New houses and developments in Palencia

New developments in Palencia

The province of Palencia currently offers around 10 new construction projects, both completed and under construction. All of them are located in the metropolitan area of Palencia and nearby municipalities, such as Venta de Baños. In a province where apartments predominate, the cheapest square meter is priced at 450 euros and is located in Tierra de Campos. The Hospital area follows at 1,300 euros per square meter, with El Carmen - Fábrica de Armas at 1,100 euros per square meter. The most expensive area is above 1,700 euros in District 8.

What factors determine the final cost of new-build property in the province of Palencia?

In general, the price per square meter of new developments in the province of Palencia depends largely on the supply and demand in the real estate market. This is in addition to the economic situation in the region, proximity to large cities, labour rates, local construction projects such as parks or auditoriums, as well as the number of tourists and foreign investment. Regarding the characteristics of the property, the building materials, location, orientation, and square meters make a difference in the final price.

An added extra that increases the price and value of the property is to acquire a property in a complex or urbanization. The difference between buying a property in a block of flats or isolated homes versus buying one in a large complex of properties lies in the shared facilities. Therefore, all the extras that come with it such as a garage, storage room, private security, playgrounds or gym increase the price.

In case of being interested in buying a new construction property, it is advisable to buy it off-plan or in the early stages of construction, as the final cost can be reduced by up to 30%.

How is the new construction real estate market in the province of Palencia?

In the province of Palencia, the supply has remained stable over time, without major increases or decreases and with a lack of new construction projects in different municipalities. This means that year after year, properties are concentrated in the metropolitan area of the city, where semi-detached houses predominate.

According to data from the National Institute of Statistics (INE), in the last year, more than 300 building permits for new construction were approved throughout the province. In this way, it ranked fourth in per capita figures (per 1,000 inhabitants) in its own autonomous community, Castilla y León, ahead of Burgos, Soria, Segovia, and Valladolid.

Also, according to the same public entity, in 2020 the sale of new construction homes accounted for 12% of the total (used + new) in Palencia. Specifically, 134 out of 1,170 purchases in the province. In 2021, the figure increased to 21%. As 306 new construction properties were sold out of the total 1,500 in the real estate market.

Newly built properties stand out for their excellent location, close to the Carrión River, commercial areas, the university, and with good road access to the most important job and leisure points in Palencia.

What is the importance of buying new developments over second-hand properties in the province of Palencia?

Today, thanks to new developments, it is possible to acquire a townhouse in the centre of Palencia with a swimming pool and garage, something unthinkable a few years ago, when these types of properties were only found on the outskirts.

The new buildings, materials, extras, and efficient energy-saving systems are a guarantee of present and future for tenants.

For second-hand homes to approach the qualities of new construction ones, partial or total remodelling is necessary. Even with these types of modifications, there are characteristics such as the storage room, garage, or terrace, which are difficult to incorporate if there is not enough space. In addition, the outdoor sports facilities, gym, or private security of the common areas of new construction residential complexes are unbeatable.

In addition, there is the guarantee of moving into a new property or making modifications and changes prior to receiving the keys, as well as the permanent contact or financing advantages and discounts offered by the real estate or construction company.

Where to buy new development in Palencia province?

All the new construction developments in the province are concentrated in Palencia capital and its metropolitan area. In Tierra de Campos, the cheapest new construction properties in the province can be found. It's possible to buy a house in the area for 82,000 euros with 172 square meters and a garage. Prices increase in the area near the hospital in Palencia to 119,000 euros for an 89 square meter apartment and 137,000 euros for a 105 square meter one.

In the El Cristo-Tejera area, the townhouses start at 174,000 euros with 120 square meters, ranging up to 240,000 euros for 135 square meters and 259,000 euros for 212 square meters. All of them come with a garden, included parking space, and shared amenities such as a swimming pool and playground. Starting at 300,000 euros, the most expensive homes are the 300 square meter townhouses in El Carmen - Fábrica de Armas.