As property prices in Spain’s cities continue to climb, rural living is becoming increasingly appealing. The rise of remote work has encouraged many Spaniards to consider leaving urban centres for quieter, more affordable alternatives. Among the options is a once-abandoned village in La Rioja, now on the market for an extraordinary €49,000.
Nestled in the picturesque Ocón Valley, Oteruelo offers nine houses, several plots of farmland, and a church. With a total area of more than 4,000 square metres, the village has been uninhabited since the 1970s. Once listed for €179,000, its price has dropped significantly after years without a buyer, making it a bargain for those willing to invest in its restoration.
The details of Oteruelo
Oteruelo lies just 30 minutes from Logroño, the capital of La Rioja. Known for its charming streets, lively squares, and renowned tapas bars, Logroño is a key attraction for potential buyers. The village itself has water supply and mobile coverage but lacks electricity, with the nearest connection located 500 metres away.
While its remote location and the absence of power may deter some, Oteruelo’s affordability and unique potential appeal to buyers seeking rural tranquillity.
Renovation costs and challenges
Restoring the village requires a significant investment. Renovation costs are estimated between €300,000 and €400,000, not including electrical infrastructure or shared spaces. However, buyers may be eligible for rural development grants, provided they adhere to conservation regulations for heritage properties.
Potential for business ventures
Purchasing a village like Oteruelo isn’t just about finding a place to live—it’s an opportunity to develop a business. The tranquil location is ideal for a bed and breakfast, wellness retreat, or other rural tourism initiatives. The growing interest in sustainable and nature-focused getaways could make such ventures highly profitable.
Is rural revival the future?
The sale of Oteruelo highlights a growing trend in Spain: the search for affordable, rural alternatives to urban living. For €49,000, this abandoned village could offer not only a home, but also a chance to create something extraordinary in the heart of La Rioja.
Also read: Innovative project to attract residents to beautiful village in the province of Malaga