|April 18, 2016||No Comments|
Spain is a country with a huge attraction for tourism, and due to this the business of selling and buying properties is highly important. Due to low prices and a shar increase of the number of tourists visiting the country, the property market in Spain is currently very attractive for both national and international investors.
When buying a property in Spain, it is key to note where the property is situated as prices vary considerably depending on the region where the home is located. The weather, the proximity to the coast and the local culture are just some of the factors that influence the price of a property.
Before explaining the cheapest areas of Spain when buying a property, it is crucial to understand the political division of the Spanish territory. First, the Spanish territory is politically divided into 17 Comunidades Autónomas (CCAA), Autonomous Communities. At the same time, these Autonomous Communities are divided into Provinces, whose number vary depending on the CCAA. The main reason for the importance of this division is that the average price of a property in a province does not necessarily represent the average price of a property in its CCAA; as to calculate the latter it is necessary to figure out the average of all its territories. Thus, there shall be two different lists, the first one with the three Spanish Provinces which possess the lowest price per square metre, and the second with the Autonomous Communities with the lowest the price per square metre. All data used here has been taken from the official report of the Spanish Government, and represents the situation in the last quarter of 2015.
Regarding the provinces with the lowest price when buying property, Zamora, in Castilla y León, stands out. The price per square meter is 22.8 euros, followed by Lugo, in Galicia, with property at 39.8 euros / m², and Soria, also in Castilla y León, where the price is 45.3 / m². All these regions are located in the northern half of the Iberian Peninsula, which is to be expected as it is commonly thought that since the south and south-east of Spain is a common tourist destination, the price of property there may be higher. However this hypothesis loses strength when verifying that the most expensive province is Guipuzcoa in the Basque Country, which is in northern part Spain.
On the other hand, the CCAA with the best relative m² price is Castilla y León, with 59.9€ each m². Within this Autonomous Community are Zamora and Soria, among others. This CCAA is famous in Spain for its relatively harsh meteorological conditions and its economy based on large estates plantation, which makes it one of the least sought after by buyers, thus lowering the price of land. The CCAA that follow Castilla y Leon are Cantabria, 74.3 €/ m²and Asturias 81.6 €/ m², both located in the northern Spanish coast.
This data is especially remarkable when compared with the most expensive Spanish regions. Guipuzcoa, in the Basque Country, is the most expensive province as the square meter is paid on average 350.8 euros, a much higher sum than Zamora, 22.8 euros per m². At the same time, the most expensive CCAA is Madrid, as the square meter costs on average 292 euros, while in Castilla and Leon the price on average is 59.9 euros / m2.