 Teruel Property Market
March 2005, Brief comments on the property market in Teruel, Spain
Teruel is the southernmost province of the Autonomous
region of Aragon. Much of the area is mountainous and
there is some limited skiing. Some people consider it
to have some of Spain's most beautiful countryside.
Property in Teruel is relatively cheap compared to
the Average for Spain. It is a rural province with little
industry and the farming is not easy due to the terrain
and climate. During Spain's industrialisation over the
last 100 years the young and able bodied left the region
to seek work in the cities and local communities dwindled
with their exodus. Many villages were abandoned, resulting
in an excess of property and low prices. The government
doesn't publish figures for the province of Teruel but
average property prices for the whole of Aragon are
12% below the national average. An index for new build
prices - which is available for Teruel - reveals that
Teruel is the 7th cheapest province in Spain in which
to buy property. Only Pontevedra, Lugo, Badajoz, Cuenca,
Zamora and Palencia are cheaper. However property prices
have been rising of late in Teruel as buyers from Barcelona
and Valencia acquire second homes in the province, especially
in the most picturesque villages such as Rubielos de
Mora. New build prices rose by 21% last year and resales
are likely to have increased by a similar amount. Foreign
buyers are becoming aware of Teruel as a destination
in which to buy holiday homes and this will expand demand
and contribute to upward pressure on prices.
The countryside is virgin and appeals to all nature
lovers, hill walkers, and climbers. Teruel was the stage
where the Moors and Christian both fought and lived
together for centuries before the Moors were driven
out by Los Reyes Católicos. This means it has
some wonderful historic architecture and many of its
villages are highly picturesque. The fact that Easyjet
now flies to Valencia airport just 1&1/2 hours away
by car makes the region more accessible than ever to
foreign buyers, which inevitably drives up demand.
However there are several reasons why foreign demand
here will always be niche, at least for the foreseeable
future:
- Climate - very pleasant in the summer but extremely
cold in winter ( by Spanish standards),
- Social isolation. There are very few expats living
in Teruel and English is hardly spoken by local people.
This also makes life for non-Spanish speakers a challenge
when dealing with everyday issues of life and property-maintenance.
- Infrastructure. It is one of the least developed
parts of Spain - part of its charm - but this does make
getting to and from Teruel a barrier for foreigners.
Nevertheless, the increasing awareness of Teruel amongst
foreign buyers (recently ranked one of top 10 places
to buy in the world by Amanda Lamb of A Place In The
Sun and featured in a recent Sunday Times article on
property abroad), combined with increased accessibility
means that foreign demand for property in Teruel will
edge up and add to the increasing local demand amongst
Spanish holiday home buyers.
Property in Teruel, Spain
© Mark Stucklin (Spanish Property Insight)
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