Property investments in Galicia - Spain

Unique opportunity

Value growth while buildingThere are many reasons behind Laxe's growth in property value. First of all the Spanish economy is growing fast; actually it's at the top of many Western European economic indicator tables.

Furthermore, Galicia is a region that was somewhat "left behind" compared with the rest of Spain, and which is now catching up, with added impetus from the regional Government's economic policies.

The area is an interesting one on many fronts: unspoilt, low contamination, a mild climate, great food (and seafood!), excellent wines, history, wonderful places to visit. And last but not least, Laxe is becoming the place where many Spaniards want to go: last year a Spanish soap-opera was set there, and as a result everyone in the country knows the town.

The main reason behind such impressive growth is the impending town-planning project awaiting approval: the regional government of Galicia is completing an urban planning scheme by asking local councils to propose detailed plans for approval. The Laxe municipality has presented its plan in July this year and the regional authorities have rejected it pending some minor alterations. No new construction will be allowed to take place anywhere in the area until the complete plan has been approved. So this is a good time to buy because as soon as the new planning scheme has been re-presented (and approved), building will commence immediately and prices will rise considerably.

Value growth over the past 12 yearsAs well as the afore-mentioned, the housing market has already been giving good returns. Over the past 12 years values have practically doubled (see graph). This strong trend has begun to weaken slightly since 2003, but is still positive and the market performing well (annual rises have averaged slightly over 6% between 2005 and 2007).

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