Home News House Hunting in Spain: A Restored Flour Mill Near Valencia for $105,000

House Hunting in Spain: A Restored Flour Mill Near Valencia for $105,000

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Nestled on a secluded hill in Aragon, the autonomous province of northeastern Spain, this 17th-century flour mill is now an old-fashioned country. Residence..

For centuries, the mill has been an essential economic driver for the Spanish rural community. “There’s very little left today,” said Ana Vela, co-founder of The Singular Space, a publicly traded agency that specializes in unique properties across Spain.

This two-bedroom, one-bath, 2,475-square-foot stone house is located about an hour northeast of the high-altitude town of Teluel, 90 miles northwest of Valencia. According to Vera, the house, located on 4,300 square feet, was completely restored in 2000 with the goal of maintaining its authenticity. The house is currently on the market but is reserved. That is, the seller has accepted the offer.

The seller, who inherited the property from her mother and used it as a weekend retreat, “successfully maintained its essence and gave it a very welcoming aesthetic,” Vera said. ..

A steep driveway leads to the house, vines clinging to the walls, and towering trees creating shade. After several stairs and a front patio, a wooden door opens into a living space with a brick fireplace, tiled floors and a beamed ceiling. Continuing, the dining area has several wooden cabinets on old stone walls. The stairs near the dining table go up to two large bedrooms with vaulted ceilings.

To the right of the living room is a rudimentary eat-in kitchen with tiled countertops. A room with a bathroom and an antique milling machine is also located at the back of the ground floor. Vera said the house wasn’t equipped for all-season dwellings and needed to be modernized, with its power sourced from generators, no refrigerators, weak internet access, and access to municipal water services. He added that connection work is required.

“What attracted us most about this property was the unique location against the backdrop of these reddish mountains and the river that carries water all year round, making it a very attractive and attractive location. “It has become,” she said of the list of agencies.

The house is surrounded by the mountains of Aragon, along with rivers, orchards, medieval villages and many black truffles. The closest village to the house, Trederas Arkas, is a small village with a population of 35, while Montalban is 10 miles southwest of about 1,200 inhabitants. The provincial capital, also known as Teruel, is known for its Mudejar architecture, a style that combines Gothic and Islamic aesthetics. Zaragoza Airport is 90 miles north.

Nestled between Spain’s three most populous cities, Madrid, Valencia and Barcelona, ​​Aragon’s autonomous community is dotted with Mudéjar structures, natural wonders and medieval villages recognized by UNESCO in the 13th century. I am. Legend About a pair of tragic lovers.

Teruel has some of Spain’s most affordable real estate, with the lowest rents per square meter and the lowest selling prices per square meter of homes (excluding apartments). RealAdvisor, A Swiss-based real estate valuation company that analyzes the Spanish market. As of May 1, Teruel’s average apartment costs € 1,071 per square meter ($ 105 per square foot), and neighboring Zaragoza ($ 155 per square foot) and Valencia ($ 1 square foot). It’s lower than the average ($ 123 per).

But in Teruel, house prices are rising. So far in 2022 it is about 10%. BankInter, A Spanish financial services company based in Madrid. Prices have risen by an average of 6.6% across Spain, but at a slower rate.

Teruel’s market has recovered this year after a pandemic delay and is “more vibrant” than before, said Elena Elías, CEO of Teruel’s distributor Xplora Inmobiliaria.

Quoting figures from the Instituto Naccount of Spain, Elias said this was the busiest March on record since 2007, with 26% more sales transactions than March 2021. In Aragon, March sales increased 23% year-on-year.

She said this activity was primarily facilitated by those who traded in the city, or who bought villas and sold or rented their former homes. According to Elias, there is a bit of movement from the center of the city, and some buyers are looking for urban properties with terraces or suburban homes with outdoor spaces. However, remote rural real estate, which is often unrestored and lacks the internet and mobile phone coverage required for remote work, is in low demand.

The exception, she said, was a restored historic home in a rural area. Foreigners in particular are looking for such homes in the quaint towns of Teruel, Albarracín, Bronchales, Nogueruelas, and the neighboring villages of Mora de Rubielos and Rubielos de Mora.

Vera has observed the same trends across Spain, saying that in 2022, the market for luxury and well-preserved rural real estate will be revived in “record numbers”. A few hours from the city and / or near the rural / town where the service is located, “she wrote in an email.

In Valencia, Spain’s third largest city, the average purchase price in the first quarter of 2022 was € 635,000 ($ 670,700). The closing price for the first quarter of 2022 was 9% higher than the previous year.

Still, Muinhos added that the price of Valencia is half that of Madrid and Barcelona. “This is an important factor for investors looking for high profitability,” she said.

In the city of Teruel, Elias said the majority of buyers, whether resident or invested, are locals. Some are university related or work with temporary job listings. In the Aragon region, buyers usually come from the region or neighboring autonomous states, but some come from France and Germany, while others come from the United Kingdom.

Muiños said that in Valencia, half of the buyers in the first quarter of 2022 were Spanish, and the next largest segment came from the United States. Her company also has buyers from Germany, Italy, Lebanon, Mexico and the Netherlands, and has begun responding to inquiries about renting refugees from Ukrainians.

Vera said foreign buyers in the distinctive rural housing segment across Spain have recently come from France, Germany, Denmark, Latin America, the United States, and especially Miami. “For some, the ideal scenario is to enjoy the house and do business while the other half aren’t there,” she said.

Foreigners can buy Spanish real estate without any restrictions. The closing costs paid by the buyer include taxes, agency fees, registration of the property with the government, and notary fees, for a total of approximately 15% of the purchase price.

Muinos said foreign buyers can get mortgages in Spain, but banks may have different requirements for borrowers from outside the European Union. “Residents can usually borrow up to 80% of the value of real estate, but non-residents are limited to 60-70%,” she said.

Spanish; Euro (1 Euro = $ 1.06)

According to Vera, the property tax for this property is around € 60 ($ 64) annually.

Ana Vela, The Singular Space, 011-34-913-889-774; thesingular.space

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