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The crisis caused by the pandemic has taken its full toll on the economy, resulting in layoffs, job cuts and lower sales across all sectors. One of them was housing, where a decrease in real estate purchases led to a significant decrease in prices (1,735 euros per square meter in August).
In addition, potential buyers are considering the cheapest mortgage in history after the Euribor rate hit a record low in August: 0.357%.
This picture shows that now it is a good time to buy real estate, but where is it most beneficial in terms of quality of life and price?
In addition to the apartments confiscated by the bank, collected by Sareb at a price of only 50,000 euros, the national real estate market offers interested parties to buy a house in the city.
In villages suffering from depopulation, there are also options for sale for 50,000 euros and even lower prices. Let us talk about those that are included in the list of the most beautiful places in Spain.
Since 2011, the association of the same name has ranked the most beautiful villages in the country, many with a rich historical heritage and often located in impressive natural sites.
We present below houses in the most beautiful villages of Spain at very good prices, according to the proposals of the portal Idealista.
1. House in Frias (Burgos)
Sale price: 55,000 euros
Frias stands out for its location on a rocky outcropping, which makes it a unique place on a national scale. Here you can find houses at a good price. For example, a house of 300 square meters, with four bedrooms, a renovated roof and a 1000-meter orchard. It needs an interior update.
2. House in Villanueva de los Infantes (Ciudad Real)
Sale price: 50,000 euros
Villanueva de los Infantes has been declared a National Historic Landmark for its archaeological sites dating back to the Copper and Bronze Ages. Today, we can find a house or detached villa for sale for 50,000 euros with an area of 166 square meters, with three bedrooms and a garage in this famous place where Francisco de Quevedo died.
3. Duplex in Miranda del Castagnar (Salamanca)
Sale price: 50,000 euros
The castle, rebuilt in the 14th century, stands at the highest point of the Miranda de Castagnar, where an ancient wall has been preserved. There, just a few minutes’ walk from the rivers and 50 kilometers from the ski slopes, a duplex is for sale for only 50,000 euros. It has an area of 90 square meters, two bedrooms, two bathrooms and is fully equipped.
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IN GALISIA YOU WILL FIND 3,300 HOUSES FOR LESS THAN 55,000 EURO
Many families and young people have been forced to reconsider their plans to relocate since the onset of the COVID crisis. The suitcases they packed to leave their parental home, leave a rented apartment to buy real estate, or move to more spacious housing were again delayed due to job uncertainties caused by the pandemic. But there are offers in the local real estate market of Galicia that can meet the demand in the current economic situation, with houses ready to move in at a price of less than 55,000 euros. According to the Galician Federation of Real Estate Companies (Fegein), there are currently a total of 3,300 properties of this type for sale.
There are very few such proposals in the region. This is hardly 7% of the total number of houses for sale in Galicia, which today, according to the real estate association, is 47,200 objects. The leader is the province of A Coruña (18,000), followed by Pontevedra (16,000), Ourense (7,200) and finally Lugo (6,000).
Most of these profitable apartments are located in medium-sized municipalities or near seven cities. In fact, only 645 properties can be found in these cities for less than 55,000 euros, which is 19.5% of the total in the region. It is Ferrol that offers the largest number of properties for investors looking for great deals, as well as for families or young people on a budget - 400 houses. Far from these numbers is the residential real estate market in Ourense and Lugo, both with hundreds of houses in this profile. And you need to look well to find similar properties in Vigo, A Coruña and Santiago: 15 in the city of A Coruña and 5 in two other cities.
CHARACTERISTICS
Objects in this price category do not have an elevator, their average area is from 60 to 80 square meters (two or three bedrooms) and are over 25 years old. “Properties in this price range, which are less than 10 years old, match those currently owned by Saber or banks, and account for about 60% of that supply,” explains Benito Iglesias, President of Fegein.
“The fact that there are 3,300 livable houses for less than € 55,000 in medium-sized municipalities within 15 minutes’ drive from cities should be a boost to development for these places, which today are constantly losing population,” warns the president of real estate association, but, he adds, not only in order to “stop this demographic drain, but also to be able to anchor the population.”
REGIONAL MAP
The most advantageous offers on the real estate market in the region are concentrated in the province of A Coruña. It sells 1,600 houses for less than 55,000 euros, which is almost half of the properties in this price range and 9% of the apartments and houses for sale in the province. Most of these properties are located in the districts of Ferrol, Bergantinos and O Barbanza.
