Finding a home in Spain: Historic estate for < 2 million dollars.

International real estate

In Galicia, where the climate and real estate market are cooler, prices remain attractive to both local and foreign buyers. A 19th-century stone house in Spain for $1.7 million (€1.55 million). This 19th-century house on three acres is located in A Caniza, a municipality in the Galicia region of northwestern Spain, about 16 kilometers north of the Portuguese border. The house was restored in 2006, becoming an eight-bedroom, ten-bathroom villa with two one-bedroom cottages - a total of 952 square meters of living space. The grounds include a saltwater pool, gardens and a balcony with views of the Galicia mountains and north''Portugal.

"The seller has restored this home, which dates back to 1880, preserving its uniqueness," said Rafael R. Rosendo, director of the Galicia office of Lucas Fox International Properties, which has a listing. - It is listed as a Galicia historic property. "

The three-story villa is constructed of stone, granite, slate, wood and iron. The walls are mainly exposed stone and the floors are oak, cedar and cherry. The double-glazed windows, doors and shutters are painted a "red carriage house" color, Rosendo said. The main door is on the second level and opens into a long hall with glazed walls overlooking a stone courtyard. The central living room has high ceilings and a traditional Galician stone fireplace, or lareira,'''with a two-tiered chimney running through the living room on the second floor.

"A lareira is a very large fireplace, historically used for cooking, heating the house, and sharing lunches and dinners together," Rosendo said. - "Some lareirs have a small stove, like this one. "

The living room connects to the dining room with wooden beams and a glazed balcony overlooking the Rio Minho Valley to the south. This level also has four bathrooms 'with its own furnishings, including custom pieces and 19th-century antiques.

The third level has a living room with a balcony, as well as a bathroom and a one-bedroom apartment with a separate entrance.

On the first floor there is a commercial kitchen with an island,''Wood cabinetry, Galician granite countertops and German stainless appliances. There is also a bedroom on this level. A large patio connects the three buildings, and from there a stone staircase leads to the pool and landscaped grounds. The garden with ornamental trees and beech hedges is surrounded by an oak woodland with paved paths. Other historic features of the property include the ruins of a stone "orreo", a traditional Galician barn.

The villa has a two-car garage, and there is parking for 12 cars on the property," Rosendo said. One of the cottages has a wine bar and cellar.

The small town of A Caniza, with about 5,200 residents, is in the province of Pontevedra in southeastern Galicia. Vigo, the largest''A municipality of Galicia with almost 300,000 inhabitants, it is about 56 km to the west, on the Atlantic coast. Madrid is more than 500 km to the southeast.

The recreational opportunities in the area include hiking, horseback riding, rafting, canoeing, cycling and hunting, Rosendo said. The nearest airport is in Vigo, but international flights are more frequent at the airport of Galicia's main city, Santiago de Compostela, about 137 kilometers to the north.

Market Overview

Galicia, a remote autonomous community with four provinces and about 2.7 million inhabitants, has struggled since the 2008 global financial crisis, when real estate sales declined and prices fell by 50-80% in some areas,''brokers speak.

"The real estate market in Galicia has been, and still is, slow," said John van der Weide, an agent at Galiciavista Inmo, noting that the rainy climate is an obstacle for foreign buyers. "Few clients buy vacation homes. Most people who buy property here want to live here permanently.

There are bright spots, however, including the coastal provinces of Pontevedra and A Coruña, where demand is recovering and prices are holding up," Rosendo said. Foreign property buyers are coming in search of a "lifestyle," he said, as well as Spaniards looking to get away from the country's hot coasts in the south. "Tranquility combined with delicious seafood, Albarino wine and fresh air -'''head towards Pontevedra and Vigo, prices will be two or three times what they are in the countryside'.

Adkinson said he has noticed lately that foreign buyers are increasingly targeting the inner city of Lugo, where his company Galician Country Homes is based. "It's very natural there, it's big houses, very nice, sturdy houses," he said. - "They have large tracts of land, and a lot of people are thinking about living to some degree by growing their own food. "

Huge villas, estates and monasteries attract buyers not so much for their location, Rosendo said, but for their history, condition and land - although location is still important. "Proximity to the sea or being close to the city and the airport is a plus,"''he said. - "We are noticing that many CEOs or business owners are considering these properties for events and client invitations. "

The many pilgrimage routes in Galicia are also popular with buyers, including the Santiago de Compostela Way, which became popular after the release of the movie The Way in 2010. "The coastal areas are the most sought after, as well as properties on the Santiago de Compostela Way where clients want to open guesthouses," van der Weijde said.

Most buyers are looking for apartments or houses priced between 300,000 and 600,000 euros ($336,000 to $672,000), Rosendo said. But depending on the location, more affordable properties are available,'' Adkinson noted, including houses in normal condition,'' Adkinson said. 'costing as little as 80,000 euros ($90,000).

There are also clients "buying restoration properties from 12,000 euros," said van der Weijde, which is about $13,000. "Land plots are also popular, especially those with sea views or near the coast. "

Who buys in Galicia

Many buyers have Galician roots and are returning to the region, including emigrants returning from countries such as Venezuela and Mexico, Rosendo said. "Many of the buyers are from Galicia," Rosendo said. Others are Spaniards from other parts of the country looking for vacation homes in a less touristy area with milder summer conditions. Foreign buyers attracted by Galicia's green landscape are most often from France, Germany and Scotland, he said.

Adkinson said,''that most of its international customers are from England, the Netherlands, Germany and the US, with small groups from South Africa, New Zealand and Australia.

Basics of buying

There are no restrictions on foreign buyers of real estate in Spain, although non-citizens must obtain a tax identification number. They can also take advantage of the Golden Visa program, which offers permanent residency status to those who spend at least 500,000 euros (about $560,000) on a property purchase.

All real estate transactions are conducted by notaries. Lawyers are optional, but some realtors recommend them; the fee is usually about 1,500 euros ($1,680). "There are only a few English-speaking lawyers in Galicia,"''said van der Weijde. - "We recommend that clients get a lawyer because most people don't speak enough Spanish to understand Spanish documentation. "

The cost of processing a transaction is typically about 13 percent of the property's value, including notary fees and registration fees, Adkinson said. But "if you're going to live here permanently," he added, "the costs will be lower, around 10%. "

The broker's commission (~3-4%, but can be as high as 7%) is paid by the seller, agents said.

Spanish banks are now offering foreign clients favorable loans for 10 to 20 years with fixed rates of 2.5 to 4% with down payments of 35 to 55%, Rosendo said.

Official websites

Spain Tourism:''spain.info

Tourism of Galicia: turismo.gal

Real estate registry: sede.registradores.org

Language and currency

Spanish, Galician; euro (1 euro = $1.12)

Taxes and fees

The annual property tax on this house is about 1,500 euros ($1,680).

Contacts

Rafael R. Rosendo, Lucas Fox International Properties, 011-34-886-908-295; lucasfox.com