Guide to buying property in northern Spain’s Cantabria region
The market for property in northern Spain has not witnessed the levels of foreign interest that usually push prices up, so investing in a new home or buy-to-let property remains very affordable in most of Cantabria and the Costa Verde. The only real exception is Santander, the region’s popular capital. For visitors, there are plenty of things to do in Santander, but anyone buying property needs deep pockets. Property here is almost three times more expensive than the average Spanish city.
Visitors guide to things to do in Santander and Cantabria
Although the list of things to do in Santander is long and varied, it is the region’s national park – the Picos de Europa – which is the main appeal for visitors. It straddles the three provinces of Cantabria, Asturias and Leon, and its spectacular gorges, peaks and valleys are hugely popular with mountain sports enthusiasts, including walkers, climbers and skiers. It is also dotted with lovely mountain villages worthy of exploration. A particular Cantabrian gem is Barcena Mayor.
Apart from its obvious attractions, the park benefits from its close proximity to the Costa Verde. While the Cantabrian coastline includes numerous unspoiled and gorgeous beaches, most buyers and renters of property in northern Spain are not dedicated sunworshippers. They could be disappointed if sunshine were their main priority, for weather on the Costa Verde is not as reliable as in the south. Indeed Cantabria’s coastal landscape is green for a reason: rain.
Rain or shine, however, and visitors to Cantabria have plenty of things to do. Santander is high on the itinerary for most because it is an elegant and cosmopolitan city with great nightlife. It is a busy port, but it also has great beaches including El Puntal, a sand dune spit reached in a ten-minute boat ride, and El Sardinero which is usually busy with surfers. The beautiful villas overlooking the latter beach represent some of the most expensive property in northern Spain. Among the city’s best cultural spots are the Maritime Museum (which includes a huge aquarium), the Magdalena Palace, the Fine Art Museum, a beautiful cathedral and an archaeological museum.
Often added on to the list of things to do in Santander is the Altamira Museum which contains a reproduction of the14,000-year-old wall and ceiling paintings discovered in a nearby cave (now closed to the public). The museum is in Santillana del Mar, just a few miles from the Cantabrian capital, which is one of the most beautiful, and best preserved, medieval villages is all of Spain.
Property in northern Spain’s Cantabria region
Property in northern Spain’s Costa Verde region generally remains very affordable. Prices in the Picos de Europa national park, where homeowners and visitors may have breathtaking mountain views but always need a 4x4 to access their property, can be as low as €50,000. Such prices usually indicate total renovation will be required, and buyers should be aware that building permission is severely restricted within the park.
Outside of the Picos, property sales in Cantabria are mostly driven by Spanish buyers looking for second homes. The bulk of available property is resale.
Although development of property on northern Spain’s Costa Verde is also restricted, there are some new build projects here and there. In the coastal town of Laredo, two-bed apartments are selling off-plan for €228,000, and a resale four-bed villa for €357,000. Head inland and prices in Cantabria drop. Three-bed apartments in Los Corrales de Buelna (25km from coast and Santander) are selling for €180,000 off-plan.
Tourists find there are plenty of affordable things to buy and things to do in Santander, but paying for property is not one of them. Prices in the Cantabrian capital reach for the heavens! Recent resale examples include a five-bed luxury penthouse near El Sandinero for €1.6m, a five-bed duplex for Euros 1.2m, and a three-bed villa on the outskirts for €300,000. Rental returns on a three-bedroomed apartment would be typically €1,000 from June to September and €650 during the rest of the year. Outside Santander it is difficult to find long-terms lets in Cantabria.
Property in northern Spain has been picked up on investment radar
Buying property in northern Spain has long been popular with Spaniards but overseas interest has also contributed to the 13.2% increase in Cantabrian house prices in the year ending September 2006. While the UK to Santander ferry route is long established, tourists can now arrive on low-cost flights. Word is spreading among lovers of the outdoors of the wide range of things to do in Santander, the Picos de Europa and the Costa Verde, and investors are giving the region a closer look.
