Where is the best place to buy property in Spain – popular places among Russians
Every year more and more Russian citizens choose Spain as a “second home” or a destination for emigration with permanent residence in this country. This choice is facilitated by the mild, warm climate in a number of regions of the country and the Mediterranean diet, which together have a positive effect on improving health and increasing life expectancy.
For those Russians who set themselves the goal of improving their well-being and, perhaps, opening their own business, there are at least two answers to the question: “Where is the best place to buy property in Spain.” These are the coasts covering the east, southeast and south of the country: Costa Blanca and Costa del Sol.
In almost every autonomous community located on the territory of the above-mentioned coasts, you can find unique oases suitable for people with certain diseases.
For example, the tourist capital of the Costa Blanca, Benidorm, despite the abundance of skyscrapers, has nothing in common with a dusty concrete jungle. The city is surrounded on all sides by mountains that protect it from bad weather, and children and adults swimming in December-January come as no surprise to anyone. Thanks to the mountain range, a unique climate has been created here, and often there is no rain from May to August.
You can learn more about real estate prices in areas of Benidorm from our article.
Passing the industrial port of Alicante, it makes sense to pay attention to the town of Guardamar del Segura, next to the south, famous for its eucalyptus grove. The presence of these plants in large quantities along the route to the beaches, which are more than 10 km long, is beneficial for the health of those who suffer from respiratory diseases. In addition, the distance from Alicante-El Altet airport makes this locality even more attractive to real estate buyers.
When making a choice on the topic “where is the best place to buy property in Spain”, you should not lose sight of Torrevieja, located surrounded by unique salt lakes, where flocks of pink flamingos fly. At the same time, prices in Torrevieja are an order of magnitude lower than in cities located north of Alicante – Altea, Calpe, Denia. And although Torrevieja is called “the most Russian city in Spain”, in reality representatives of about a hundred nationalities live here, of which the most recorded are the British, Germans and representatives of Scandinavian countries. However, Torrevieja is not yet among the leaders among the regions most profitable for large investors.
Spain – where is the best place to buy property for investment?
According to experts specializing in local real estate, by the end of the first half of the year, an increase in housing prices compared to the same period last year was observed in almost all autonomous communities of the country. The exceptions were Asturias, Extremadura, Galicia, Cantabria and Ceuta. The most active growth in the cost of one square meter of living space was observed in the following autonomies:
It is possible that Catalonia would have shown better results, but the political crisis in this autonomy, when entire world-famous companies left it, undoubtedly had an impact on the value of local real estate. Only luxury real estate in Barcelona has not slowed down too much in price, but on average housing in the Catalan capital has not yet reached the pre-crisis figure: 2,573 euros per square meter in June 2007.
You can find out more about the real estate market in Barcelona here.
This happened only in two autonomies: the Autonomous Community of Madrid and the Balearic Islands, which set their own historical records in June 2019. A distinctive feature of this year is the fact that prices have increased throughout the Mediterranean coast of Spain (by an average of 5.7%), and foreign buyers have played a significant role in this, not thinking long about where in Spain it is better to buy real estate.
Most wealthy clients purchase luxury housing in Spain in prestigious areas of large cities – for example, the capital Salamanca or Barcelona’s Pedralbes, being confident that its price will rise in the future. In a certain way, an example is the prestigious city of Marbella in the province of Malaga – the only one in all of Spain where luxury real estate has not fallen in price during the crisis.
Spain – where is the best place to buy property for rent?
Not all buyers of residential real estate in Spain regard their purchase as a permanent place of residence or a long-term financial investment. With the growing number of foreign tourists, which breaks records from year to year, it becomes profitable to rent out purchased apartments, villas and other types of housing, regardless of the cost of its purchase.
Based on the report of experts from the above-mentioned portal, Madrid and Barcelona continue to be the cities where it is better to buy property for rent in Spain. The first place in this regard is occupied by the Barcelona neighborhood of Barceloneta (average 22.8 e/sq.m. per month), followed by:
- Diagonal Mar (Barcelona, 20.7 e/sq.m.);
- Recoletos (Madrid, 20 e/sq.m.);
- Castellana (Madrid, 20 e/sq.m.), belonging to the Salamanca area.
- Chueca-Justicia (Madrid, 19.34 e/sq.m., Center district).
The average monthly rental cost in Spain was 1,733 e/sq.m., which is 7.1% more than the same period last year. During this time, residential property rental prices also rose the most in Valencia, Seville, Malaga and Palma. In the latter case, local authorities were forced to pass a law limiting so-called “daily rentals” to three months, since rental prices were simply prohibitive for local residents and professionals coming from the mainland.