- Demand for Spanish properties under £50k more than 4 x supply levels
- Ruins available from as little as £5k
- Politics and pressures of modern life pushing many to live the rural renovation dream
New Year is a time for making changes and taking on new projects – and few projects bring with them the challenges, excitement and rewards of renovating a ruined property.
In fact, data from Spanish property portal Kyero.com has revealed that demand for properties below £50,000 is hugely outstripping supply. The portal’s latest figures show that demand for such properties is more than four times supply levels.
Richard Speigal, Head of Research at Kyero.com, explains why 2017 looks set to be a big year for property renovations in some of the most beautiful parts of rural Spain,
“There are a host of factors pushing buyers towards ruin renovation at the moment. We’ve seen from the huge boom in searches for Spanish property that the Brexit vote seems to have, if anything, whetted Brits’ appetite for Spanish homes rather than driving down interest. At the same time, buyers from the UK are looking for cheaper solutions as a result of the pound’s decline, so buying a dilapidated farmhouse and doing it up is an attractive option.”
Owning a property in Europe ‘just in case’ is certainly something that appeals to many of those facing the UK’s rather uncertain, post-Brexit future.
The advantage of buying a ruin is undoubtedly the price: a tumbledown, four bedroom, two bathroom farmhouse in Maella, Zaragoza province, can be picked up for just €6,500. Naturally, it needs a lot of work, but the walls are in good condition and the tranquil setting is the perfect antidote to the stresses of modern-day life. The coast is an hour’s drive away and the bright lights of Barcelona can be reached in around two and a half hours.
Those feeling the strain of the UK’s overcrowded cities, daily routine and chilly winter weather may well yearn for a simpler life, breathing in air scented by hundreds of mature fruit trees under the Spanish sunshine while coaxing a ruin back to life. The dream is certainly achievable to those who approach it with a keen eye for detail.
Kyero.com’s Richard Speigal explains,
“It’s essential when buying a finca to know what can and can’t be done with the property before you sign a contract. Find out whether there are any restrictions to building on the land, if water and electricity are already connected or could be connected in the future, if internet connectivity will be possible, and so forth.
“Think through what materials you will need, where you’ll get them from and whether you’ll do the work yourself or rely on local labour. Careful planning is essential with a project of this nature, but the rewards can be well worth the time it takes to find the perfect property.”
This six bedroom country house in Capse, also located in Zaragoza province, is an excellent example. The two storey property costs just €19,000 and enjoys a stunning setting just 200m from the Guadalope River. Utilities include bottled gas, water and the possibility of an internet connection. While the walls and much of the roof are in good condition, a complete renovation is recommended. To a buyer with the right vision (and approach), the property could offer an extensive country home in the sunshine at incredibly good value.
Even a ruin with a swimming pool isn’t out of the question – €31,000 is sufficient to buy a rural ruin complete with large balsa (open air water storage area), which can be converted into a charming, rustic swimming pool.
For further details, visit www.kyero.com.