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Property construction grows by 33.23%

If we go by the results recorded in the construction sector during 2016, we can safely say that it has reached a consolidated growth. Thus, according to the latest available data, which corresponds to the first 10 months of the year, it can already be established that the number of permits granted in our country to build new homes during this period has grown by 33.23 per cent compared to the same dates in the previous year, reaching the figure of 53,131 construction units.

These figures, although far removed from those registered during the last real estate boom in the year 2000, are the highest in the last five years. This is a very encouraging result after very negative figures in the past and even more so if you take into account that all the experts predict for the coming year an increase in this growth rate, based on the growing interest in new build properties.

The rise of new constructions is likely to be explained by the increase in the number of loans given to developers, even though bank conditions are stricter than in previous years. Funding is often restricted to companies that own the land and high financing from homeowners, with up to 60 per cent of the costs paid by these clients.

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As new models, the development of crowdfunding formulas is still to be seen, while there is an increase in strategic partnerships between developers and investment funds to carry out new projects. One of the most common phenomena is also reborn in those times that preceded the crisis, such as purchasing apartments.

In any case, it is important to note that the capital of Spain continues granting permits for new constructions, with an increase of 8.68 per cent over the previous year and a figure of 5,958. Barcelona continues in that classification, with 3,359 permits, although it represents an increase of 12.68 per cent, while this symbolic poddium closes the third place by Zaragoza, with a total of 1,198 permits for newly built homes.

Everything indicates that now is a good time to buy new build properties and the best option is to contact a real estate agency such as Engel & Völkers Madrid. This is a company with international prestige that has a large stock of properties in the most exclusive areas of the capital. Do not think twice and find out about the new offers available at Engel & Völkers.

Engel & Völkers

Génova, 27 - 5th floor
28004 Madrid
+34 91 277 45 00

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