Guide to investing in property in northern Spain’s Picos de Europa
Property in northern Spain, and especially in the Picos de Europa national park, has long been the preserve of Spaniards and, as a result, most villas and apartments in Asturias have historically been second homes. However, with its rugged mountain scenery, numerous pretty, unspoiled beaches and a trio of outstanding cities, Asturias property is increasingly attracting attention from overseas buyers looking for a real slice of Spain.
The Picos de Europa park is not the only reason for buying Asturias property
The spectacular peaks, gorges and valleys of the Picos de Europa national park cover half of Asturias and are immensely popular with mountain sports enthusiasts. Even the less active can appreciate the scenery of the Picos de Europa, however, because it is dotted with delightful mountain villages and many horreos – traditional grain stores. The latter are built on pillars and some have been converted by buyers of Asturias property.
Proximity to the coast is a great advantage for the Picos de Europa. Even the highest peaks are only 25km from the Costa Verde. Of course, the word Verde – Green –promises rain, but people who buy or rent property in northern Spain tend to not be those whose first priority is wall-to-wall sunshine. Instead, visitors to Asturias enjoy the lushness of the countryside, with its forests of oak and chestnut where roe deer, wolves and even Iberian bears survive.
The beaches and seaside resorts are beautiful, too, and tight restrictions on new Asturias property development means they are likely to stay unspoiled. Among the most charming and interesting of the fishing villages and resorts are Cudillero, Ribadesella and Llanes, each of which has a dramatic mountain backdrop.
Visitors staying in a villa or apartment in Asturias also have three fantastic cities on their doorstep: Oviedo, Gijon and Aviles. Listed as UNESCO world heritage cites, they attract a lot of tourists and offer good rental potential to owners of property in northern Spain. Oviedo, the capital of Asturias, has an ancient heart, a fine Gothic cathedral and a number of pre-Romanesque churches. At the very heart of Aviles are examples of well conserved traditional Asturias property, while Giron’s oldest district, built on a headland over the main beach, centres on an arcaded plaza and palace.
Everyone staying in a villa or apartment in Asturias should be sure to check out the local culinary delights. These include fabada, a hearty bean and pork stew; frixuelos pancakes; rice pudding; Cabrales blue cheese; and still cider (sidra). The latter is a popular drink but is also used extensively for cooking.
Villas and apartments in Asturias – the market for property in northern Spain
A typical Asturias property is stone built and often has an attached barn. Some also have a square horreo (granary) in the garden. While these are quaint additions, overseas buyers of property in northern Spain should know they are protected by legislation and maintaining them can involve considerable expense. It is also worth noting that while there are plenty of houses ripe for renovation, builders are in short supply in Asturias. Property that investors without DIY skills will need a good supply of patience.
Prices of villas and apartments in Asturias rose by an average of just over 11% in the year to end September 2006, according to figures from the Spanish Ministry of Housing, proving that Asturias property is one of the markets to watch. This healthy state has benefitted from the 2005 arrival of budget flights from the UK to Asturias airport, near Aviles.
It is also a good rental market. Holiday makers flock to walk in the Picos de Europa, and to visit the pretty Costa Verde during the summer, but villas and apartments in Asturias are also in demand for skiers in winter. A rural two-bed house, for example, would typically earn about €500-€640 for a week, depending on season. A similar sized quality apartment on Asturias’s Costa Verde would increase the weekly rent to about Euros 1100 in high season.
Purchase prices of property in northern Spain’s Picos de Europa can be as low as Euros 50,000. There are reasons! Many of the mountain houses are extremely isolated and can only be accessed by four-wheel drive vehicles. The vast majority need restoration.
Outside of the Picos de Europa, Asturias property is being driven mostly by the Spanish buyer. Resale houses make up the bulk of what is available. Inland, a four-bed semi-detached house with wonderful mountain views would fetch €85,000, while a four-bed villa with extensive gardens near a beach would stretch the price to €360,000.
Although development of property in northern Spain’s Costa Verde is restricted, some building is taking place. In coastal Llanes, 3-bed off-plan villas are currently offered for €280,000 but very little apartment building is being added to the Asturias property portfolio.
Property in northern Spain’s Asturias region remains very affordable
The market for property in northern Spain has not experienced huge interest from wealthy north Europeans so buying a villa or apartment in Asturias remains very affordable. However, Asturias property is limited so there is not much choice available. There is an upside, though. Demand for rental accommodation is high from tourists who want to visit the rugged coastline, the Picos de Europa, the lively towns and picturesque fishing villages. Strong demand and a limited choice of Asturias property is keeping rents high.
