Traditionally, international investors looking for luxury properties in Spain have focused on destinations like the Balearic Islands, Málaga, and the Mediterranean coast. However, a new trend is emerging, wealthy foreign buyers are increasingly looking to northern Spain for real estate opportunities. With its cooler climate, stunning landscapes, and high quality of life, the region is attracting more interest than ever before.

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The Appeal of Northern Spain

Several factors make property in northern Spain an attractive option for foreign investors:

• Mild Climate: Unlike the sweltering summer temperatures in the south, the north offers pleasant summers and a more temperate climate year-round.
• Breathtaking Scenery: From the lush green valleys of Galicia to the rugged coastline of the Basque Country, the region is known for its natural beauty.
• Lower Property Prices: Compared to hotspots like Marbella or Ibiza, property in northern Spain remains more affordable, offering better value for money. Although there are still some pricey spots in Northern Spain!
• Rich Culture and Gastronomy: The region is home to world-renowned cuisine, quaint small towns, and local traditions that appeal to foreign residents.

Popular Destinations for Foreign Buyers

Here are some of the top locations where foreigners are settling in northern Spain:

Bilbao and the Basque Coast

Bilbao, the biggest city in the Basque Country, has developed into a modern and well-connected place to live. With great transport links, cultural spots like the Guggenheim Museum, and a high quality of life, it’s attracting more international buyers. Just outside the city, the coastal areas of Urdaibai and Uribe Kosta are becoming more popular, offering a peaceful beachside setting while still being close to Bilbao.

San Sebastián

Known for its stunning beaches, Michelin-starred restaurants, and elegant architecture, San Sebastián is one of the most popular places to live in northern Spain. The city is famous for its food scene, with more Michelin-starred restaurants per square meter than almost anywhere else in the world. Its laid-back coastal lifestyle, combined with an exciting cultural calendar, including the famous San Sebastián Film Festival, makes it a top choice for foreign buyers looking for a holiday home or a place to settle down.

Santander and Cantabria

Santander, the capital of Cantabria, is another growing hotspot for foreign investment. With a beautiful coastline, quaint old town, and a slower pace of life, it is a great choice for those looking for relaxation and stunning seaside views.

Galicia: Santiago de Compostela and A Coruña

Galicia has a lot to offer, from amazing scenery to deep cultural roots, and in many areas, property prices are still affordable. Santiago de Compostela, famous for the Camino de Santiago, attracts people who love history, old stone buildings, and a slower pace of life. It has a strong cultural scene, lots of green spaces, and a friendly atmosphere. A Coruña, on the other hand, is a coastal city with great restaurants, shopping, and a busy waterfront. It’s a popular choice for people who want to live by the sea but still have everything a city offers. While some parts of Galicia are more budget-friendly, areas like A Coruña and other prime coastal spots can be pretty expensive.

Asturias: Oviedo and Gijón

Asturias is becoming a popular choice for foreigners who want to get away from crowded tourist spots. Oviedo, the region’s capital, combines history with modern conveniences. It’s known for its beautiful old town, charming squares, and historic buildings, but it also has modern shops, restaurants, and excellent public transport. It’s a great place for those who appreciate a more relaxed lifestyle with access to everything you need.

Gijón, on the other hand, offers coastal living with some of the best beaches in northern Spain, like Playa de San Lorenzo. The city has a growing expat community, making it easy for newcomers to settle in. Gijón also has a great cultural scene, with music, art, and festivals year-round, while still keeping a laid-back feel. Both cities and the rest of Asturias, offer a mix of city life and nature, with mountains and the coast just a short drive away.

A Market Driven by Climate Change?

One key reason behind this shift in foreign investment is the growing impact of climate change. Rising temperatures in southern Spain have made the north a more attractive alternative. While cities like Sevilla and Málaga frequently experience summer temperatures above 40°C, places like Bilbao and San Sebastián enjoy a much cooler climate, with summer averages closer to 20–25°C.

Challenges and Considerations

Despite its growing appeal, investing in northern Spain comes with some challenges:

• Understanding Local Regulations: Property laws and tax policies vary by region, making it essential for buyers to research before investing.
• Limited Supply of High-End Properties: While demand is increasing, the availability of luxury properties is still lower than in the south.
• Economic and Market Fluctuations: Real estate prices in northern Spain are rising, but the market remains less competitive than in traditional hotspots.

Is It Time for a Change?

If the summer heat in the south of Spain is getting a bit too much, have you thought about moving to the north of Spain? With cooler temperatures and a laid-back lifestyle, areas like Asturias, Galicia, and the Basque Country offer a refreshing change. Whether you’re interested in the history of Oviedo and Gijón or the coastal beauty of San Sebastián and A Coruña, there’s something to suit everyone. And for those who have already made the move, we’d love to hear from you, what’s life really like in the north? Share your thoughts and experiences with us in the comments…

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Main image: Shutterstock/Jose Miguel Sanchez