Due to the mild climate and excellent living conditions of Spain, the number of foreigners wishing to move to this sunny country for permanent residence is growing from year to year. The first question that people who decide to buy property in Spain ask is ‘which province to choose?’. In this article, we will look at seven Spanish cities that attract homebuyers more often than others and figure out why it is worth buying an apartment there.
The Mediterranean administrative center of Alicante, located on the east coast of Spain, has a well-developed tourism infrastructure and excellent transport communications. Tourists from all over the world seek to visit this city, and many of them, including a fair number of Northern Europeans, decide to move here for permanent residence.
The main advantage of buying a home in Alicante is the low cost of apartments and houses in Spain in this region. The price for 1 m2 of living space in the city is €1,586. In the secondary market of Alicante, prices for 70 m2 apartments start from €75,000, and for private houses from €100,000.
Alicante offers a wide range of properties: from small studios and apartments to top-tier villas on the seafront. Buying a house in Alicante will be an excellent investment for those who will rent out their property. The demand for housing in this resort city remains high and steady throughout most of the year due to the constant influx of tourists. What’s more, real estate prices in Alicante are growing annually by 2%, which allows you to save your funds when reselling the purchased property.
The capital of Catalonia is a densely populated city and a major seaport. Thanks to its proximity to the sea and its warm climate, Barcelona is ideal for beach enthusiasts, while offering opportunities for studying, working, doing business, and spending time with family.
Why is it worth buying an apartment in Spain, in the city of Barcelona?
- This Spanish city is among the top ten most visited places in the world and is the main tourist destination of the country.
- Barcelona has a simplified procedure for obtaining a residence permit.
- Buying a house in Barcelona can be a profitable investment that pays off in a short time when renting out the property.
The cost of 1 m2 in Barcelona is €4,085. You can buy a small studio in Barcelona for €75,000–80,000. Apartments in the suburbs of Barcelona are more expensive and cost an average of €150,000. A small house can be purchased for €250,000.
Benidorm is an advanced and cosmopolitan city, which hosts more than half of the country’s skyscrapers. Benidorm’s pleasant climate, access to developed tourism, medical and educational infrastructures, stunning landscape, and world-class resorts attract investors from all over the world.
The biggest advantage of Benidorm is its location by the sea, climate, international airports, and highways, which make it easy to get here both from other parts of the country and from all over the world.
Benidorm’s housing stock offers spacious apartments, townhouses, villas, and apartments in off-plan development projects in Spain with all necessary amenities and a private gated area. There is also a strong demand for commercial properties and businesses in Benidorm, such as restaurants, shops, hotels, shopping malls, and office buildings.
Real estate prices in Benidorm depend on the type of housing, year of construction, overall condition of the building, its location and distance from the beach. The average price for 1 m2 of living space in Benidorm will be around €1,300.
Valencia is the cultural hub of Spain and one of the largest cities in the country along with Barcelona and Madrid. Valencia is a fast growing city with a rich cultural heritage and easy access to beautiful Mediterranean beaches. This not only affects the constant flow of tourists but also generates a steady demand for local housing.
Houses in Valencia are ideal for couples, lovers of countryside outings and solitude in nature, as well as connoisseurs of architecture—thanks to the many unusual monuments and Art Nouveau buildings.
Houses and apartments in Valencia are in demand among both foreigners and Spaniards. Therefore, the cost of local housing is growing faster than the national average. This gives investors additional opportunities for earning. The average price for 1 m2 of housing in Valencia is about €2,100.
The capital of Spain, Madrid, is also one of the most popular destinations for international visitors.
The center of Madrid is home to many tourist attractions, shops and hotels, as well as protected residential and office buildings. Salamanca is a local upper-class district, home to boutiques, brand stores, fine dining restaurants, and trendy clubs.
Apartments in Madrid are not suitable for a resort lifestyle, as they are far from the Spanish coast. However, those who are looking for property for permanent residence and doing business can safely purchase housing in the capital. The cost of 1 m2 in Madrid is €3,973. The quality of residential properties ranges from budget options to upscale apartments and mansions. A one-bedroom apartment in Madrid can be purchased for €90,000, and you can buy a villa in Spain on the capital’s outskirts for €300,000.
Located in the south of Spain, Seville is the capital of the autonomous community of Andalusia and the birthplace of spectacular bullfighting and passionate flamenco.
Why is it worth buying an apartment in Spain in Seville? First, because the city has a moderate Mediterranean climate, which offers a comfortable environment both in summer and in winter. Other advantages of Seville are the port on the Guadalquivir River, San Pablo Airport, and the railway, which allows you to quickly reach all corners of Spain. Housing prices here are lower than in coastal Málaga, and life is more comfortable and peaceful.
Housing in Seville includes a wide choice of apartments, cozy studios, houses with a private outdoor space, and luxurious family villas. Residential properties are in demand among tourists, which allows you to rent out housing for short stays and have higher rental yields. The cost of 1 m2 in Seville is €1,410.
Torrevieja is one of the most popular resorts in Spain, which is located in the south of the Costa Blanca. Its popularity comes from the favorable climate, picturesque beaches, healing lakes with a high iodine content, and a huge citrus plantation, which supplies all of Spain with fresh fruits all year round.
The real estate market in Torrevieja offers a wide range of properties: from small studios to opulent villas and houses with a private yard near the beach. The cost of housing here is relatively low: prices for a small 50 m2 studio start from €45,000, and a two-bedroom apartment can be purchased for €60,000.
Before you buy a house in Spain, determine the purpose of your future purchase. If you need property for running your own business or renting out and making a profit, consider buying an apartment in cities like Madrid, Barcelona, or Benidorm. There, rentals are in demand all year round. If you want to enjoy a seaside vacation and bask in the southern sun after moving to Spain for permanent residence, you should consider the cities located near the resort areas. These include Alicante, Valencia, and the resort of Torrevieja. If you want to immerse yourself in real Spanish life filled with cultural identity and history then beautiful Seville awaits you.