 Property in Cantabria
March 2005
Cantabria lies on the north coast of Spain between
Asturias and The Basque Country. However despite being
just next door to Asturias the property market in Cantabria
has behaved quite differently. Property prices in Cantabria
match the national average for Spain and property prices
rose by 18.4% in 2004, above the national average property
price rise of 17.4%.
The infrastructure and economy of Cantabria are more
developed than in Asturias and it is home to Spain's
largest bank - BSCH - which recently bought the British
building society Abbey. Members of the Botín
family who control the bank are said to be very active
property buyers in Cantabria, especially at the high
end of the price scale. It is also home to the beautiful
city of Santander, which along with San Sebastian, has
always been one of Spain's most popular summer resorts.
Cantabria also attracts many buyers from the Basque
Country next door for whom the prices in Cantabria are
irresistible compared to the Basque Country. The fact
that much of Cantabria is within reasonable driving
distance of Bilbao airport (in The Basque Country) makes
it reasonably accessible to foreign buyers. However
strong local demand that keeps prices high acts as a
disincentive to foreign buyers, compared to other northern
regions such as Galicia and Asturias where property
is much cheaper.
Prices in 2005? Tricky. I find the property market
in Cantabria to fathom but I do expect prices to continue
rising for the time being due to attractive prices relative
to the Basque Country, a buoyant local economy and perhaps
an increase in foreign demand as the whole of Northern
Spain becomes more of a destination.
© Mark Stucklin (Spanish Property Insight)
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