New-build property in Andalucia sees 7.1% rise in prices over the past year
As those who have been comparing their options for property in Sotogrande for some time will already know, this highly exclusive and desirable residential area on the Costa del Sol is not short of exciting new developments.
So, it might interest many of our readers to learn about the sizeable price appreciation that has been seen lately for new-build property in Spain.
How much have new property prices gone up by in Spain?
As recently reported by Spanish expat newspaper The Olive Press, 2022 saw a 7.1% annual increase in the prices of new homes across the country. This same percentage growth was also recorded for Andalucia specifically, highlighting that the region remains a hotspot for new property developments in Spain.
The 7.1% increase in new property values in Spain was the biggest increase seen since 2007 – and not only that, but the Sociedad del Tasacion real estate appraisal firm has indicated that it expects continued price rises during 2023.
Such a combination of factors might help to make the present moment a great one to snap up the new-build property in Sotogrande you have had your eye on, so that you can enjoy further sustained property-value appreciation in the months and years to come.
Looking at the situation across Spain, new builds were priced at an average of €2,732 per square metre at the end of December. This was still slightly below the historical peak of €2,905 seen in June 2007, which indicates the scope that new property prices in Spain could have to continue climbing for a while yet.
Could economic factors push down Spanish house prices?
Of course, it has to be acknowledged that there is economic uncertainty across Europe at the moment, caused by factors like the Ukraine conflict and persistently high inflation, which might exert some downward pressure on house prices in Spain.
However, that might mean the present moment is a window of opportunity to purchase a property in Sotogrande at a more affordable price than may be possible if you were to wait another year or two before making your move.
Your ultimate decision will naturally depend on your own circumstances as a potential buyer, and might be affected by whether you plan to buy a home in which to live, or instead as an investment.
Whatever the situation for you, why not get in touch with the BM Sotogrande team at our offices in Pueblo Nuevo, so that we can advise you on your options and help find your ideal property? With our knowhow and experience in both new-build and second-hand property in Sotogrande, we can help ensure you realise your ambitions in this sought-after area for homes in 2023.