Where is the cheapest place to buy property in Spain in 2024?

Beyond the warm weather and tourist attractions, buying a property in Spain offers a window to the culture, lifestyle, and history of this European gem. While the spotlight often shines on the glamorous coastal resorts and busy urban centers, many turn their attention to the cheapest place to buy a property in Spain. 

If you want to dip your feet into Spanish waters as a homeowner but without the typical price it comes at, stick with us as we go over the cheapest cities to buy property in Spain.

Where is the cheapest place to buy property in Spain?

Castilla-La Mancha claims the title of the cheapest place in Spain to buy property, with a modest average price of €948 per m². 

Located in central Spain, the home of the literary hero Don Quixote of La Mancha is an important agricultural region with vast hectares of natural landscapes and a rich cultural heritage.

5 cheapest places in Spain to buy property in 2024

Castilla y León

As one of the cheapest places to buy a property in Spain, Castilla y León balances affordability with its historical roots and cultural charm. Dubbed The Land of the Castles, it’s home to more UNESCO World Heritage sites than any other region. 

The Camino de Santiago (the Way of St. James), a Christian pilgrimage route, also passes through the region, adding to its touristic value.   

The region's potential doesn’t come at a high price tag, though. Average property costs hover around €974 per square meter, making it easy to find a home away from home, an investment rental, or a retreat away from the city crowd. 

Pros

• Six UNESCO World Heritage sites
• Versatile cities and architecture
• Lower cost of living

Cons

• Limited job opportunities during winter
• Long, cold winters and hot summers

Extremadura

Located in southwestern Spain, Extremadura is another great place to find affordable property in Spain. A favorite among nature enthusiasts, it’s home to Monfragüe National Park, Cabañeros National Park, the Jerte Valley, and the widely recognized cured ham from the Dehesa de Extremadura. 

Aside from natural wonders and Roman castles, Extremadura offers excellent value for money for property buyers, with the average cost of houses for sale hovering around €1,098 per square meter. 

Pros

• Home to several national parks 
• Fertile strips of land
• Plenty of outdoor and nature activities

Cons

• One of Spain’s poorest regions
• Hot summers and harsh winters

Valencia

Drawing in tourists and buyers with its Mediterranean charm, Valencia is one of the most affordable coastal areas to buy property in Spain.  

With nightlife, cultural and entertainment venues, nature, and business, this region is a melting pot of what Spain is all about. The tourist favorites Alicante and Valencia are both in this region, along with many popular beaches like Cabanyal Beach (Playa de las Arenas), Playa de la Malvarrosa, and Playa de Patacona. 

Buyers in the hunt for coastal properties will delight in Valencia's affordability, with average prices being €1,319 per square meter. And you will never feel out of place, as this region has the highest percentage of foreign residents, with around 14% of the population coming from all corners of the world. 

Pros

• Popular tourist spots
• Accessible beaches 
• Lower living costs compared with Barcelona or Madrid

Cons

• Crowded during the tourist season
• Competitive real estate market

Galicia

Galicia is an autonomous community and a historic region with the longest coastline in Spain. 

The coastline is recognized for its narrow and rocky rías (estuaries), providing a fertile environment for the fishing, shipbuilding, and seafood industries.

Aside from affordable property costs averaging €1,334 per square meter, the region has easy access to other parts of Spain and Portugal, making it easy to travel from one country to another.

Pros

• Longest coastline in Spain
• Developed manufacturing and fishing industries
• A stable economy 

Cons

• Rainy weather with high humidity 
• Tourist crowds 

Murcia

Murcia, located in southeastern Spain, has a Mediterranean climate, long beaches and coves, and fertile land with orchards and vineyards. 

Buyers can explore versatile real estate options, from cozy cottages in remote areas to urban apartments in urban parts, with prices averaging €1,555 per square meter. 

Another way to buy a property in Spain is through an auction, which is typically faster than a standard purchase and can also be financed with a mortgage. Keep reading to explore the potential of Spanish property auctions and see if it is a smart move for non-residents.

Pros

• Over 3,000 hours of sunshine a year
• Fertile land
• Diverse culture and cuisine

Cons

• Water scarcity 
• High temperatures in summer

Seeking a mortgage deal for your property in Spain from abroad?

Buying a property in Spain with a mortgage is complex and sometimes can be discouraging. Fortunately, there are solutions to navigate these challenges. Homevest is a digital product designed to help foreigners and non-residents access the best mortgage deals in Spain.

Homevest is a user-friendly platform that helps customers understand their eligibility, estimate their property budget, and obtain a mortgage. They match customers with banks that best suit their financial profiles and connect them with dedicated brokers to represent their interests. 

To set your expectations, keep in mind that it’s more challenging to obtain a mortgage loan in Spain as a non-resident for properties worth less than 100,000 EUR. Banks are usually reluctant to lend money in these cases due to the higher risk involved.

However, options are still available. For instance, Santander offers mortgages for properties under this threshold, but you might face higher interest rates. Homevest can help you understand your options and find the best solution for your financial needs.

While regions like Malaga, Barcelona, and Alicante remain a favorite among foreigners, there are many great opportunities in the smaller, more affordable regions of Spain. 

Whether you're on the hunt for a coastal property, an urban apartment, or a casa de campo, the cheapest place to buy property in Spain may be closer than you think. Understand your options and find what you need to know in 2024 when buying property in Spain as a foreigner. 

Sources used and checked in May 2024:

1. Property price data in Spain 
2. About Castilla y Leon
3. 10 reasons to visit Castilla and Leon
4. About Extremadura
5. About Valencia
6. About Galicia

We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.