A 19th-Century Stone House in Spain
$1.7 MILLION (1.55 MILLION EUROS)
This 19th-century home on three acres is in A Cañiza, a municipality in the Galicia region of northwest Spain, about 10 miles north of the Portuguese border. The house was rebuilt in 2006 as an eight-bedroom, 10-bathroom villa with two one-bedroom cottages — a total of 10,226 square feet of living space. The property, which has a saltwater swimming pool, gardens and balcony views of the Galician mountains and northern Portugal, has been used as an inn.
“The seller rebuilt the home, which dates to 1880, respecting its uniqueness,” said Rafael R. Rosendo, director of the Galicia office of Lucas Fox International Properties, which has the listing. “It belongs to the list of historical heritage properties of Galicia.”
The three-story villa was constructed of stone, granite, slate, wood and iron. The walls are mostly exposed stone, and the floors are oak, cedar and cherry wood. The frames on the double-glazed windows, the doors and the shutters are painted “carriage red,” Mr. Rosendo said.
The front door, on the second level, opens to a long, glass-walled foyer fronting an internal stone courtyard. The central living area has high ceilings and a traditional Galician stone fireplace, or lareira, with a double-height chimney ascending through an upstairs living room.
“The lareira is a very large fireplace, historically used to cook, warm the house and gather together to enjoy lunches and dinners,” Mr. Rosendo said. “Some lareiras have a small oven, like this one.”
The living area connects to a dining room with beamed ceilings and a glass-encased balcony overlooking the Rio Minho valley to the south. This level also has four en suite bedrooms. (All of the furniture, a combination of custom-made pieces and 19th-century antiques, is included in the asking price.)
On the third level is a living room with a vaulted ceiling and doors to a balcony, as well as an en suite bedroom and a self-contained two-bedroom apartment with a separate entrance, Mr. Rosendo said.
On the ground floor is a commercial-grade kitchen with a center island, wood cabinets, Galician granite counters and German stainless-steel appliances. There is also a bedroom on this level.
From a broad patio that connects the three buildings, a stone staircase leads down to the pool and landscaped grounds. A garden with ornamental trees and boxwood hedges is surrounded by an oak forest furrowed with paths. Among other period features, the property contains the ruins of a stone hórreo, a traditional Galician granary.
The villa has a two-car garage, and there is parking for up to 12 vehicles on the property, Mr. Rosendo said. One of the cottages contains a wine bar and cellar.
The small town of A Cañiza, with about 5,200 residents, is in the Pontevedra province in southeastern Galicia. Vigo, the largest municipality in Galicia, with almost 300,000 residents, is about 35 miles west, on the Atlantic coast. Madrid is more than 300 miles southeast. Recreational activities in the area include hiking, horseback riding, rafting, canoeing, cycling and hunting, Mr. Rosendo said.
The nearest airport is in Vigo, but international flights are more numerous at the airport in Santiago de Compostela, the Galician capital, about 85 miles north.
Market Overview
Galicia, a remote, autonomous community with four provinces and about 2.7 million residents, has struggled since the global financial crisis of 2008, when home sales faltered and prices fell 50 to 80 percent in some areas, brokers said.
“The housing market in Galicia has been, and still is, slow,” said John van der Weide, an agent with Galiciavista Inmo, noting that the rainy climate is a deterrent for foreign buyers. “Few clients are buying vacation homes. Most people that buy want to live here permanently.”
However, there are some bright spots, including the coastal provinces of Pontevedra and A Coruña, where demand is rebounding and prices are holding steady, Mr. Rosendo said. Foreign home buyers come in search of “lifestyle,” he said, as do Spaniards escaping the country’s scorching coasts to the south. “Tranquillity mixed with good seafood, Albariño wine and fresh air — they call this ‘Galifornia.’”
Vigo is seeing home prices approach the peaks of 2004-05, in large part because of the ongoing redevelopment of the city center and upgraded public transportation, including a high-speed train that promises to deliver passengers to Madrid in two and a half hours, Mr. Rosendo said. But in the suburbs, buyers are still offering and sellers are still accepting about 20 to 25 percent below list prices, he said.
Some foreign buyers consider the prices in Galicia’s coastal areas too high, said Mark Adkinson, the owner of Galician Country Homes. “A lot of people are thinking about the coast, but it can be a lot more expensive. If you go down toward Pontevedra and Vigo, it’s well over two or three times as much as it is in the countryside.”
Mr. Adkinson said he has seen foreign buyers gravitating toward the inland city of Lugo, where Galician Country Homes is based. The area “is very natural, it’s bigger houses, it’s very good, solid houses,” he said. “They’ve got bigger plots of land, and a lot of people are thinking of living off the land, to some extent.”
Large villas, manors and monasteries tend to appeal to buyers less for their location, Mr. Rosendo said, than for their history, condition and land — although location is still important. “Close to the sea, or proximity to a city and airport, are a plus,” he said. “We’re noticing many CEOs or business owners looking into these properties to hold events and invite client guests to stay. This is becoming a new trend.”
Also attractive to buyers are the many pilgrimage routes in Galicia, including the Camino de Santiago, popularized in the 2010 film “The Way,” brokers said. “The coastal regions are the most in demand, but also properties on the Camino de Santiago, where clients like to start guesthouses,” Mr. Van der Weide said.
Most buyers are seeking apartments or houses for 300,000 to 600,000 euros ($336,000 to $672,000), Mr. Rosendo said.
But depending on the location, there are much more affordable properties available, Mr. Adkinson noted, including homes in decent condition for as little as 80,000 euros ($90,000).
There are also clients “who buy properties to restore from 12,000 euros,” Mr. Van der Weide said, or around $13,000. “Building plots are also popular, especially those with sea views or close to the coast.”
Who Buys in Galicia
Many buyers have a Galician background and are returning to the area, including expatriates moving back from countries like Venezuela and Mexico, Mr. Rosendo said. Others are Spaniards from elsewhere in the country seeking vacation homes in a less touristy area with milder summers. Foreign buyers, attracted by Galicia’s lush, green landscape, tend to come from France, Germany and Scotland, he said.
Mr. Adkinson said the majority of his foreign clients are from England, the Netherlands, Germany and the United States, with smaller numbers from South Africa, New Zealand and Australia.
Buying Basics
There are no restrictions on foreign home buyers in Spain, although noncitizens must obtain a tax identification number. They can also take advantage of the Golden Visa program, which offers residency status to those who spend at least 500,000 euros (about $560,000) to buy property.
Notaries handle all property sales. Lawyers aren’t necessary, but some brokers recommend them; the fee is typically about 1,500 euros ($1,680).
“There’s only a handful of English-speaking lawyers in Galicia,” Mr. Van der Weide said. “We recommend that a client take a lawyer, since most people don’t speak sufficient Spanish to understand a Spanish deed.”
Closing costs are usually about 13 percent of the sale price, including notary and registration fees, Mr. Adkinson said. But “if you intend to live here permanently,” he added, “the costs would be less, at 10 percent.”
The seller pays the broker’s commission, which is about 3 to 4 percent, but can go up to 7 percent, agents said.
Spanish banks are currently offering foreign clients 10- to 20-year loans with fixed rates of 2.5 to 4 percent with a down payment of 35 to 55 percent, Mr. Rosendo said.
Websites
Languages and Currency
Spanish, Galician; euro (1 euro = $1.12)
Taxes and Fees
The annual property taxes on this home are about 1,500 euros ($1,680).
Contact
Rafael R. Rosendo, Lucas Fox International Properties, 011-34-886-908-295; lucasfox.com
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