More and more Americans are choosing to come to live in Spain. As published andlEconomista.es A few weeks ago, the Spanish coast has become one of North Americans’ favorite retirement destinations. The truth is that, for years, the Spanish coast has been one of the favorite destinations for foreign retirees who have a relatively comfortable economic situation: French, English, Germans and Americans have been coming to Spain for years to enjoy the pensions they enjoy here. of greater purchasing power. Now, emptied Spain and other regions too Americans could become a new targetafter a report on the real estate market that has had a great impact in the US.
From the prestigious diary The New York Times until the CNBC have echoed a study that focuses on the European real estate market, especially highlighting Spain as one of the most attractive destinations for American buyers, who are looking for more space for less money in a safe country, with good weather and a tolerant and close population. The New York newspaper article highlighted, in particular, the Castilla-La Mancha and Extremadura regions for their competitive prices compared to the crazy prices in Manhattan.
Buy a mansion for the price of a basement
He My Dolce Casa studio places Spain in third and fourth place on the list of the best real estate opportunities in Europe, highlighting Castilla-La Mancha and Extremadura as ideal options for those who want to get away from the stress and high cost of living in cities like New York.
The study, carried out by My Dolce Casa, compares the average prices of a 46 square meter apartment in Manhattan, whose price is around $750,000. This equates to approximately $32,000 per square meter. However, for that same amount, Americans in Castilla-La Mancha can purchase a home (more like a mansion) of 726 square meterswhich translates to just $1,033 per square meter. In Extremadura, the figure is similar, with homes of 690 square meters at a cost of 1,087 dollars per square meter. This notable contrast highlights the extreme differences between both markets.
The real estate opportunity in emptied Spain
The large price differences with these Spanish regions are not only a product of the economic gap. So much Castilla-La Mancha and Extremadura have suffered population stagnation in recent decadesespecially in its rural areas, given the exodus of its young people to the country’s large cities, such as Madrid, Barcelona or Valencia. This has resulted in an affordable real estate market, in which homes, often large properties, are sold at considerably lower prices than in other parts of Spain and of course the United States.
Plaza de Santo Domingo with the palace of the Marquises of Torremejía in Almagro. Photo from iStock.
Castilla-La Mancha, known for being the land of “Cervantes and Don Quixote” (as highlighted in his article The New York Times), combines its rich cultural history with an enviable natural environment. Towns like Almagro and Consuegrawith its windmills and medieval castles, have become points of interest for foreign buyers, who value the historical heritage without having to pay the exorbitant prices of other more popular regions.
On the other hand, Extremadura, located on the border with Portugal, is a region characterized by its vast natural and architectural heritage, which includes cities such as Mérida and Cáceres, both declared World Heritage Sites by UNESCO and that are known worldwide for their heritage. Extremadura has traditionally been one of the least densely populated areas of Spain (in exchange, it has unmatched natural wealth), and this, together with its predominantly rural economy, has made it house prices remain relatively low. More and more foreigners with a comfortable economic situation are choosing to invest in homes, old farmhouses or rural houses in different areas of the province of Cáceres or Badajoz.
As remote working and globalization continue to redefine the priorities of home buyers, Spain, with its mild climate, rich history and affordable real estate offering, is establishing itself as a preferred option for Americans seeking a quieter life. and spacious without giving up comfort.
The discovery of Spain and its real estate
For its part, the report of the CNBC It also affects other regions of Spain, which, although more expensive than Extremadura or Castilla-La Mancha, have other attractions. This is the case of Catalonia and the Canary Islands, whose tourism and leisure offer is widely known. “Catalonia, which stretches for hundreds of kilometers on the Mediterranean coast and is home to Barcelona, welcomed more than 18 million international tourists in 2023. Here, according to the report, you can expect to get a house of up to 280 meters squares,” says the CNBC report.
The Canary Islands are also a popular tourist destination. In 2023, it will attract some 14 million international visitors. In this place, you can exchange your studio in New York for a 260 square meter house with views of the Atlantic Oceanenjoying a pleasant climate throughout the year. The islands are known for their mild climate, with average temperatures ranging between 18°C and 24°C throughout the year, making them an ideal destination for those seeking a more relaxed, outdoor-oriented lifestyle. , getting away from the urban bustle. Anglo-Saxons look to Mediterranean countries for the secret of healthy longevity. In addition to the attractive climate, the affordability of housing and the cost of living compared to cities like New York is another incentive to move or spend longer periods of time, as revealed by the CNBC.
“International buyers are discovering that in Spain they can access a higher standard of living for a fraction of the cost”points out the article. This attraction is not only due to the affordable prices, but also to the more relaxed pace of life and the rich cultural offer that characterizes Spain.
In short, the article The New York Times and the CNBC They offer a clear view of how the Spanish property market, particularly in regions that have seen population decline such as Castilla-La Mancha and Extremadura, is attracting international attention. Spain is presented as an ideal option for those seeking to maximize their investment and improve their quality of life, something more and more Americans are considering.
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