The high-altitude Teruel province near Valencia has some of Spain’s most affordable real estate.

High Demand for Restored Historic Homes in Spain’s Rural Areas

The mountainous community of Aragon is tucked in between Spain’s most populous cities – Madrid, Valencia and Barcelona.  Medieval villages, recognized by UNESCO for their Mudejar structures, are sprinkled among Aragon’s community.

Teruel province is home to many of Spain’s quaintest rural towns – Albarracin, Bronchales, Nogueruelas and the neighboring villages of Mora de Rubielos and Rubielos de Mora – that are favorites of foreign buyers.


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Citing data from Spain’s National Statistics Institute, Elena Elias, CEO of Xplora Inmobiliaria, an agency in Teruel, said that this past March was the busiest on record since 2007 with sales transactions increasing +26% y/y.  In Aragon, sales increased +23% y/y during March.

Prices Rising

Across Spain, according to BankInter, a Madrid-based Spanish financial-services company, prices rose an average of +6.6% in Q1 2022.  Housing prices in the city of Teruel have increased approximately +10% so far in 2022.

As of May 1, according to RealAdvisor, a Swiss-based property valuation firm that specializes in analyzing the Spanish housing market, the average apartment in Teruel cost 1,071 euros/square meter or $105/square foot.  Prices in the neighboring provinces of Zaragoza and Valencia came in at $155/square foot and $123/square foot respectively.

The average purchase price in Q1 2022 of a property in Valencia, Spain’s third-largest city, was 635,000 euros or $670,000, according to Karen Muninos, the sales manager of the Valencia branch of the luxury agency Lucas Fox.  Closing costs increased +9% y/y in Q1 2022.

Muinos noted that prices in Valencia are half of what they would be in Barcelona and Madrid.  “For investors looking for high profitability, this is a key factor.”

Who Are the Buyers?

Elias said that the majority of Teruel buyers are locals looking to either reside or invest.  The same is true for buyers in rural Aragon.

Muinos said that approximately half the buyers in Valencia during Q1 2022 were Spaniards.  The next largest buyer segment in Valencia came from the US.  Her firm also had buyers from Germany, Italy, Lebanon, Mexico and Holland, along with a few rental inquiries from displaced Ukrainians.

Ana Vela, co-founder of The Singular Space, an agency specializing in unique Spanish properties, said that foreign buyers interested in Spain’s rural-home market segment are coming from France, Germany, Denmark, Latin America and the US, specifically from Miami.  Vela said, “For some, the ideal scenario is to spend half of the year enjoying the house and (renting the house) while they are not there the other half.”

Market Basics

There are no restrictions on foreign buyers in Spain.  Closing costs, totaling approximately 15% of the purchase price and paid by the buyer, include taxes, agent’s commission, property registration with the government and the notary’s fee.

Foreigners can get mortgages in Spain but borrowers from outside the EU are typically limited to a loan size of 60-70% of the property’s purchase price.

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Thanks to The New York Times. 

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