New houses and developments in La Coruña

New developments in La Coruña

The province of La Coruña ended 2021 with over 200 new developments, with the capital and the city of Ferrol standing out. All of these developments are either under construction or in the process of being marketed. It is one of the Galician provinces that has seen the most growth in new building volume in recent years.

The cheapest new construction per square meter is located in As Pontes de García Rodríguez, with an average value that does not exceed €550/m², followed by Curtis and Ponteceso, which have similar costs at around €570/m². Above €600/m² are Negreira, San Saduriño, Rois, and Neda, all around €650/m². The highest prices are in the capital city of A Coruña, just over €2,100/m². Santiago de Compostela has prices over €1,800/m², followed by Oleiros at around €1,550/m², Culleredo at about €1,400/m², Porto do Son at around €1,300/m², and Sada and Laxe both at around €1,250/m².

Which municipalities have the most new homes under construction?

The highest percentage of new developments are located in the capital city, followed by Santiago de Compostela, Oleiros, and Ferrol in particular.

In coastal areas, where are the main new developments located?

The La Coruña coastline has significant new developments, both in the marketing phase and under construction. Among all of them, the most important are located in Cedeira, Ferrol, Oleiros, La Coruña, Camariñas, and Porto do Son.

What factors influence the selling price of a new property in the province of La Coruña?

The state of the market will largely determine the final cost of a new property, so it is necessary to consider the relationship between supply and demand in the area. Of course, there are other factors that directly affect the price, such as location, construction materials, building orientation, features, dimensions, finishes, and other services such as a private terrace, swimming pool, garage, or storage room.

Regarding inherent aspects of the home, it is important to emphasize those that are communal. It is not the same to buy a detached house and having to face any expense privately, as it is to share the cost among all neighbours in the development. Another important point to highlight is the proximity of leisure areas, medical centres, or schools, as this will directly affect the final selling price.

Therefore, one of the main recommendations when purchasing a new property is to buy it off-plan or in the early stages of construction, as the cost can be reduced by up to 30%.

What is the real estate market situation in the province of La Coruña?

According to a Tinsa study in 2022, the average price of new build properties in the province of La Coruña is around €1,100/m², which translates to a 1% appreciation compared to the same time the previous year. Regionally, La Coruña has had the third-highest growth in terms of the number of completed developments, behind Lugo and Pontevedra. Specifically, the supply has increased in the coastal area, La Coruña city, and the historic town of Santiago de Compostela.

The type of house and its cost varies greatly depending on the municipality in which it is located. There are detached three-bedroom houses with a starting cost of €320,000 in Oleiros, as well as townhouses with several rooms in Santiago de Compostela for around €190,000. Similarly, in Oleiros, an independent four-bedroom chalet can be found for over €550,000. In vertical constructions, prices start from €45,000 for a 58 m² apartment in Narón, up to over €550,000 for a duplex with several rooms and over 100 m² in Santiago de Compostela.

What are the advantages of a new construction property compared to a second-hand one in the province of La Coruña?

The real estate sector in La Coruña has seen a recent increase in both the supply and appreciation of properties. Foreign and domestic investment from the region's own residents has played a significant role in this, particularly in the coastal areas of La Coruña. Personalization of new properties has been one of the most influential factors in the decision to purchase such a house. Second-hand properties have greater difficulty in adapting to the needs and characteristics of each buyer. Additionally, in recent years, new developments have included extra services such as a pool, gym, garage, garden areas, parks, or paddle tennis courts. All of these factors affect the value and decision to purchase, as it is always easier to sell a property with all these features than one that lacks them.

Where to buy new construction properties in the province of La Coruña?

There are over 200 developments spread throughout the region, particularly in the capital, Santiago de Compostela, and the Cantabrian Sea coast. La Coruña has over 1,000 homes to be debuted in various stages of construction and commercialization. For example, a 3-bedroom apartment with around 140 m² can be purchased for around €320,000. On Aurelio Aguirre Galarraga Street, there are homes of all types, ranging in value from around €130,000 for a one-bedroom and 70 m² unit, to around €175,000 for a two-bedroom and 96 m² unit, and around €215,000 for a 3-bedroom and 120 m² unit.

In Sada, 2-bedroom houses with around 60 m² have a price close to €95,000. On the other hand, in Oleiros, a new construction house with one bedroom and around 130 m² can be purchased for a price ranging from around €205,000.