New houses and developments in Navarra
New developments in Navarra
Comparing 2021 and 2022, the average price per square meter for new homes in Navarra shows a clear stagnation. In January 2021, the price fluctuated around €1,400. In the same month of 2022, the amount is also around €1,400.
The same occurs in the municipalities that make up this province. Starting from the lowest, Castejón and Corella are around €800/m², closely followed by Alsasua, Estella, Peralta, and Tudela, which slightly exceed €1,000/m². Almost reaching €2,000/m², there are Egüés, Noáin, and Zizur Mayor. And at the top of the price range per square meter, we have Pamplona, with a value of almost €2,400/m², and Multiva, with a value of around €2,200/m².
Which towns have the highest number of new developments under construction?
Currently, there are more than 40 new developments in Pamplona, compared to 4 in Urbasa and Zizur Mayor, and 3 in Aoiz, Burlada, Buztintxuri, and Multiva.
What factors impact the final price of a new property in the province of Navarra?
There are several factors to consider when comparing prices in the province of Navarra, such as the climate, services located near the home, and even the socio-cultural offerings nearby.
Navarra, or rather its capital Pamplona, has held the title of the city with the most expensive housing in recent times due to the high standard of living of its inhabitants. In addition, the location near tourist enclaves or the famous flowered balconies will mean an extra charge. Therefore, the artistic and emblematic factors of the enclave will have an impact on all aspects of a home.
Another factor is the climate. Due to the low temperatures in this province, homes must have the necessary electrical and hydraulic supplies and conditions for normal functioning. If not, the consequences could be a real headache. Additionally, being located in areas where precipitation is a factor to consider, the home must have a gabled roof with a specific material to avoid damaging the structure of the property.
To reduce the final purchase price, it is interesting to acquire the property when it is on the blueprint or in the early stages of construction, as the reduction can be up to 30%.
What is the new construction real estate market like in the province of Navarra?
The Navarrese real estate market has been one of the most affected in recent years, with a notable decrease in property purchases. However, according to data from the National Institute of Statistics (INE), from January 2021 to the same month of 2022, there were property transfers in 2,174 buildings in the province of Navarra.
Furthermore, compared to the slow increase in home sales in the outskirts of the capital, Pamplona stands out as the nerve centre of the city, and therefore a primary focus for the increase in purchases of new construction homes.
What is the importance of buying new developments versus second-hand property in the province of Navarra?
Among all the factors that may argue for buying new build homes versus second-hand properties, the most important one will be urgency. If the client needs a home in the short term, they will most likely opt for a used home, as the choice of new construction homes is usually made on paper, so they will need to wait for the construction to be completed.
However, if the client insists on buying a new construction home, it may be one of the best decisions, since they can get involved from the beginning in the creation and design of the property, and make certain decisions regarding the choice of material for certain finishes, which in the case of a second-hand home would entail an additional cost. They could also detect, first-hand, any defects, and seek the developer to resolve them. But, one of the details that will make the difference will be the possibility of seeing the home as a blank canvas, where they can measure, decide and distribute both furniture and valuables of the future client, without interference from the previous owner.
Where to buy new construction in Navarra province?
When making the decision to purchase a home, there will be many factors to consider. However, location and price will be two of the most relevant premises. Therefore, it will be very useful to consider possible options with a pre-made list.
In Pamplona, prices can range from €120,000 to €700,000. In the southern outskirts of the capital, the value decreases slightly, such as in the area of Zizur, where prices start at €210,000 and culminate in over €265,000, or Noáin, where there is a more or less stable price valued at €187,000. On the other hand, in the northern area of the province, the value of homes rises to €330,000.