BUYING IN ANDALUSIA IS THE DREAM OF MANY WHO WISH TO INVEST IN REAL ESTATE IN SPAIN. AFTER SEVILLE, CADIZ, MALAGA AND MARBELLA, WE CONTINUE OUR TRIP TO ANOTHER ANDALUSIAN CITY, GRANADA. DISCOVER ITS MAGNIFICENT ALHAMBRA PALACE AND … ITS SMALL REAL ESTATE PRICES!
Granada is the capital of the province of the same name in the south-east of Andalusia. The city stretches over several hills at the foot of Sierra Nevada, at the confluence of three rivers. Granada has 2,900 hours of sunshine a year. It is about sixty kilometers from the Mediterranean coast, and halfway between Malaga and Almeria. There are 230,000 inhabitants, and about 500,000 in the surrounding area. Malaga International Airport is 130 kilometers away.
At the foot of Sierra Nevada
Granada is in contact with the foothills of the Sierra Nevada (literally “the snow covered mountain”). It is the highest mountain of Spain topping out at 3478 m or 11400 feet. The backdrop of the mountains in the city and its surroundings is very pronounced.
The climate is continental Mediterranean, with:
- hot and dry summers (maximum 35 ° C), as the city is protected from the winds by the Sierra Nevada,
- and cold winters (minimum -4 ° C) due to the altitude of the municipality (738 meters above sea level).
The tempature difference is very noticeable in Granada between these two seasons. The average annual maximum temperature is 23 ° C, the average annual minimum temperature is 10 ° C and the average annual temperature is 15 ° C. Precipitation is common outside the summer. The sunshine is 2,900 hours per year on average. Snow often falls in winter.
A ski resort is located not far from the city, in the Sierra Nevada, allowing the inhabitants to enjoy winter sports.
Granada, multicultural capital
The city of Granada has been shaped by multiple cultures and has played an important role at many times in history. Since antiquity, the city knows the Iberian culture then the Carthaginians and Romans.
The conquest of the region by the Zirid dynasty in the 11th century marks the beginning of the kingdom of Granada, during which time several Muslim dynasties succeed one another: capital of the taifas of Granada, Granada is conquered by the Almoravids and integrated into the kingdom of Al-Andalus in 1090; she then knows the dynasties of the Almohads and Nasrid.
In 1492, the Catholic Kings conquered the city and incorporated it into the crown of Castile as a Catholic kingdom. Persecutions ensued against the Jews then the Muslims, and even the converts (Moriscos). In 1833, the territorial division of Spain made the city the capital of the province of Granada within the autonomous community of Andalusia.
The University of Granada is one of the oldest universities in Spain. Founded in 1531 by Charles V, it remains one of the country’s leading cities. It has 70,000 students, many of whom are foreigners either through European exchange programs Erasmus or Intereg, or in the extra-European context. In proportion, it is the European university which welcomes the most.
Cultural and tourist center
Granada is home to the famous Alhambra Palace (“Al-Hamra” in Arabic), a masterpiece of Hispano-Arab architecture, a World Heritage Site, built in the 13th and 14th centuries. It is a palatial ensemble constituting one of the major monuments of Islamic architecture. Its length is 740 meters and its width varies from 40 to 180 meters.
The most majestic medieval acropolis of the Mediterranean world, located on the Sabika plateau overlooking the city, it consists essentially of five parts included in its walled enclosure: the Alcazaba, the palaces Nasrid, the Generalife, its gardens, and the palace of Charles Quint. With 3 million visitors a year, it is the second most visited monument in Spain after the Sagrada Familia.
The historic center of Granada is divided into four old cities.
The Albaicín, located on the hill of the same name, UNESCO World Heritage since 1994. With its white houses and narrow streets, it is the favorite neighborhood of students from all over Europe.
The Realejo-San Matías, old medieval Jewish quarter, where the Alhambrais located. It is an old district whose convents and churches merge with a young population of students and families who have been owners for many generations.
The “Sacromonte”, which is located south of Albaicín and was originally the Gypsy district. There are many caves excavated and arranged in the rock, painted white and light blue to hunt mosquitoes (as in Morocco). This is where we find Zambra Gitana, an Andalusian dance from the Middle East, which has become flamenco.
And to finish the Centro Sagrario, a city center shaped mainly by the Catholic period, which extends below the cathedral and the royal chapel.
Real estate at exceptionally low prices
Real estate investment in Grenada can be done as a main residence (for retirement), as a second home or rental investment. The Andalusian city offers excellent value for money with an average of 1850 € a square meter. With such low prices, demand grew by 12.5% in 2018 and prices followed, increasing by 15% in 2018! Rest assured, there is still room for improvement: prices are still a third lower than they were just before the real estate crisis of 2007.
The rental investments in Granada are interesting. The city has about 600 tourist apartments (“pisos turisticos”) made available to tourists by their owners. Tourism demand is very important and growing between June and September. The average duration of the rental stays is only 2 days. The presence of tens of thousands of students is also a source of rental income from September to June. A combination of both rental systems is a good solution for high rental profitability.
And among the 6,000 sales recorded in Grenada in 2018, one in five is made by foreign investors, British leading, followed by French and German, then Belgians and Italians.
The neighborhoods favored by foreigners are mainly three districts of the historic center. The neighborhood of Albaicín has an average price of 2100 € per m2. The Realejo and the Centro Sagrario are a little more expensive at 2300 € per m2.
So, Granada your next romantic weekend?
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