Cordoba, present and future in real estate: 1,730 new homes for sale and 27,000 in the short-medium term.
24 Apr 2023
- A newly built 80 square metre house costs on average 171,120€.
- Buying a new house is 32% more expensive than buying a second hand one in Cordoba.
The city of Cordoba has a high level of real estate activity, with an available supply of 1,730 new-build homes, 7,186 second-hand properties, and 608 rental properties. Furthermore, the city has the capacity to develop 27,000 homes in the short and medium term. This has been analysed by the real estate consultancy firm Activum Real Estate Consulting in its latest study on the real estate panorama in the Cordoban capital.
New buildings: areas, prices, evolution, sales rate and buyer profile
Noreña is the developing area par excellence in the capital with 731 properties on offer (2,236€/m2), followed by Zoco with 578 (2,067€/m2), Santa Rosa with 281 (2,183€/m2) and, lastly, Brillante with 134 (1,794€/m2). A new-build property of 80 square metres constructed costs 171,120 euros on average in the capital.
Own source: Activum.co.uk a 04/2023.
In the In the last two years, the growth of the price per square metre has been has been common to all typologies, although the highest growth is to be found in two-bedroom dwellings with an increase of 13%. Three-bedroom dwellings increased by 6% and 4-bedroom dwellings by 4%.
Own source: Activum.co.uk a 04/2023.
In 2022, 450 new housing units were deeded in Cordoba, according to the Ministry of Mobility, Transport and Urban Agenda. In the first quarter of 2023, this trend will continue, the study by Activum Real Estate Consulting establishes a sales rate of 62 new-build homes sold per month, i.e. 2 new-build homes are sold per day in Cordoba.
In terms of the profile of the new-build buyer in the cityThe main buyers are first-time buyers (97%), and the remaining 3% are investment buyers. The origin is generally from the area (88%), while 12% are from outside Cordoba, although mainly national.
The largest age range is for people between 40-49 years old (32%), the age range between 30-39 and 50-59 have a percentage of 23%. 15% of the buyers are over 60 years old, and 5% are between 18 and 29 years old. In terms of the professions of buyers of new-build properties in Cordoba, 51% are employed, 27% are civil servants (27%), 10% are pensioners, and 8% are self-employed.
Own source: Activum.co.uk a 04/2023.
Second hand: prices, transactions and areas
The price per square metre for second-hand properties is 1,441 €/m2, so that a second-hand property of 80 metres would cost on average 115,280 €; 32% less than a new-build property of the same dimensions. The annual variation of the square metre for this type of housing has been 4%.
According to data provided by the Ministry of Mobility, Transport and Urban Agenda, 4,300 second-hand homes were deeded in 2022. In other words, in the city of Cordoba more than 11 second-hand homes were sold per day in 2022.
The area with the largest supply of second-hand properties is the centre with 1,939 properties currently available, followed by Levante (989), Santa Rosa (720), Brillante (705), Noreña (681), Sector sur (449), Ciudad Jardín (432), Fuensanta (401), El Higuerón (358), Zoco (323) and Campo de la Verdad (189).
Source: Activum.co.uk a 04/2023. The ranking is based on developments advertised on real estate portals and on the websites of the developers studied.
The future of real estate in Cordoba
Cordoba has a high level of development activity. The municipality's General Urban Development Plan envisages a short and medium-term capacity for 27,000 dwellings. Of this number, 10,000 are on urban land, either by means of detailed studies and urbanisation projects or with the support of special plans. The other 17,000 correspond to programmed development land supported by partial plans. The total of 27,000 dwellings mentioned, 27,000, are being developed at a good pace, with a higher percentage, as is logical, in the partial plans that are laid out on the periphery of the city, increasing its urban fabric.
The Director of Research at Activum, Ignacio Ortiz, states that: "If we focus on the future of Cordoba, a major producer of housing and which is experiencing a sustained demand for housing, in addition to the above, there is a capacity for 20,000 more dwellings which currently depend on unplanned development land. Subsequent urban plans will allow the effective development of these dwellings, favouring an orderly growth of the municipality in the long term".
