New houses and developments in Jaén
New developments in Jaén
During the year of the pandemic, 4,400 homes were sold in Jaén, which translated to a 7% drop compared to the previous year, being the worst figure in five years, according to statistics published by the INE. The Jaén real estate sector is going through its worst moment regarding the construction of new housing works.
The main drawback that this city has is not only the reduction of operations but also the scarcity of new houses and apartments, with the construction sector almost at a standstill. According to Local Markets data generated from valuations carried out by Tinsa, in Jaén, it has only increased by 0.5% in the capital and 3% in the province in the last year, and that is because the upward trend is marked by the comparison with the third quarter of 2020. Throughout Spain, the year-on-year increase is 6.1%. The decrease from the high (in 2007) is 43% in the city of Jaén and 36.3% in the province.
Regarding the province, the price per square meter has been decreasing over the years, currently averaging just over €820/m². Buying a home has gone from costing €112,000 to €100,000, while in Jaén capital, buying a 90 m² apartment has gone from costing €131,000 to €125,000 so far this year.
Jaén is the fourth cheapest city to live in Spain. The most expensive locality is, obviously, the city. It is followed by Baeza at around €810/m², Úbeda at €800/m², Linares at around €700/m², and Alcalá La Real, where the cost per square meter is around €600 on average.
As for the cheapest, they are located in localities far from the capital, such as towns. Arjona stands out (almost €400/m²), Begíjar (just over €250/m²), Huesa (€260/m²), and Torres (around €200/m²).
Which localities have the largest number of new developments under construction?
The largest volume of new developments is located in Úbeda, Alcalá la Real, and Martos. These are new flats of 3 or 4 bedrooms, with high-quality materials and a cutting-edge design, and they have extras such as a parking space and storage room, as well as the energy certificate to guarantee the energy efficiency of the property.
What influences the price of a new property in the province of Jaén?
The price per square meter of new development in Jaén will depend on the market situation, the supply available at that time, as well as other factors such as the location, size of the property, amenities, construction materials, and the demand for housing at that time.
The prices for purchasing a two-bedroom new property in Jaén typically range around €175,000, while a one-bedroom unit of around 45 square meters has a value of approximately €60,000.
If you want to buy a newly built property in the province of Jaén, the best option is to buy now as the prices for newly built homes are at their best. However, in 2022, an increase in the price of up to 10% is expected due to the rise in the cost of all materials (raw materials, electricity, petroleum). Another alternative is to buy off-plan or in the early stages of construction when the final price is lower.
What is the situation of the new construction real estate market in the province of Jaén?
Jaén is considered an ideal city for families with children looking for a peaceful lifestyle without giving up the services offered by the city (transport, leisure, healthcare, culture, etc.).
The Santa Isabel neighbourhood is not the most expensive area in Jaén, but it has grown the most, as most of the new construction projects are located in this area. Purchasing a 110 m2 apartment in this area costs around €185,000.
The central area is still in the most demand, but its growth has slowed down due to the lack of land available for construction.
Regarding the province, Alcaudete or Mancha Real are some of the towns with fewer new construction projects in development. Linares is the town with the biggest decrease (15%) in the construction of new homes. Also, with a decrease of 12%, we find Torredelcampo. Above them are Baeza (-10%) and Andújar (-8%). Jaén is the only one of the eight provinces in Andalusia where the cost of new homes has decreased.
What is the importance of buying new developments compared to second-hand property in the province of Jaén?
In recent years, the purchase of flats in new development has increased, especially on the outskirts of the city of Jaén, due to the quality of the land and available services around them, such as parking, green areas, or leisure areas.
Newly built properties have higher energy efficiency than second-hand homes, which can help save on electricity bills. Additionally, there is the opportunity to customize the property to your liking, furnish it, and if purchased before construction is complete, modify certain spaces. Furthermore, many new build properties come with better parking facilities, better facilities, and common areas, and their designs are more modern and resistant.
Where to buy new development in the province of Jaén?
According to the College of Technical Architects, most new developments throughout the province of Jaén are located in the capital. Notable areas include Avenida de Andalucía (Santa Catalina) and the city centre (Edificio Colón). These are spacious 2- and 3-bedroom apartments with a garage and storage room that can be purchased starting at €194,000.
There are also opportunities for single-family homes, particularly in the Azahar development, where the cost for one of these 350-square-meter chalets is €350,000. The city of Jaén has 4,000 homes slated to begin construction in the coming years. The majority are multi-family and single-family buildings located to the north and east of the city, near the Bulevar neighbourhood, the train tracks, the university, or the Jaén Plaza commercial park.
In the rest of the province, it is difficult to find new construction, as almost all of the available properties are second-hand.
In conclusion, it could be said that the main disadvantage of this province is that, despite the lowered price of purchasing a new construction property (the cost per square meter is currently around €800), the problem is that not enough new construction is being carried out. As a result, residents are turning to purchasing second-hand properties (where there is more demand).