|June 26, 2020||No Comments|
The economic crisis which began in 2007 led to many Spaniards and expats having their homes repossessed as loss of jobs and business left them unable to keep up with mortgage repayments. As sad and unfortunate as this situation was, as a result of the crisis you can still find some fabulous properties in Spain at knock-down prices.
Although property prices rose at an alarming rate in the years prior to the crisis, property in Spain is much cheaper than in the UK, (see prices here) although this will vary from one province to another. In most cases you will find a beautiful villa in its own grounds for the same price that you would pay for an end of terrace house in most UK areas, or a large apartment for the price of a very basic one-bedroom flat in the UK.
Of course in the UK prices differ from north to south, and from city centres to suburban districts, and the same applies in Spain.
Rents in Spain are generally cheaper than the UK as well, and you will probably find you can rent an apartment for a month for the price it would cost you per week in the UK, depending on the region.
In Madrid, the average cost per square metre is around €2,400, with the average property price at a little over €500,000. However, in the less pricey areas like Sierra Oeste or Cuenca de Henares, properties average between €150,000 and €200,000.
Central Barcelona has better employment opportunities compared to many parts of Spain and the property price reflects this. Properties cost an average 4,000 euros per square metre, with the average property costing 650,000. The areas with more economical properties are Ciutat Vella and Sants-Montjuic, where prices average €280,000–€320,000.
The average per square metre in Marbella is 3,250€, with property prices averaging more than 700,000 euros. The lower priced properties can be found in La Duquesa and Sabinillas, at an average €150,000-180,000.
In Valencia, €1,250 is the average price per square metre. Property prices average 240,000€. Navarres and Ribera Alta have properties averaging €100,000 to €160,000.
Javea has an average cost per Sq Metre of 2,425 euros, with properties at an average 500,000€. The lower priced areas incude Beniarbeig and El Verger, where property can be found for average 100,000 euros.
On a Budget? Be Aware There Are Some Very Cheap Properties Out There!
Of course this is simply a rough guide that maybe helpful if you looking to buy. As a general rule of the thumb, if you are prepared to live a little inland, or in a resort property that does not offer a sea view, you will pay considerably less than if you buy a first or second line apartment, or a place in a city centre. For example the Pruna Olvera townhouse pictured above, which while is far from luxurious, is perfectly habitable, is for sale for 24,000€.
This is a property that needs considerable fixing up. It is located some 90 km from the nearest large city of Sevilla, and 120 km from the nearest coast town of Marbella, and therefore would not fit in with most people’s dream vision of a new life in Spain. However, it does show that if you are prepared to live away from popular areas, you can obtain a property in Spain without spending large amounts of money.