New houses and developments in Toledo

New developments in Toledo

Currently, there is an offer of around 75 new developments in the province of Toledo, including those that have already been completed and those that are under construction.

In national figures, Toledo is one of the Spanish provinces with a medium percentage of approved new build permits per capita. Specifically, according to data from the National Institute of Statistics (INE), there are 1.9 permits per 1,000 inhabitants. This is in line with other provinces in Spain such as Álava, Segovia, or Palencia.

The cheapest square meter of new build property can be found in Calera and Chozas and La Mancha, both with a price of €276. This is followed by La Sagra with €400/m² and the Torrijos area with €459/m². The lower average price is found in Ocaña with €961/m², in Santa Bárbara for €1,330/m², and in the Historic Center of Talavera de la Reina with €1,500/m². The most expensive in the province of Toledo is in Bargas, with over €1,730/m².

Which towns have the largest number of new build homes under construction?

Currently, the largest offer of new build properties in the province of Toledo is located in Illescas, Seseña, La Mancha, Talavera de la Reina, and Torrijos.

What affects the cost of purchasing a new build property in the province of Toledo?

In general, the price per square meter of new build property depends on supply and demand in the province of Toledo. In particular, one element that influences and determines the final price is the location. The proximity to Madrid and good communication with the capital is a key factors in choosing a property in Toledo.

Therefore, some municipalities such as Illescas have a higher number of offers due to their proximity to the Madrid province and direct rail connection with it. Other external factors to consider are the population density of the municipality, the economic and labour situation, as well as foreign investment and tourism in the area.

Regarding the characteristics of the property, the orientation, square meters, materials used, and finishes contribute the most to the final price of the property. The extras are determined by common areas, services, and facilities such as outdoor courts, children's areas, or swimming pools.

If the province of Toledo is the chosen area to finally purchase a property, buying off-plan is one of the best options to obtain a discount. Alternatively, if this is not possible, purchasing in the first phases of construction can reduce the price per square meter by up to 20%.

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

According to the Ministry of Public Works, the province of Toledo ended 2021 with 1,318 approved new construction permits. This amounts to 1.9 permits per capita (per 1,000 inhabitants). These figures place it in third position in its autonomous community, behind Ciudad Real and Guadalajara.

Despite this, the sales data accounts for more than 20% of annual acquisitions throughout the province. According to the National Institute of Statistics (INE), in 2020, the sales of these new developments represented 1,462 transactions out of a total of 7,215 property purchases in the province. This represents 20.3%. In 2021, this percentage slightly decreased to 18.7%. Specifically, 1,793 new properties were purchased from the real estate offerings in Toledo, out of a total of 9,603 homes.

What is the importance of buying new construction flats versus second-hand houses in the province of Toledo?

After the economic crisis, the province of Toledo is on the rise in terms of new developments. The guarantee of a brand new home, the ability to make modifications prior to the delivery of keys, and the extra services provided represent major advantages over second-hand properties. The latter require partial or total renovations to come close to the features of new houses.

The biggest difference, in addition to materials and finishes, lies in the common areas and extras such as renewable energy systems (solar panels), swimming pools, centralized air conditioning installations, and outdoor sports courts or playgrounds. In addition, it is very common for new construction developments to include a garage and/or storage space in the final price of the home.

Where to buy new construction in the province of Toledo?

Of the more than 70 new developments in the province of Toledo, only 4 of them are located in the provincial capital. Despite this, the most expensive homes in the entire province are located in the Buenavista-Valparaíso area, a set of semi-detached houses of 300 square meters for more than 320,000 euros. The neighbouring municipalities of the provincial capital are the ones that concentrate the majority of new construction properties. The most important locations are:

• In Illescas, it is possible to purchase a home with a terrace, garage, and 85 square meters starting at 126,000 euros or 170 square meters for 170,000 euros. The most expensive property in this municipality is worth 260,000 euros and is a 150-square-meter semi-detached house.
• In the La Mancha area, the most affordable homes in the entire province are located, ranging from 18,700 euros for a 67-square-meter apartment with a garage to a 185-square-meter, 4-bedroom semi-detached house for 77,000 euros.
• In Talavera de la Reina, prices range from 44,000 euros to 285,000 euros. In this Toledo municipality, you can buy an 89-square-meter, two-bedroom apartment for 57,000 euros, another with 117 square meters, terrace, and 3 bedrooms for 165,000 euros, or a semi-detached house with garage, storage room, 185 square meters, and terrace for 285,000 euros.