New houses and developments in Salamanca

New developments in Salamanca

Behind Burgos and Valladolid, Salamanca is the province in Castilla y León with the highest number of building permits per capita (per 1,000 inhabitants) for new construction. Specifically, 1.4, the same figure as in other peninsular provinces such as Ávila, Teruel, and Cáceres, according to data published by the National Institute of Statistics (INE).

Currently, there is an offer of more than 20 new developments in the province, including those already completed and those under construction. The cheapest price per square meter is located in Peñaranda de Bracamont at 175 euros, with a large difference compared to the others. Following Peñaranda, the municipalities in the metropolitan area of Salamanca, Pelabravo and San Cristóbal, have a cost per square meter ranging between 600-800 euros. In Béjar, the price rises to 880 €/m².

As for the neighbourhoods in Salamanca, prices start to rise. They range from 1,170 euros per square meter in Barrio Blanco, to 1,860 €/m² in La Salle-Vistahermosa, and up to over 2,500 €/m² in Puente Ladrillo. The most expensive square meter in the entire province is located in Garrido Sur, where prices can range from 2,950 euros to over 5,000 euros.

Where is the highest volume of new developments located in the province?

Currently, the highest volume of new construction developments in the province of Salamanca is located in the metropolitan area of Salamanca and the municipality of Béjar.

What influences the price of new development in the province of Salamanca?

The real estate supply and demand in the province of Salamanca generally dictate the price per square meter of new developments. Other external factors, such as the economic situation of the region, tourism, the average purchasing power of the population, and foreign investment, also come into play. As for the characteristics of the property, location, orientation, square footage, construction materials, and finishes make a difference in the final price.

Other elements that influence the value of new construction homes are common areas in residential complexes and facilities, such as solar panels, centralized heating and air conditioning, garage, and storage. It's not the same to acquire a single unit in an apartment building as it is in a residential complex. Extras, such as a pool or playground, significantly increase the value of the property. Likewise, any remodelling or expenses caused by one of these services in an independent house will always be greater than in a residential complex.

If you're interested in purchasing new construction in the province of Salamanca, it's advisable to buy it off-plan or in the early stages of construction. This way, you can reduce the final sales cost by up to 30%.

What is the situation of new construction real estate in the province of Salamanca?

According to data from the Ministry of Transport, Mobility and Urban Agenda, the construction permits for new construction approved by public entities in 2019 and 2020 decreased by 10% compared to previous years. This was due to the decline in the construction of single-family houses in the province of Salamanca.

Fortunately, the numbers changed in 2021, with more than 108,000 permits for new developments. That's more than 25% higher than in 2020 (85,535 units), which are numbers that haven't been reached since 2009, during the height of the real estate sector boom.

Continuing with the figures published by the Ministry mentioned above, the average square footage of new construction developments in the province of Salamanca is 166 square meters for chalets and 120 square meters for apartments, which is above the national average of 109 square meters for new apartments and 97 square meters for used homes.

Currently, the purchase of newly built properties in the province of Salamanca represents less than 20% of annual acquisitions. According to the National Institute of Statistics (INE), the sale of these developments in 2020 accounted for 309 transactions out of a total of 2,174 in the province, which translates to 14% of the total. In 2021, 412 new properties were purchased out of a total of 3,136 in Salamanca, which is 13% of the total.

What is the importance of buying new developments compared to second-hand properties in the province of Salamanca?

Acquiring a new construction home currently represents a guarantee of quality and investment in the present and future in the province of Salamanca, compared to a second-hand home.

It is undeniable that moving into a new home is one of the main reasons for purchasing this type of property. Being able to move in after the keys are handed over is a privilege compared to second-hand homes, which always require some partial or total work, prior cleaning, furniture replacement, or even rehabilitation to be able to move in.

On the other hand, new properties offer the possibility of making modifications, personalizing the property, and reducing costs with more sustainable and energy-efficient materials, such as insulation systems or the installation of solar panels. This is one of the main factors that allow for saving money on electricity and/or gas bills.

It is worth noting the common areas that, without a doubt, make a big difference. The installation of outdoor sports areas, green zones, playgrounds, or swimming pools substantially raises the value of our construction residential properties. In the case that this type of feature is present in an independent house, the maintenance cost will always be higher, since in a residential complex the expense is shared.

Where to buy new development in Salamanca province?

In the province of Salamanca, the supply and demand for new developments have been concentrated in the metropolitan area of the city. The great university, work, and leisure activity have made it the preferred area for real estate companies, developers, and, above all, for national and foreign citizens.

In Pelabravo, near the city, the cheapest properties in the entire province are located. In this area, it is possible to acquire a 104 m2 apartment for 58,000 euros or a 156 m2 apartment for 96,000 euros.

To the southeast of Salamanca's old town, a 64 square meter apartment has a price of 77,000 euros or a 76 square meter apartment for 98,000 euros. The Platina-Hospital area follows, where an apartment with a garage, garden, and 78 square meters goes up to 178,000 euros.

The most expensive places in the entire province are the city center and Garrido Sur. In both, prices start from 480,000 euros up to 900,000 euros. The most expensive new property in these areas costs 970,000 euros, has 4 bedrooms, a garage, a terrace, and more than 230 square meters. In Béjar, the only town where new construction apartments can be found outside the city, it is possible to buy an 85 m2 apartment for 61,000 euros.