Residential property construction on the up in Spain

Posted on 22 November 2017

If you want to avoid the blood, sweat and tears that go hand-in-hand with renovating a wreck in a foreign country, you’ll be in the market for a contemporary villa or apartment that’s ready to move into. One that offers all the comforts of modern living and is located in a great spot in or around one of Spain’s world-class cities or coastal resorts. If this sums up your requirements, we’ve got some good news for you.

The emotional and financial investment required to transform a dilapidated masia, finca or cortijo into the overseas home of your dreams isn’t for everyone. Plus most of us want to live close to amenities and our fellow expats, rather than out on a limb in a far-flung corner of rural Spain, armed only with a phrase book and a couple of chickens.

If you’re after the convenience of a new-build in a vibrant location, you shouldn’t have any problem getting your wish after the Spanish Ministry of Development revealed the number of licences granted for the construction of residential properties reached 53,977 during the first eight months of 2017 – that’s a 26% increase compared to the same period in 2016. This means there will be more villas in the Costa Verde and extra apartments in Alicante to choose from.

There’s been a significant increase in new home building permits in Spain

This is the continuation of an upward trend that kicked off back in 2014, following an unprecedented dip in annual licences from 856,000 in 2006 – the height of the property boom – to just 34,288 in 2013 – a fall of 96%. The following year the tide began to turn with an increase of 1.7%, before successive rises of 42.5% and 28.9% in 2015 and 2016 respectively.

The Spanish construction sector felt the full force of the economic crisis back in 2008 and beyond. And while there is still a way to go before it can claim to be completely back on track in terms of residential development activity, these are encouraging signs for both the sector itself and the domestic property market.  Not to mention overseas property buyers!

When you’re ready to make the move, click here to download the Spain Buying Guide. It’s completely FREE and packed with great advice. 

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