Hamlet in northern Spain on sale for £142,000 – almost four times less than a London flat

Olgueira, Galicia

(Picture: Idealista)

A “rustic” hamlet in northern Spain has been listed for sale for £142,000 (€160,000) — almost four times less than the average London flat (£555,247, according to Rightmove).

Olgueira is a three-house hamlet in Galicia which borders the ancient pilgrim route —and now popular hiking trails— of the Camino de Santiago.

According to the listing on Idealista, the sale includes three houses, two 100-year-old granaries, a fountain, winery, stable and stone oven, all set on a 25,000m² plot.

The houses, built more than a century ago, collectively span 720m² (7,750 sq ft) of space, with the largest at 300m², another at 280m² and the smallest at 140m².

The largest of the three houses (Idealista)

They will, however, require investment in order to become liveable.

With the plot bordering the Camino de Santiago and located just 25km from the coastal town of Ribadeo and its famous Playa de las Catedrales, the hamlet is being marketed as an investment opportunity.

“If you’re looking for an apartment and are open-minded, let us propose an alternative,” reads an Idealista blog post about the property.

The proposition also includes a winery and a granary (Idealista)

“A Galician village has just been put up for sale that costs less than an apartment in Madrid or Barcelona.”

The proposition is pitched at young people in search of a change of lifestyle, which includes people from overseas.

Rural Spanish villages like Olgueira are increasingly becoming abandoned as their inhabitants flock to cities in search of new opportunities.

Local press report that in Trabada, where Olgueira is located, the population has decreased by 50 per cent in the last 40 years alone.

Like many other rural villages in Spain, Olgueira has been abandoned (Idealista)

They estimate that there are around 20 uninhabited villages like Olgueira in the municipality, plus 11 with just a single inhabitant.

This is particularly a problem in northern Spain. According to a report by La Vanguardia, Lugo, the province, is the territory with the second-fewest young people in Europe after Zamora, a town some 300km south of Trabada.

To combat depopulation, the Spanish government have introduced a number of initiatives to entice new residents to fading rural villages.

In November, the entire town of Salto de Castro, with 44 homes, a hotel and church, was put on sale for €260,000 (£227,000).

Agencies like 88 Living Projects, where Olgueira is listed, and Aldeas Abandonadas Inmobiliaria (abandoned villages estate agency) have also formed in an attempt to sell Spain’s abandoned properties.

Fancy building a rural retreat – or a commune with friends? Olgueira could be your place in the sun.