Andalusia, Valencia have most new builds in Q1
As the recovery continues and Spain begins to see the return of construction, it appears that the majority of new build free housing is concentrated in a few regions. Free housing refers to properties that are not subject to any public protection system and can be transferred between parties without any restriction.
Together, Andalusia and Valencia accounted for 34.7% of new property built in Spain during the first quarter of 2016. According to the property portal idealista, there were 8,877 new units completed in Q1, representing a 9.8% increase over the same period in 2015.
The autonomous community of Andalusia, sitting down here on the south coast of the county, accounted for 1,537 of the total, while in Valencia there were 1,548 new properties completed. Madrid follows accounting for 1,382 new properties. Including Madrid, the top three regions account for over half of all new property completed in Q1 (50.3%).
The number of completed free housing properties first returned to positive growth in 2015, following eight years of negative figures, with 38,891 new properties completed. This was still very far from the peak recorded in 2006 when 597,665 new free housing properties were completed. I don’t think we’ll ever see those kind of numbers again.
