New houses and developments in Tarragona
New developments in Tarragona
Currently, in the province of Tarragona, construction levels of new developments are recovering to levels seen over 10 years ago. New housing has grown by more than 20% compared to the previous year, driven by low interest rates in the province. These are the findings of the Tarragona Association of Quantity Surveyors, Technical Architects and Building Engineers (COAATT).
According to the COAATT, there are more than 100 new housing developments in Tarragona. For the first time, the city of Reus has surpassed Tarragona in terms of the volume of new property construction, almost tripling the percentages of previous years. New construction has also increased in Salou and Roda de Barà, while it has fallen by just over 30% in Tarragona and by almost 50% in Cambrils.
In terms of the type of construction, the construction of block housing has increased by more than 40% compared to 2020, while single-family homes have increased slightly by 12%. Self-build construction adds up to a total of 309 homes. Regarding rehabilitation, 1,060 homes have been approved, which represents an 8% increase compared to 2020, with an investment exceeding 84 million euros (10% more than the previous year).
Which municipalities have the highest number of new construction properties?
The municipalities with the highest volume of new construction developments in the province of Tarragona are Reus, Salou, and Roda de Barà, as well as Tarragona city and Cambrils, which, despite having reduced their percentage of new construction, still have high levels compared to other municipalities in the area. These are cities with a large influx of people and a great tourist attraction due to their location near the coast.
Where are the most important new developments located on the coast?
The municipalities on the Costa Daurada coast that have the most significant new construction developments are Reus, Tarragona, El Vendrell or Valls, Salou, Sant Carles de la Ràpita, Cambrils, and Calafell. The prices of these homes can exceed one million euros.
What influences the price of a new property in the province of Tarragona?
The average price of new housing in Tarragona increased by more than 12% in 2021. The average surface area of the properties is slightly over 86 square meters, and the average final cost is close to 210,000€, according to the Associació de Promotors de Catalunya (APCE).
Specifically, last year there were more than 100 ongoing developments in the province, of which more than 20% were single-family homes, a percentage that continues to rise. This increase is due to the higher demand for more spacious areas and outdoor spaces, whether private or communal.
In general, the final cost of a newly built property in the province of Tarragona varies depending on the market situation since it is subject to supply and demand. It is a province with great appeal, where the most influential factors in establishing the price of new property are location, size, construction materials, height, quality, services offered, and proximity to leisure areas or medical centres.
Another aspect to consider is the population density and the economic and/or employment situation of the municipality. All of this has an impact on investment, both nationally and internationally. If you are really interested in buying a new property, it is advisable to do so when construction has not yet begun, that is, when it is still in the planning phase. In this way, the final price can be reduced by up to 30%. If this is not possible, it is advisable to make the transaction in the early stages, where the cost is also lower compared to the final sale value.
What is the new construction real estate market like in the province of Tarragona?
According to a study by Tinsa, the province of Tarragona has an average price per square meter of new construction of around €1,300/m², which represents an increase of more than 6% year-on-year. The increase is largely due to the presence of international investment that has returned to the Tarragona area. Most of the new developments are concentrated in the municipalities of Tarragona, Reus, Salou, Roda de Barà, and Cambrils.
The ability to customize new homes is one of the main incentives for both national and international buyers. Additionally, the presence of the Mediterranean Sea makes the province of Tarragona one of the most sought-after in Spain, with a significant increase in population density especially during the summer season.
What are the advantages of new development compared to second-hand property in the province of Tarragona?
New build properties offer numerous advantages over second-hand homes. These include a better distribution of spaces, and more energy-efficient rooms, which translates into savings in consumption. In terms of energy impact, some new developments include solar panels or other technologies that promote the use of renewable energy. Additionally, new properties have greater guarantees against any problems that may arise. Likewise, they are usually located in the best areas of each locality. In fact, in recent years, new developments have been concentrated in the coastal area. Finally, the acquisition of this type of property entails a higher return on investment compared to the benefits that can be achieved with second-hand properties.
The latest developments also offer services such as a garage, green areas, and other features such as parks, tennis and/or paddle tennis courts, and a swimming pool. All of this has an impact on the final value of the properties.
Where to buy new development in the province of Tarragona?
The coastline is the great protagonist of the Catalan territory, whether as an option for habitual living or as an investment for a second home. However, not all coastal areas are equally attractive, nor do they all have the same values for purchasing a property of this type.
In Tarragona, a house of around 75 m² with two bedrooms can be purchased for a price close to €170,000. Meanwhile, in Salou, a semi-detached villa of almost 300 m² with four bedrooms requires an investment of around €500,000. As for vertical buildings, apartments of around 80 m² with 3 bedrooms in Tarragona have a cost that is around €220,000. For smaller ones, around 70 m² with one bedroom, the cost is around €200,000. Those that exceed 120 m² and have 3 bedrooms have a final cost of around €320,000.