When talking about, the mind flies to the Balearic Islands, Malaga or some corners of Catalonia and Valencian Community. But something is changing to show interest, and buy, in areas where they were barely present until a few years ago. This is what happens with the northern strip of the Peninsula, from Galicia to Pyrenees. “Yes, there is a rise of this type of buyers in the communities of the North,” says Rotnda Paloma Pérez, executive director in Spain of Sotheby’s International Realty.
For its part, Constanza Maya, director of Operations of Engel & Völkers Iberia, appoints last summer when asked about the date on which they began to notice a greater number of operations in these communities. “The origin of the buyers changes depending on the area. For example, in Pyrenees we see Latin customers with a residence in Madrid and who acquire another in Baqueira Beret, or surroundings, to go skiing where their neighbors of the capital do. In the Cantabrian there have been traditionally French, and now new countries are being added, such as the United States.”
Americans also refer, Rafael Rosendo, director of the real estate prime Lucas Fox in Galicia, when he reviews the clients he has had in recent months, “especially since last summer, when interest in the properties that exceed one million euros.” He emphasizes that, in a high percentage, his buyers are people “who have family ties with Galicia.” Without disregarding those who were in love with the area after making the Camino de Santiago. “In July 2024 we sold the most expensive triplex from Vigo to a Galician who emigrated to the United States. And last week an attic in the same city to a Canadian with a father from here.”
Rosendo also highlights the case of a German couple with a house in Altea (Alicante), who decided to pay 1.8 million euros for a property in Galicia. An example of the transfer of second residences from the Mediterranean to “fresh Spain”, as stated in a recent CaixaBank Research report. In the same, which studies housing in general not only luxury, it is read that “the greatest increase in sale by autonomous communities in 2024 was recorded in Galicia (22.3%), La Rioja (20%), Castilla-La Mancha (19.4%), Asturias (18.6%), Cantabria (16.4%), Navarra (15%) and the Basque Country (13.8%)”.
“In Cantabria we still do not see so much increase in foreign clients, but nationals who change location for climate change,” says José Andrés, general director of the San Fernando real estate group.
Although in the sale of homes prime In the north, most experts consulted agree to point out other reasons. One of them is the privacy that offer properties “with greater extension of land, as they have, for example, in the United States,” says Pérez. “They seek confidentiality, sites remote and involved in nature,” he adds.
As for the product typology, the traditional stone houses win to the housing of more modern lines that are usually found in places like Ibiza or Marbella. “Here we see that tendency of silent luxury. They are people with money who want to go unnoticed, not being surrounded by the other millionaires all day. And they flee from the great concentrations of tourists,” says Silvia Blahutova, manager of Barnes San Sebastián. She adds one more factor to the arrival of Americans in recent months. “They want to live in Europe for the political context of their country.”
The age of the rich also comes into play when choosing destination to buy a house. “The great fortunes are getting younger and moves for the quality of life offered by a place like northern Spain,” says Ana White, director of Prémonium Properties of Knight Frank in Spain.
And although money does not seem like a problem for these pockets, the price of properties in the north is more competitive than in other coastal destinations. “It is an abysmal difference. Between three and six million euros you can buy authentic wonders. And the operations close between the starting price and 10% less,” Pérez explains. Meanwhile, Rosendo points out that the sale managed by their consultant “have ended between 3% and 8% below the first amount requested by the seller.”
“They are products that had less departure, so,” says Maya, who defends that it is still early to notice an impact on prices due to the arrival of more foreigners north. An opinion that supports most of the experts consulted.
The latest Engel & Völkers report, prepared with the data of the operations that have been carried out in 2024, collects considerable increases in certain areas. For example, in Cantabria, the average price of the square meter stood at 4,110 euros, 107% more than in 2023; In Pontevedra rises by 44% to 2,068 euros, while in Álava it does 28% to reach 2,956 euros. Amounts, even so, distant from those who are handled in Marbella, with its 8,650 euros per square meter, or Santa Eulalia del Río (Ibiza) with 5,363 euros.
It is also considerably lower also the percentage of foreigners who acquire properties in northern Spain against Mediterranean or the islands. According to the data of the College of Registrars at the close of 2024, which do not differentiate the amount of transactions, 32.6% of buyers were foreigners in the Balearic Islands: 27.23% in the Canary Islands; 28.92% in the Valencian Community and 13.9% in Andalusia. Looking north we find ourselves Asturias (5.8%); Cantabria (3.59%); Basque Country (3.66%) and Galicia (2.19%). All below the national average (14.6%). Whether for climate change, privacy, larger properties or greater profitability thanks to lower prices, which is clear, in the opinion of the sources consulted, is that northern Spain is becoming a place of interest for foreigners.
