Larger new homes in Spain

Friday, May 27, 2011

Larger new homes in Spain

The average size of new homes being constructed in Spain has increased to reflect strong demand for larger properties in the country.

Government statistics show that the average size of new flats being built increased to 103.2 square metres in the first three month of this year, compared to 99.7 square metres during the same time last year, and 96.8 square metres in the first quarter of 2008. the report say that this is the first time that new home sizes have risen above 100 square metres since 2004.

Meanwhile, detached homes are also getting larger, up to 187.8 square metres in 2010, the biggest size since records began in 2000.

The housebuilding industry in Spain has virtually halted in recent years due to an oversupply of homes and a fall in demand. But with housing affordability now at a six-year high in Spain, and with plenty of property bargains available, more Brits are looking at buying property in Spain once more, following the recent collapse in the market.

"There aren't many new homes being built in Spain today, but the few that are under construction are bigger than before, said Mark Stucklin of Spanish Property Insight.

He added: "Rising prices during the boom meant that new homes were built ever smaller to make them affordable to the average buyer. Now that prices have fallen 30 per cent or more, with a massive glut of small new homes on the market, the few developers with the cojones and funds to start building again are offering bigger homes that people might actually want."

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A Place In The Sun