Staff Reporter
WITH Spain’s housing crisis dominating headlines, it can seem a far dream to ever secure property on the Iberian Peninsula, yet Idealista is showcasing several three-bedroom apartments which may be in reach.
The cheapest home Idealista has for sale is a three-bedroom, one bathroom apartment at 54 square meters for €20,000 in Alicante’s Elda.
The town is close to the beach and only a half-hour drive from the Alicante capital, but the catch is that the building doesn’t have an elevator.
READ MORE: This surfer’s paradise is the only town in Andalucia’s top 10 most expensive outside of Malaga
Next on Idealista’s cheapest list is a 50 square meter home located in Villena, also in Alicante. It’s on sale via Solvia Inmobiliaria for just €22,000.
In León, La Bañeza, you’ll find an 84 square meter penthouse for €40,000. This apartment on the best floor of the building is fully renovated, furnished and equipped with appliances, meaning you can move right in.
The kitchen also has a balcony.
If you’re hoping for a beach house, you’ll find a 100 square meter duplex on sale for €69,000 in Oropesa del Mar, in Castellón province. The beach is just a 15-metre walk away and the house has a terrace on the top floor for sunbathing after your swim.
But how else can you find cheap housing in Spain?
A trick is to look for real estate opportunities offered by banks. They have a variety of foreclosed properties for sale at up to 70% less than on the market.
Public administrations also auction off foreclosed properties at bargain prices. The Tax Agency has even auctioned off apartments starting from €500.
Another trick is to rent-to-own. The monthly rent paid by the tenant is then deducted from the down payment if they decide to sign the purchase agreement. They can then apply for a mortgage and avoid paying 20% of the down payment all at once.
Buy bare ownership is another option. Yet people have to wait until the seller passes away, and then the new owner can live in the property.
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