Newly-built spanish property (obra nueva)

Due to constant improvements in regulations, materials and building practises, a newly built property from a good developer is an increasingly attractive option that appeals to over 30% of British buyers. If you want a new property but don’t fancy waiting for it to be built, or would prefer to avoid the uncertainties inherent in buying off-plan, then a brand-new property is the obvious choice for you.

After the boom years of the early decade, when vendors and developers held all the cards, the market for newly-built properties on the Spanish coasts is moving in favour of buyers. Misguided amateur investors have distorted the market, buying too many off-plan properties in the hope of selling on before completion. This distortion has lead developers to overestimate demand and build too much. Now both developers and over-extended investors are trying to sell in a market where there are too many properties chasing too few buyers. Price spreads for similar properties are widening and buyers who take their time and do their research may be able to pick up bargains. With pricing power moving in their favour, buyers would do well to negotiate hard for new properties.

Another advantage of buying a new property is the relative simplicity of the purchase. The property is brand new so you don’t have to get involved in any refurbishments, some degree of which is almost always required when buying resales. However you would be well advised to have a professional snagging check done on a new property before buying, and try to ensure that the vendor pays for any problems to be corrected.

© Mark Stucklin (Spanish Property Insight)

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