Spain is not only a country that is very attractive to tourists, it also is one of the most popular countries in the world for immigration. With so many foreigners moving to Spain, the property sector in the country is of great economic significance for the Spanish. In 2007 Spain suffered a huge property market crash due to supply far outreaching demand. The price of properties dropped in many cases by up to 40%.
However these days the property market is once again healthy, and prices are rising. However, don't be put off thinking you have missed the bargain boat and will be unable to purchase property in Spain due to higher prices, because there are still regions where you can buy very cheap bargain homes. Here we take a look at the three lowest price regions to purchase property in Spain.
Spain is politically divided into 17 diverse territories. These are known as autonomous communities. The 17 autonomous communities are furthermore split into separate provinces. The number of provinces in each community varies with the average number being three. The price of a property in a certain autonomous community may be low, but it does not always follow that the price is also low in a certain province, as this depends on many factors.
Factors include how easy it is to work in the area and earning potential, how accessible it is to local airports, the number of education facilities available, etc. Therefore we are not talking about the cheapest autonomous communities, but rather focusing on the provinces for the purpose of this article.
The province with the cheapest property price is Zamora at the time of writing this article. Zamora is located in the autonomous community of Castilla y León. The average property price in Zamora is around €23 per square metre. Zamora is not a popular destination for tourism which is reflected in the prices there, however if being among your fellow countrymen or British speaking expats does not concern you, Zamora has some beautiful scenery and many places to visit of cultural interest.
Lugo, located in the province of Galicia is another cheap location with property priced at around €40 per square metre. Lugo experiences harsher weather conditions than other regions of Spain as it is located in the north of the country. It is also a very wet area which needs to beautiful green fields remeniscent of Ireland, and lush vegetation. Not everyone enjoys the extreme hot weather experienced in many of the resorts and coastal regions of Spain, and if you are one of these, moving to a province such as Lugo in Galicia may interest you, particularly with the attractive property price.
Soria, also found in Castilla y León is another cheap province although somewhat higher than Zamora, with the average price at around €45 per square metre. This region is another option if you are on a budget. Soria features rugged moorland and pine forests and has many spectacular places for day trips ideal for nature lovers.
You might think these cheap provinces boost the lowest property prices due to the less attractive weather conditions and because they are far away from the well known tourist trail, however this idea is not quite so clear cut and dried when you think the most expensive province in Spain is Guipuzcoa, which is in the Basque country in the North of Spain and not a location that tourists typically visit!
If you would like advice on purchasing a property in Spain please get in touch with us. We have many years experience selling properties on Spain's fabulous Costa Blanca. You can browse our portfolio and find our contact details on our website, Javea.properties.
