New houses and developments in Pontevedra
New developments in Pontevedra
In the province of Pontevedra, there are currently more than 100 new construction developments with thousands of properties under construction and/or for sale. According to data from the College of Surveyors of Pontevedra, 2021 closed with more than 1,000 newly built homes. Among its most relevant municipalities, the cheapest square meter price for new construction can be found in Ponteareas and A Guarda, both with a value that ranges around €1,020/m². They are followed by Vilagarcia de Arousa, which does not exceed €1,100/m² and Tomiño, with €1,105/m². On the other hand, the most expensive towns are Baiona, with around €2,000/m², Nigrán, which slightly exceeds €2,050/m², Vigo with around €2,080/m² and Sanxenxo, which slightly exceeds €2,300/m².
Where are the most new developments being built?
Coincidentally, the municipalities that present the highest per square meter values are those that also have the highest number of newly built homes on offer, as they also have a high demand. These are: Sanxenxo, Nigrán, Baiona, Vigo, and Vilagarcia de Arousa.
On the coast, where are the most significant developments located?
The most prominent new building projects along the entire coast of the Pontevedra territory are in Vilagarcia de Arousa, Sanxenxo, Baiona, Vigo, O Grove, and Guarda.
What factors come into play when establishing the selling price of a new property in the province of Pontevedra?
The per square meter value will determine the final cost, meaning that the real estate market situation will dictate the price. To do so, the quantity of supply and demand present in the territory must be taken into account. Additionally, other factors that have an impact, such as the location of the home, its orientation, its dimensions, its features, the construction materials, the finishes, and other community services such as the existence of a storage room, garage, swimming pool or some type of sports facility.
Regarding the inherent factors of the home itself, special mention must be made of the common services. In the case of buying an independent property, these will be private, and their cost will be individual. In contrast, in a residential complex, expenses will be lower as they are shared among all neighbours. Therefore, one of the alternatives when it comes to saving costs in the purchase of this type of property is to make the acquisition off-plan. If that is not possible, it is advisable to make the purchase in the early construction phases, as this can reduce the price by up to 30%.
What is the new construction real estate market like in the province?
Pontevedra has been the second territory in Galicia that has grown the most in economic terms regarding new construction homes, only surpassed by Lugo, which in turn has been one of the territories that has evolved the most nationally in the last year.
According to the Tinsa IMIE Mercalos Laborales study, the increase in properties in the capital of the province has been 3%, with an average price throughout the territory ranging from €1,200/m² to €1,300/m². In 2022, growth is exponential and positive, with prices for this quarter being 1.1% higher than the first quarter of 2021.
All of this translates into an increase in supply in recent years, especially in the coastal area, where more than half of all developments in the province of Galicia are located. Among them, Sanxenxo, Vigo and Baiona stand out.
What is the importance of buying new development versus second-hand property in the province of Pontevedra?
In recent years, it seems that the market for new homes is booming in Galicia and in Pontevedra, in this case. Foreign investment has also had a lot to say in this regard since it has returned to the Galician region after the real estate crises.
This increase is due in large part to the customization capacity of these properties, compared to the difficulty of adapting second-hand homes. In addition, in recent years, new construction developments have been characterized by including community services that attract thousands of buyers, such as a paddle tennis court, swimming pool, gym, and garage. Furthermore, energy efficiency is another aspect that influences the decision to buy these properties, as they represent long-term energy savings for families. Obviously, all of this has an impact on the value, which is another noteworthy point, since it will always be easier to sell a house with these characteristics than one that lacks them.
Where to buy new developments in the province of Pontevedra?
The proximity to the Cantabrian Sea is one of the attractions when investing in real estate in the province of Pontevedra. For this reason, there are more than a hundred developments, mainly on the coast.
In Vigo, one of the most important cities, it is possible to buy a one-bedroom house of 66m² for €121,000, while those with more than 3 bedrooms and other features such as a private terrace can cost over €320,000. In Sanxenxo, the most expensive municipality on the Galician coast, a one-bedroom property of 57m² can be purchased for €168,000, while those with more than one bedroom and over 70m² have a value starting from €230,000.
In the capital of Pontevedra, on Avenida Buenos Aires, a one-bedroom house of 47m² can be purchased for around €118,000, while those with more than two bedrooms and around 90m² cost over €170,000.