Home sales in the city have been registering for months an upward trend that has allowed to reactivate notably real estate activity and residential developments. According to the latest official data from the Ministry of Transport, the year 2023 has started with a total of 153 transactions between January and March, a volume that this first quarter is in line with previous years and well above the 118 sales. that were registered, for example, in the same period of 2016.
In the region as a whole they are 340 operations signed before a notary and registered by the ministry, with Sanxenxo in second place, with 68 purchases in three months, and Marín and Poio next, with 37 and 35 transactions respectively. Caldas appears in fourth position, with 18 and in Cerdedo-Cotobade there are 8. On the other side of the coin appear Campo Lameiro (0), Barro (1), A Lama (2), Portas (2), Vilaboa ( 2), Cuntis (4), Moraña (4) and Ponte Caldelas (6).
However, this statistic two very sensitive gaps: new housing and, above all, protected housing, with some kind of official or private financial aid. In the first case, the second hand continues to dominate the real estate market, with only 25 brand new flats sold. As for subsidized housing, the picture is even more pyrrhic. In the last decade (from January 2013 to March 2023), almost six thousand homes have been sold in the municipality of Pontevedra, specifically 5,943. But only 53 of them had some kind of protection, less than 1% of the total. This section includes publicly-promoted apartments but also private ones that have financial aid. The offer is almost nil and families that aspire to have their own home must go to the free market, an option that not everyone can access due to the prices that are handled.
In the case of Pontevedra, in this first quarter of 2023 there was no operation related to subsidized housing and in all of 2022 were seven of 828 total sales. In fact, this year there was only one case in the entire region, in Poio. And this null supply contrasts with the high demand for properties of this type. According to the official registry of applicants of the Xunta, there are more than a thousand families waiting for a protected or public home, and more and more are opting for rent, an increasingly widespread modality to award publicly promoted housing. This is the case of the properties that the Xunta executed in Valdecorvos, where a second promotion is already being promoted.
Pontevedra is the fourth Galician city with the most requests for publicly-promoted housing: 972 families registered in the Xunta’s official Register, a figure only surpassed by the 4,762 in Vigo, the 1,581 in A Coruña and the 1,005 in Lugo.
A few days ago, the Xunta awarded the project drafting and construction management service for the construction of 76 publicly-promoted homes (VPP), garages, storage rooms and premises on plot P16 of polygon B1 of these residential lands. The contract was awarded for an amount of 515,151.51 euros. The company will have a period of two months to draw up the basic project and an additional three months to prepare the execution project, despite the fact that the contract will extend throughout the execution of the construction works, since it also includes the work direction.
As the Xunta has pointed out, these 76 VPPs are included in the publicly promoted housing strategy and promotion of protected housing, approved by the Xunta Council at the end of last March, in execution of the Social Pact for housing 2021-2025. Its construction will involve an investment of more than 9.5 million euros, of which more than 5.7 million will be own funds contributed by the Xunta and 3.8 million euros will come from the European Union.
Pontevedra is the fourth Galician city with the highest number of applications for publicly-promoted housing. Yesterday there were 972 families registered in the official Registry of the Xunta, a figure only surpassed by the 4,762 in Vigo, the 1,581 in A Coruña and the 1,005 in Lugo. Throughout Galicia there are some 12,800 families waiting for a flat of this type. Apart from public housing, both in the rental or purchase modality, there are another 76 families looking for some other protected apartment, which means a total of 1,048 families registered
In this way, the total demand in the city of Pontevedra exceeds that in the entire province of Ourense, which totals 809 requests. In the city of As Burgas there are 451 petitioners, while in Santiago there are less than 800 and only 415 in Ferrol.
Despite this high demand, the supply of VPP by the Xunta is carried out little by little. The last ones built were awarded more than seven years ago. There were 132 apartments in Valdecorvos, a neighborhood that took over from Monte Porreiro to house this type of property.
End of 2025 or beginning of 2026. It is the time horizon that the IGVS sets to make available this new promotion of public flats in Valdecorvos. This is deduced from the deadlines established in the contract to commission the project of this building on a plot of 4,620 square meters.
A median of 22 years of rent to pay for a home
Given the previous high prices, and the difficulties in obtaining financing, there are many families who opt for renting to have a home. However, this market is also very stressed due to the drop in supply due to competition from tourist-use homes. Even so, Pontevedra is one of the cities in Spain where it is least worth buying a property compared to the rental fee. The more years of rent payment necessary for the equivalent of buying a home, the less high this last installment is, or more expensive with homes for sale.
In Pontevedra, 22 months are necessary, when the Spanish average is 14. Specifically, the purchase of a home in A Coruña and Pontevedra is the equivalent of paying 22 years of renting it, above the Spanish average of 14 years, according to a study published by Idealista. The real estate portal points out that the years of rent that should be used for the purchase are many due to the fact that the sale prices are “high” in relation to the rental prices and, on the contrary, the more years of rent are necessary to pay for the house, the more interesting it will be for the tenant to settle in it rather than buy it.
By relating the sale and rental prices, it can be seen how the number of years of rent necessary to purchase the same home (PER) is highest in the city of San Sebastián, with 27 years. They are followed by Pontevedra, Palma and A Coruña, with 22 years; while in Pamplona it reaches 21 years and in the cities of Cádiz, Madrid and Vitoria it stays at 20. If compared with the rest of the Spanish capitals, in these cities “renting is more interesting than in the rest”, according to Idealista . On the other hand, the points where it would be more interesting to buy taking into account the PER are Barcelona, where 18 years of rent payment are necessary to acquire the home; Lleida, with 12, and Murcia, Huelva or Jaén, with 13.
The real estate market
1,153 sales in the first quarter
Transport records 153 home purchases in the city in the first quarter, but only 18 were new flats and none protected.
2 A demand far exceeding the supply
Yesterday, the Xunta’s official register of applicants included 1,048 families from the municipality who are looking for a home with some help.
3 A 76 VPP project in Valdecorvos
In 2026 it could be when the 76 new publicly-promoted homes projected by the Xunta in Valdecorvos are available
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