Salamanca Property Market and Real Estate Guide
(Salamanca, Castilla y León, Spain)
Salamanca is known as the place to go if you want to learn the Spanish language, and this city in western Spain has been a tourist haven for the past 30 years.
La Ciudad Dorada, or 'the Golden City', is also home to the oldest university in Spain, which makes it an attractive spot for expats seeking a long-term excursion away from home due to reasonable housing costs and low rents for serviced apartments.
Salamanca has its share of expensive abodes, but it is not difficult to find economically-feasible housing if you choose to purchase a home, a townhouse or a villa. The return on investment (ROI) rate, while steady since 1990, has been shaken by the global economic crisis since the end of 2005. Although this trend has changed since the middle of 2009, purchasing a home here does not necessarily provide the best investment opportunities.
The city is situated near the Portuguese border, just three hours west of Madrid
, and has many spots suitable for residential life. The Barrio Pizarrales district, one of the city's oldest, and Barrio Garrido have ample living areas for those looking to spend an extended stay here.
Renting Serviced Apartments
Serviced apartments in Salamanca run the gamut in terms of amenities, cost and convenience. The university district has some of the cheapest places to live, although they may not be suitable for those who want to stay for durations longer than a year, particularly due to noise concerns.
The more residential areas in the historic district, and even those found on the outskirts of town, provide better opportunities for comfortable living, with prices ranging from affordable to very costly, depending on the services you desire and the space requirements you may need.
Leases in Salamanca are similar to those found in the rest of Spain although there is more leeway for short-term rentals due to the large student population. While in some other cities any lease under 12 months will usually see increased rent, Salamanca rent, more often than not, is discounted for stays from as few as six months.
Regardless of the length of stay, the usual cost of moving into a serviced apartment is the equivalent of three months' rent. This includes first and last month's rent plus a one-month deposit.
Buying Apartments and Houses
There is a range of houses, town homes, and villas available for purchase in Salamanca, many of which are reasonably priced with convenient locations to the major areas in the city. Two-bedroom flats are the most popular, and therefore the best buys, although any size accommodation is within reach with the right agent.
If you decide to live in Salamanca, make sure to take the transfer taxes, deed transfer and registration, and Spain's yearly wealth tax, into consideration before you decide on a purchase. UK expats are at a particular advantage here since the British Pound has historically been one of the stronger currencies, even with the implementation of the Euro.
Real Estate Agents
There are an abundance of real estate agents in Salamanca, although finding a reputable one can sometimes pose a challenge. Recent legislation has made it such that anyone can become an agent, whereas in the past, qualified agents have been either Agentes de la Propiedad Inmobiliaria (API) or Gestores Inmobiliarios (GIPE).
While it may not be as financially disastrous in Salamanca as in other parts of Spain to deal with a less-qualified agent, it is highly recommended to use an agency that has English-speaking representatives with a good knowledge of the area.
Check out the following Salamanca real estate agents:
Consulting 2001 Inmobiliaria
Address: Paseo Canalejas 19, Salamanca, 37001, Spain
Tel: +34 923 28 1501
Consulting 2001 has been finding homes for visitors to Castilla y León, as well as other parts of Spain for almost ten years, and has English-speaking agents.
Address: Luchana 4, 2nd Floor D 4, Madrid, 28004, Spain
Tel: +34 914 44 2719
Although based in Madrid, this agency has representatives in Salamanca and specialises in apartment rentals for any length of stay.
Address: Avenida Italia 8, Oficina 19, Salamanca, 37006, Spain
Tel: +34 923 21 5444
This company has a large database of houses and serviced apartments for rent all over the greater Salamanca area.