Spain’s so-called España Vacia (‘Empty Spain’) is witnessing an unexpected property revival.
According to the latest figures, some of the country’s most sparsely populated provinces are recording the fastest growth in new mortgages.
Data from the National Statistics Institute (INE), shows six provinces traditionally associated with depopulation are leading the nation for the biggest increase in mortgages taken out to buy homes.
The biggest rises were recorded in Leon (+63%), Zamora (+61.8%), La Rioja (+54.6%), Ourense (+53.7%), Huesca (+50.9%) and Palencia (+50.1%).
Each recorded mortgage growth of more than 50% over the past year – more than double Spain’s national average increase of 24.9%.
The trend suggests buyers are increasingly looking beyond Spain’s expensive cities in search of better value, larger homes and a slower pace of life.
Other provinces commonly included in the ‘Empty Spain’ category also posted strong gains, including Burgos (+47.8%), Badajoz (+45.8%), Salamanca (+45.5%), Segovia (+44.5%), Ciudad Real (+39.7%), Zaragoza (+38.4%), Albacete (+32.3%), Guadalajara (+31.5%), Cuenca (+28.4%) and Jaen (+27%).
The amount being borrowed is also rising sharply.
Huesca led Spain with an 81.7% increase in the total value of mortgages issued, followed by Ourense (+72.7%) and La Rioja (+71.4%).
Meanwhile, the property sales market is also heating up.
Ourense and Zamora recorded the biggest increases in home sales nationwide, rising by 32.8% and 32.5% respectively compared with the same period last year.
Other ‘Empty Spain’ provinces seeing strong growth included Ciudad Real, Leon, Valladolid, Badajoz, Guadalajara, Teruel, Albacete, La Rioja and Salamanca.
Despite the surge, these areas remain tiny compared with Spain’s traditional property hotspots.
Madrid still recorded more than 42,000 mortgages during the period, followed by Barcelona (37,188) and Valencia (16,676), while Malaga ranked third nationally for the total value of mortgage lending at €2.68billion.
Experts say the figures point to growing confidence in Spain’s overlooked interior, where lower property prices, remote working opportunities and improving infrastructure are making once-declining provinces increasingly attractive to buyers.