There are 500 affordable apartments in the province of Pontevedra, most of which are located in the area of Deza and Baixo Minho. This amount is 15% of the total in the community and only 3% of the fund in the province.
700 properties at low prices are concentrated in the districts of A-Marinha, Lugo, Sarria and Chantada. And in the province of Ourense, 600 apartments are offered at prices below 55,000 euros, mainly in the area of Ourense, Verin Xinzo and Ribadavia O Carbalinho.
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WHERE ARE PROFITABLE APARTMENTS LOCATED?
Lugo is a Galician province where the most affordable real estate is for sale. According to the Galician employers' association, the prices for the six best livable properties range from € 24,000 to € 35,000. Thus, in Monforte and Monterroso real estate can be found for 24,000 euros, in Viveiro - for 26,000, in Vilalba - for 27,000, in Sarria - for 30,000 and in Burel - for 35,000 euros.
At the opposite end of the real estate transactions map is the province of Pontevedra, where the lowest price is 50,000 (A Cañiza and O Porriño), followed by those in O Rosal for 52,000, Silleda for 55,000, Vilagarcía for 56,000 and finally, Mondariz for 60,000 euros.
The middle part of the table shows properties in A Coruña, with prices ranging from 22,000 euros (Plaza de España in Ferrol) to 30,000 euros in Carnot. There are also properties in Carence (Ferrol) for 25,000 euros, in Theo for 26,500, in As Pontes for 28,000 and in Naron for 29,000 euros. The lowest prices range from 34,000 in houses for sale in Nogueira de Ramuin to 58,000 in the O Kuto area of As Burgas on the real estate market in the province of Ourense. You can find apartments for 40,000 euros in Makeda, for 45,000 in Allaris, for 54,000 in the San Francisco area in Ourense and for 56,000 in Verina Among them.
READY-MADE HOUSES FOR 40,000 EURO FOR THE WHOLE FAMILY
Leading indicators of the real estate market indicate a good time to buy a house in Spain. The Euribor rate, which has fallen by more than 5% since 2008, hit an all-time low of -0.415% in September, which also led to the lowest mortgage loans in history. On the other hand, although the average price per square meter fell to 1,650 euros in June, it is recovering to its usual level of 1,742 euros in September, with an annual deviation of + 0.4%, according to Idealista. This is a slight increase, far from the all-time high of € 2,053 in June 2007.
Against this background, it is easy to find favorable terms of mortgage lending, but housing prices have remained practically unchanged. Choosing a small apartment for less than 100,000 euros is not easy, so you can consider other options.
In this sense, prefabricated houses, unknown to many Spaniards, can be a solution to the problem, offering more square meters at a lower price, as well as an easy installation process. For example, prefabricated houses with an area of 87 square meters can be found on the market starting at 28,000 euros plus VAT, or 108 square meters at 32,000 euros plus VAT.
More and more companies are dealing with this type of housing in Spain. Norges Hus and Grupo Eurocasa Modular stand out are among them, offering alternative options for buyers depending on their interests. Below are some of the more striking options:
1. Prefabricated timber house of 107 square meters
Price: 39.600 € + VAT
Company: Norges HUS
This is a house with three bedrooms and two bathrooms, with insulated exterior walls. The total price includes shipping and assembly. The visible beams option adds € 11,700 to the price.
2. Ready house Mod with an area of 31 to 102 square meters
Price: from 38,493 euros to 109,059 euros + VAT
Company: Eurocasa Modular Group
This type of rectangular prefabricated house is ideal for integration into nature. The simplest model Mod A / 1 has one bedroom, one bathroom and an area of 31.69 square meters. The largest variant, Mod A / S3, has an area of 102.42 square meters, three bedrooms and two bathrooms.
3. Prefabricated house with an area of 87 square meters
Price: 37,500 euros + VAT
Company: Norges HUS
Wooden one-storey house with open kitchen, two bedrooms and two bathrooms.
4. Prefabricated house with an area of 105 square meters
Price: 40 400 euros + VAT
Company: Norges HUS
This two-bedroom, one-bathroom prefabricated house has a flat roof, terrace and an open plan kitchen.
5. Single-family prefabricated house of 168 square meters
Price: 55 999 euros + VAT
Company: Norges HUS
This spacious 168 square meter house with three bedrooms and two bathrooms is ideal for a family. It is located on one floor and has a gable roof.
