Property in Aragon And Navarre

Summary: Navarre and Aragon may border each other but they are two very distinct regions of Spain in their own right.

Navarre and Aragon may border each other but they are two very distinct regions of Spain in their own right.  Navarre is to the northwest of Aragon and one of the most expensive areas of northern Spain for property, though prices are far off those you would expect to pay in Madrid or along the Costa del Sol.

The market is dominated by local Spanish buyers as few Northern Europeans have discovered the delights of the region yet.  This is slowly changing and despite the fairly high prices, both Navarre and Aragon are becoming known as great places for real estate investment.

Having escaped the overdevelopment of the Costas, Navarre is attractive for its beautiful scenery, castles, cathedrals, fortified towns and its rich and turbulent history.  With Rioja and Castile & Leon, Navarre is one of three autonomous Spanish communities making up Basque country.  The capital of the region is Pamplona, probably most famous around the world for its bull running festival, Los Sanfermines, which was memorably featured by Hemingway in ‘The Sun Also Rises’.  The festival takes place each year in July when thousands of visitors flock to the city to watch people from all over the world take part in the run where they sprint down Pamplona’s beautiful cobbled streets with stampeding bulls in hot pursuit!

The city is also famous for its parks and gardens and for being one of the greenest cities in the whole of Spain.  It’s a very popular destination for conventions and seminars and boasts three excellent universities as well.  Outside the city the region is mainly agriculturally driven.  If you’re looking for opportunities for real estate investment there are two main angles you can consider - rental and long term equity growth. 

The right kind of property in the city of Pamplona itself can be easily rented...either for tourism during the hot summers or for corporate let or over the long term for the many students who inhabit the city throughout the academic year.  Outside the city the region is slowly gaining popularity with both summer and winter sport fans.  In the winter there are excellent skiing opportunities nearby, in the summer there’s walking, water sports, climbing and fishing.  Property prices are on the rise as the entire region grows in popularity, and investing in real estate in Navarre is seen by many local Spaniards as a good long term investment.

In Pamplona itself prices have shot up in recent years with a decent detached property in a good area of the city setting you back about £300,000 at the moment. 

To the east of Navarre is Aragon which stretches from the Pyrenees right in the north of Spain down through Spain’s dry inland plains to the southern industrial town of Teruel and which affords the region a unique mix of geography, climate and scenery.  Starting in the north of Aragon there’s the Ordesa National Park which is truly awesome and which features some of the most incredible terrain in the whole of the country...from wooded gorges to mountain peaks, from waterfalls to monasteries - the most famous of which is Monasterio de San Juan de la Pena.

Moving south through the region you come to its capital city of Zaragoza which sits on the River Ebro and which is actually Spain’s fifth largest city and one which dates back some 2,000 years.  Property prices in this city have risen significantly over recent years however much of Aragon still offers plenty of exceptional property investment opportunities.  The southern part of the region is agricultural and much of the land around the city of Zaragoza is actually quite harshly arid though the city itself is famous for its air quality and is attracting many more visitors year on year and a certain proportion of those northern Europeans in search of a Spanish home away from the beach lifestyle.

The city boasts an impressive and exciting nightlife, nearby are the skiing opportunities of the Jaca ski resort - a top favourite with Spanish high society, and as it is located on the main route between Madrid, North Spain and Barcelona it has a strong commercial heart.  All in all the city is a very attractive destination and property prices tend to reflect this.  Expect to pay at least £100,000 for a basic two bed apartment in the city up to over £400,000 for a substantial detached property but expect to see your real estate investment rise over the next few years as the city continues to grow in popularity - according to Spanish real estate experts in the area anyway.

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