A Home on Spain’s Coast from Just $62,500

What’s not to love about cultural riches and cobbled charms? Throughout most of Europe, the property market remains in the doldrums, which means you can find bargains. From the Atlantic to the Mediterranean…from Ireland to Greece, there’s a tempting array of move-into properties that will leave you change from $137,000.

Pundits are divided on whether Spain’s property market will see further price falls. A huge overhang of unsold homes remains, but for the first time in seven years, sales in Málaga province showed an increase in 2013. Spain will always be a popular retirement destination for northern Europeans, and the number of U.S. citizens registered as living in Spain has increased, too. Just over 41,000 U.S. citizens were registered with Spain’s local town halls on January 1 last year—1,300 more than in 2012.

The narrow streets, shady gardens, and stunning architecture of Granada make it one of Spain’s most iconic cities.

Steeped in memories of Moorish Al-Andalus, the narrow streets, shady gardens, and stunning architecture of Granada make it one of Spain’s most iconic cities. In the Realejo, the old Jewish quarter, a refurbished 913-square-foot apartment close to Campo del Príncipe (which has some wonderful tapas bars) is reduced from $162,000 to $134,000.

Far less touristy and commercialized than the Costa del Sol, the Costa Cálida (Warm Coast) is Murcia region’s slice of Mediterranean sunshine. Even in winter, temperatures rarely dip below 64 F, and on my December visit, I saw people bathing in the sea. With a succession of coves and golden beaches in both directions, Puerto de Mazarrón is an attractive seaside town where the Spanish have been vacationing for years.

One agency right now has three-bedroom apartments (967 square feet) starting at $62,500. The closer you get to the sea, the more prices rise, but you can still pick up a 655-square-foot apartment beside the Paseo Marítimo promenade for $82,500.

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