New houses and developments in Vizcaya

New developments in Vizcaya

he province of Vizcaya currently has more than 80 new construction projects with over 900 homes, both completed and in the process of being built. This has become a great investment opportunity with a wide range of offerings. According to a study by Idealista, in 2021, more than 400 new apartments were started, occupying over 200,000 m² of built-up land in the province of Vizcaya.

The least expensive new construction per square meter can be found in Ortuella and Bermeo, where prices are around €1700/m². Next in line is Durango, which averages around €1770/m². The lowest average cost in the province of Vizcaya is around €1800/m². The most expensive areas, mostly near beach or capital areas, are Bilbao and Getxo, both averaging around €2500/m². Other cities are also near these prices, such as Berango, Sopelana, Leioa, Gorliz, and Portugalete.

What municipalities have the highest volume of new developments being built?

Currently, the areas with the highest volume of new construction in the province of Vizcaya are: the Greater Bilbao area (with over 40); followed by the Bilbao capital and surrounding area (over 20), Uribe-Butroe (over 10), Barakaldo (around 8), Deusto (over 5), and Leioa (also with several).

In which coastal towns are the main new construction projects located?

The most notable new construction projects on the coast of the province are located in municipalities such as Getxo, Lemoiz, Berango, Santurtzi, Muskiz, Bermeo, Arminza, Musques, Neguri, Baquio, and Urdúliz.

What affects the final cost of a new property in the province of Vizcaya?

As a general rule, the price per square meter of a new construction development in the province of Vizcaya varies based on the state of the real estate market, which is determined by supply and demand at the time of purchase. Other factors also determine the final value, such as location, size, construction materials and finishes, height, orientation of the home, and extras like nearby recreational areas or the existence of parking. Additionally, there may be other factors independent of the quality of the house that affect the price, such as population density, proximity to business concentrations, interest from new investors, or whether it is a tourist area like the coast.

Regarding the qualities of the home, the services or common areas have much more relevance. This is because a development or urbanization is not the same as an independent new construction home. In the former case, the costs of the facilities are paid by the entire community, while in the latter, the owner must assume them.

If there is interest in purchasing a new construction home in the province of Vizcaya, the best choice is to buy during the construction phase, while it is still being designed on paper. If that is not possible, it is ideal to try to acquire it in the early stages of construction, as the price can be reduced by up to 20%.

What is the new construction real estate market like in the province of Vizcaya?

At the beginning of 2022, the province of Vizcaya had more than 900 new construction homes, which represents a 25% increase compared to data recorded at the beginning of 2021 by Idealista.

If we look at the regions, the Arratia-Nervión area has the fewest new construction homes. Throughout 2021, if we compare it to the total new construction developments in Vizcaya, the Greater Bilbao area has more than 50% of the projects. Behind it, Uribe-Butroe and Durango account for 30% of the total offer. Busturialdea follows with 10%. Additionally, it should be noted that Vizcaya saw a 25% growth in terms of sales compared to 2020 according to data from the INE.

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

The purchase of new construction homes has recovered compared to the real estate crisis of the early 21st century. In the province of Biscay, most new homes are located near the capital, as it is a high-demand area due to its strong industrial capacity. These homes guarantee a good investment compared to second-hand homes. One of the biggest advantages of a new construction property is its customization by the buyer. In addition to the guarantees it offers, other costs such as renovation work are avoided. In terms of employment, Biscay is one of the northern Spanish provinces with a higher concentration of companies, making it a good investment for those looking to develop a life in the area.

Furthermore, the latest new construction developments have increased investment in creating leisure spaces and common areas, increasing the value of these homes, as many have private parking, parks, swimming pools, and sports areas.

Where to buy new development in Biscay?

Biscay is an interesting area on the Cantabrian coast for the purchase of new construction homes, both under construction and those located on plans. Based on data from Idealista, a large part of new construction homes are located in the Bilbao capital and surrounding areas, or in towns such as Berango, Sopelana, Leioa, Gorliz, Portugalete, and Durango. Other coastal areas such as Bakio or Urduliz, of great interest for tourism, also have developments with hundreds of new construction flats.

The capital area of the province has the most new construction housing developments for sale in 2022, with an average final price of around €250,000 for flats, around €400,000 for townhouses, and between €700,000 and €2,000,000 for independent houses. In the Arratia-Nervion area, there are homes with prices ranging from €150,000 to €400,000, whether flats, chalets or independent houses.

In other areas of the province such as Encartaciones or Lea-Artibai, there is a higher quantity of new construction semi-detached houses and country houses. If we look at the cost of these types of constructions, it increases due to the interest generated by being near the capital. The Gran Bilbao area is the most desired and has a great variety of residential areas, ranging from flats of more than 80 square meters to larger independent houses and chalets. The most affordable areas have prices close to €210,000, while independent houses are more expensive and can reach €1,800,000. Finally, in the Durango area (further away from the capital), the properties are semi-detached chalets and flats located in luxury urbanizations, with a cost above €450,000.