Spanish Village with 44 homes hits the market

For anyone dreaming of a quiet life in Spain, a Spanish village could be yours for just $400,488 (€260,000).

According to the BBC, the small village, bordering Portugal about three hours from Madrid, is known as Salto de Castro and comes complete with 44 homes, a hotel, a church, a school and a swimming pool.

The main catch with Salto de Castro is that it has been abandoned for more than three decades.

The current owner bought the village in the early 2000s, with the intention of converting it into a tourist spot, however, the eurozone crisis prevented the plan from coming to fruition.

Salto de Castro was built by the electricity company Iberduero to house families of the workers who built the nearby reservoir in the 1950s.

But after the project was completed, most of the inhabitants left by the 1980s.

The very affordable price tag, which would be about the same price as a one-bedroom apartment in Madrid, has seen the listing attract more than 50,000 views in just a week.

Royal Invest Sales Representative Ronnie Rodríguez said the current owner could not maintain the upkeep of the village.

“The owner had the dream of having a hotel here but it was all put on hold,” Mr  Rodríguez said.

“He would still like the project to come true.”

Mr Rodríguez said 300 people have expressed an interest in buying the village, with inquiries from Russia, France, Belgium and the UK.

Salto de Castro has been put up for sale previously, for as much as $10 million (€6.5 million), however, with no buyers and many of the buildings vandalised, the price has plummeted.

According to Idealista, “the investment required in order to make the village 100 per cent workable and to become profitable would not exceed €2 million ($3 million).”

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Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.