Best Places to Buy and Rent Homes in Spain: Affordable Andalucian Towns

Discover the top Andalucian towns identified by Business Insider as the most affordable places in Spain for buying and renting homes in 2024. Explore expat enclaves with attractive property investment options.

A recent report from Business Insider has identified two Andalucian towns as some of the most affordable places in Spain for buying and renting homes. In the current real estate market of 2024, purchasing a house has become increasingly challenging due to rising prices in recent years. Despite this, certain expat enclaves in Spain continue to offer attractive options for those looking to invest in property.

According to Business Insider, there are cities in Spain where it is more advantageous to buy a property rather than rent. The publication has compiled a map highlighting the best Spanish cities for property investment. Conil de la Frontera in Cadiz is one of the towns featured on the list, with estimated house prices ranging from €150,000 to €200,000. Research conducted by Catedra Grupo Tecnocasa-UPF has indicated that buying property in Cadiz could prove to be a lucrative investment. Fuengirola in Malaga has also been recognized for its competitive house prices.

The study reveals that there are only 100 cities in Spain where the financial burden of purchasing a flat (i.e., the mortgage) is lower than renting. Among these cities are Mogan in Gran Canaria, Barakaldo in Vizcaya, Benidorm in Alicante, Conil in Cadiz, Fuengirola in Malaga, L’Hospitalet in Barcelona, and Yecla in Murcia. Long-term savings of €100,000 to €150,000 can be achieved by opting to buy rather than rent in these areas. However, the initial investment required for purchasing a property is significantly higher, making it a challenge for many young individuals to take that step.

The real estate market in Spain offers opportunities for both buyers and renters, with certain cities presenting favorable conditions for property investment. Despite the challenges posed by rising prices and economic uncertainties, there are still affordable options available for those looking to make a smart investment in the housing market.