The new construction house is the great coveted among the candidates to buy housing because there is very little product and those interested are too many. Those who can afford it, of course. Because the price he is arriving is only suitable for some pockets … And it had never been as high as until now. Namely, the brand new houses are already worth 2,528 euros per square meter, 10% more than it cost to its historical maximum in the last splash of the real estate bubble in 2007.
They are data that are extracted from the new construction housing report of 2025 prepared by Tinsawhich figure a 7.6% increase in the sale price of new housing last year, compared to 4% that grew second hand. In fact, the appraisal gap between one and the other is growing and the brand new houses are already on average and 44% more expensive than those that change their ownership.
It is a difference that can become double to the Spanish average depending on the municipality. According to the same document, the price of the new construction is between 59 % and 13 % above the price of second -hand housing in the case of provincial capitals and between 89 % and 4 % in the case of the relevant secondary localities that have been analyzed. “In addition, the prices of the new work in the relevant secondary municipalities of the coast and islands tend to be higher than those of the new work in its respective capital, reflecting the highest value of the holiday segment in those locations,” summarizes Tinsa.
Municipalities at maximum
Regarding the distance from the maximum values reached during the 2007 bubble, these are already surpassed nominally in the municipalities of Malaga (3,428 euros m2 +38% from maximums), Benidorm (3,599 euros, +42%) and Marbella (4,130 euros, +38%), while Santa Cruz de Tenerife (2,330 euros, +33%) already equal to its maximum record reached during the time of the real estate bubble. Even so, the highest new construction prices are found in the capitals of Barcelona (4,968 euros, +5%), San Sebastián (4,918 euros, -5%), Madrid (+4,688 euros, +15%), Bilbao (3,601 euros, -8%) and Palm (3,562, +24%).
However, Tinsa clarifies that discounting the effect of inflation, the new work in Spain has revalued 35 % from the minimums reached in the 2008 crisis, but remains 21 % below the maximums of the 2007 bubble.
It occurs despite the rebound that has had in the last year the construction of new housing, but that is still far from the increase that exists of demand, as explained Cristina Arias, Director of the Tinsa Studies Service. “There is a strong concentration of constructive projects in secondary municipalities near the traditional employment poles or tourist foci, where the exhaustion of available soil limits growth,” says the expert.
Greater access difficulty
The report also emphasizes that the loss of purchasing power during the inflationary episode after the pandemic has aggravated access to housing for average wages, especially in demand concentration zones (employment poles and the spotlights of tourist activity) for second -hand housing and even more to that of new construction for its greater value.
“Consequently, numerous municipalities, especially coastal, have oriented their new work product towards tourism, either international or from other provinces,” says Arias, who adds that they have also acquired weight in some locations the sale made by legal entities, “with a financial lung superior to the individual buyer.”
With this, the shopping effort ratio (percentage of the available income that must be allocated to pay the first year of a mortgage) is 49 % for the new construction product, compared to 36 % general, including the second hand. In autonomous communities such as Catalonia(50%), Madrid (52%), Estremadura (52%), Andalusia (58%) and Balearics (68%), the effort exceeds 50% on average in general terms.
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