6. Large villa ranging from 52 to 131 sq. m.
Price: from 55 999 euros + VAT
Company: Eurocasa Modular Group
The Gran Villa is the most luxurious prefabricated house offered by the Eurocasa Modular Group. The simplest option, the Sierra de Atapuerca, has two bedrooms and one bathroom, while the largest, called Himalaya, has four bedrooms and two bathrooms.
Prefabricated Houses Law
The purchase of a prefabricated house is completely legal in Spain, and the legal framework must be taken into account. According to the portal “Casas Prefabricadas Mobi”, it is necessary to determine whether such an object is considered to be movable or immovable property.
If a house is anchored to the ground with a concrete foundation, and also has electricity and public water supply, then in the eyes of the law it will be real estate subject to the same rules as any traditional house. Therefore, a building and siting license will be required, as well as compliance with the Building Codes Act (LOE) and the Technical Building Code (CTE). In addition, the land must be suitable for building and planning permission must be requested.
On the other hand, if housing is not fixed on the ground and is self-sufficient in terms of supply, then in the eyes of the law it will be movable property. In this case, a placement license will be required, but not a building permit, for example.
IS IT POSSIBLE TO BUY A HOUSE AT A GOOD PRICE IN LEON?
Prices for resale properties have remained practically unchanged compared to last year in the capital of Leon, which makes it possible to find properties for renovation for less than 30,000 euros and even up to 70,000 euros in the city center.
In most capitals of the provinces of Castile and León, secondary housing for sale has fallen in price over the past year. In León, this price adjustment was very slight, down 0.03% from January 2020, according to the January 2021 monthly sales price report from Pisos.com. This resulted in prices averaging 1,476 euros per square meter.
Despite the fact that the announced drop in prices was not noticed in the capital of Leon, and that some properties in the most exclusive areas exceed half a million euros, you can find real estate in the city for less than 30,000 euros.
The price of resale properties in the capital of León is higher than the average for Castile and León, but far from € 1,715 per square meter of the average for resale property in whole Spain.
According to the real estate portal, prices in the most expensive capitals of the region are indeed approaching this average: Salamanca - 1,788 euros per square meter, Segovia - 1,692 euros per square meter, Valladolid - 1,616 euros per square meter and Burgos - 1,615 euros per square meter.
With the exception of Segovia, in all these cities secondary house prices have declined over the past year, but without significant declines: from - 3.60% in Salamanca, to - 2.12% and - 0.39% in Burgos and Valladolid, respectively.
On the opposite side are capitals such as Segovia, where property prices have risen 3.70% in the past twelve months, and Zamora, where prices have risen 1.44%, according to Pisos.com.
Thus, post-Covid-19 real estate market estimates, which predicted a significant decline, do not seem to be justified at the moment in Castilla and León, where property prices have declined by an average of 0.92%.
PRICES INCREASE BY AREA
In addition to statistical data, in the same city of Leon, and even within the same area, you can find properties with a large difference in price, which, combined with a significant offer, guarantees the availability of properties for every taste and budget.
In areas such as San Esteban, Crusero and Oteruelo, you can find three-bedroom properties to renovate for less than € 30,000. In other areas, such as Puente Castro, San Claudio, San Mames and La Lastra, similar properties are sold for between 40,000 and 60,000 euros.
Two areas are completely different: Eras de Renueva and Centro, where the most exclusive houses in the city are located. Single-family houses in Eras de Renueva and apartments in Centro, which prices exceed half a million euros, and in some cases approach a million or even exceed it.
The center is located exactly on the street with the most expensive real estate in the capital: Avenida de Ordoño II, the average real estate price of which is about 350,000 euros. However, you can also find secondary housing in it, the price of which does not exceed 70,000 euros.
DEALS IN THE PROVINCE
If you do not have a particular preference for the capital, then you can find really great deals in the province of Leon with prices dropping in some areas, where the average selling price is 1,218 euros per square meter.
In Ponferrada, prices have fallen by 9.56% over the past year, to 852 euros per square meter. This means that real estate for renovation can be found for less than 40,000 and even 30,000 euros, and ready-made ones - up to 50,000.
In the equally beautiful Astorga, sales prices have declined by 7.73% over the past twelve months, bringing the average property price to 712 euros per square meter.
In the municipalities of Camponaraya and Santovenia de la Valdonsina, prices not only do not exceed 1,000 euros per square meter (755 and 962 euros, respectively), but also tend to decline: over the past year, the decline was 8.25% and 2.61 %.