Due to the large offer and affordable prices, home sales in Lugo grow among foreigners

Due to the large offer and affordable prices, home sales in Lugo grow among foreigners

In recent months, Lugo has been attracting more and more foreign nationals to buy local housing. Lugo's market is lively, with wide and varied offers and affordable prices, lower than in other areas of Galicia. Prices in Lugo are also lower than in the countries of most foreign buyers, allowing them to save over €150,000. Additionally, they often save up to €200,000 for housing repairs.

Mark Atkinson and Rosy Costoya, founders and owners of founders and owners of Galician Country Home, a service company operating in the real estate market for 20 years. The company was opened by the same foreigner, seduced by Galician real estate, to which many other foreign nationals succumb today. Amidst inflation and an uncertain future, housing in Galicia provides stability and a high quality of life for reasonable prices.

The headquarters of the company is located in Rábade. Although most of the properties it manages are located in Lugo. However, the company operates throughout Galicia. Around 85% of Galician Country Home customers are foreigners, and the range of property prices is extremely diverse.

Atkinson explains: "There are those who want to purchase a small house, but, for example, they want to invest only a few thousand euros for repairs. Our company sold some residential units for only €20,000. We also have clients interested in acquiring businesses that have closed, either as a result of the pandemic or due to the retirement of the owners. Some clients want to invest in a rural house or a hotel where they can both live and run a small business. There are also investment funds that are looking for much larger buildings, for example, to open a large hotel."

Sonia Parcero, managing and technical architect of the construction consulting company Materia, adds: "As a rule, foreign citizens are looking for homes in isolated areas or small towns and villages, areas where you can buy houses in a traditional style or made of simple and natural materials with a plot of land and a good landscape around."

In recent years, a significant part of Materia's clients are also foreigners who plan to build a house in Lugo — for life, work or retirement. Parsero, a native of the Netherlands, often communicates with clients from the UK and her home country. Many of them are foreign property buyers in Spain.

Galicia and Lugo have good rates of converting tourists into expats. At the first visit, most foreign nationals want to permanently settle in the region. There is a good climate and landscape, a friendly local population, a calm pace of life and its high quality.

Among other provinces of Galicia, Cerdido en A Coruña, Amoeiro en Ourense and O Covelo en Pontevedra are the most interesting for foreigners. If we consider Spain as a whole, the most attractive regions are Ciudad Quesada and Busot in Alicante, as well as Ciudalcampo in Madrid.

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