New houses and developments in Оренсе

New developments in Orense

In 2022, the Government Council of the city of Orense gave the green light to new building permits that will become a reality throughout the next year. Currently, there are 200 new buildings that will be delivered to their owners, 80 in the city center and 120 in the outlying neighborhoods, adding to the existing offering of nearly 350 new construction projects throughout the province.

The most affordable price per square meter can be found in Láchar and Valdeorras. In both locations, it is possible to purchase a property between 30-70 square meters for between 30,000 and 50,000 euros. The price per square meter is around 500 euros in the area.

The lowest price in the provincial capital, Orense, is above 1,000 €/m² for apartments of 60 square meters, compared to the most expensive ones in the city center, over 200 square meters, with an average of 2,500 €/m². Similar upward trends can be seen in Lonia, the University area, Taboadela, and Lagoas.

Which municipalities have the highest amount of new developments under construction?

Currently, the highest demand and, therefore, the supply of new properties in the province of Orense can be found in the capital city. More than 80% of them are located in the heart of the city, around the Miño River in O Vinteún or in neighborhoods such as A Carballeiras. On the outskirts, there are more than 30 in the municipality of San Cibrao and over 10 in A Barca de Barbantes.

What factors influence the price of a new property in the province of Orense?

As a general rule, the price per square meter is established based on the supply and demand of the global market and the political, social, and economic situations of the moment. More specifically, in the province of Orense, determining factors for valuing a property include proximity to the center, quality of materials, finishes, and extras of the home (pool, heating, gym, or green areas).

An added bonus that increases the price and value of the home is purchasing a property in a complex or urbanization. The difference between buying one in a block, a few isolated new construction projects, and in a large complex of buildings lies in the common facilities. And, consequently, everything that surrounds them such as larger garages, private security, or playgrounds.

In the Orense area, new construction projects are constantly happening, so it is possible to purchase one that is already built and receive the keys in the short term. However, sometimes this can increase the price. On the other hand, it is possible to enjoy a reduction in cost by purchasing a property off-plan.

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

Despite being a province of approximately 300,000 inhabitants, Orense ended last year with an offer of more than 300 new construction promotions, a figure that has increased by 200 for all of 2022. Due to some municipalities being part of the "empty Spain" phenomenon, emigration to other coastal areas around the region, and the COVID-19 crisis, construction and sales are increasing very slowly. However, they have remained stable over the years without experiencing sudden declines. In fact, in the first three months of this year, there has been a 0.5% increase in the price of housing compared to 2021.

What is the importance of buying a new development compared to a second-hand property in the province of Orense?

New developments in the province of Orense have become one of the most sought-after real estate products of the moment. Thanks to their avant-garde designs, insulating materials, and locations facing emblematic places or on the banks of the Miño River, new properties are a guarantee of the future for investors or individuals. The latest complexes built allow users to personalize some parts, choose materials à la carte, the latest home technologies, or new renewable sources. New clients seek environmentally conscious, efficient constructions that offer lower electricity and/or gas costs. In addition, these properties offer added comfort with outdoor sports areas, swimming pools, parks, and garages.

Where to buy new development in Orense province?

The majority of new build properties in the province of Orense are located in the capital. In 2022, the availability of new duplexes ranges from €175,000 for 130 square meters to €650,000 for more than 250 square meters. New flats in the capital start from €60,000 for two bedrooms up to more than €500,000 for an apartment in the centre with four bedrooms and three bathrooms. Single-family homes range from €100,000 to €200,000. Detached houses are more common in the province, ranging from €70,000 for three bedrooms, a garage, and a storage room in O Carballino, to more than €120,000 in Celanova.