbanizations on the beachfront for €726,000. In the Alto Miracruz area, a house costs around €1,330,000. Near the sports center, in the Zubieta neighbourhood, a 61 m² apartment has a cost of €335,000. In the Center-Parte Vieja, a 53 m² apartment can have a price of around €190,000. 5 minutes from Zuriola Beach, in the youngest neighbourhood of Donostia, an apartment of about 50 m² costs around €390,000.
In municipalities in the interior of the province of Guipúzcoa, it is also possible to buy a new construction apartment, localities that have good services and are a maximum of about 60 km from the capital. In general, prices, depending on the locality, are: Besain (€245,000), Andoain (€208,000), Azkoita (€203,000), Elgoibar (€200,000), Eibar (€187,000). The most economical area is Azpeitia in the Urola Valley, where an apartment in a new construction urbanization has a cost of €165,000.