Cheap property in Oviedo and Asturias: affordable green north, solid yields

Oviedo is one of the regional capitals with the best quality-of-life indicators in Spain—usually ranked among the five cleanest, safest and most pleasant in the country—and with some of the most contained property prices among capitals of its size. A 90 m² flat in a standard residential neighbourhood that would cost €280,000-350,000 in Bilbao and €200,000-250,000 in Santander can be found in Oviedo for €130,000-180,000. That price difference for a property with similar urban quality and job-market characteristics is the opportunity.

Asturias as a whole has several other interesting markets beyond Oviedo: Gijón (the largest city in the region), Avilés (an industrial hub) and coastal towns that benefit from tourism to the green north, which round out the analysis.

The price per square metre in Oviedo in 2026

Oviedo has an average price of between €1,300 and €1,900/m² in 2026. The most exclusive neighbourhoods (El Naranco, upper La Corredoria, the historic centre around the Cathedral) have prices between €1,800 and €2,500/m². The working-class residential neighbourhoods (La Florida, Teatinos, Ventanielles, La Corredoria) have prices between €900 and €1,400/m².

The neighbourhoods with the best ratios for investors in Oviedo

• Teatinos: Oviedo's university neighbourhood par excellence, close to the campus of the Universidad de Oviedo. Prices between €900 and €1,300/m². Room-by-room letting produces the highest yields in the city (9-13%). Strong student demand throughout the academic year.
• La Florida: A centrally located working-class neighbourhood with a high density of housing and rental demand from workers. Prices between €1,000 and €1,400/m². Yields of 7.5% to 9.5%.
• Ventanielles: A working-class neighbourhood in the north of the city. Prices between €800 and €1,100/m². The cheapest of the neighbourhoods with an active rental market in Oviedo. Yields of 9% to 12% for well-maintained flats.
• Montecerrao and Buenavista: Upper-middle-class residential neighbourhoods. Prices between €1,500 and €2,000/m². Rental demand from professionals and high-income families. Yields of 5.5% to 7%.

The Universidad de Oviedo: the biggest driver of rental demand

The Universidad de Oviedo has more than 25,000 students and several campuses spread across the city, the largest being Llamaquique-Teatinos. It is the only university in the region, which concentrates all of Asturias's student demand in Oviedo (with a smaller share in Gijón and Mieres). That makes the city one of the most solid university markets in northern Spain in terms of the ratio between demand for rooms and supply.

Gijón: the industrial alternative at a similar price

Gijón is the largest city in Asturias (270,000 inhabitants vs. Oviedo's 220,000) and has a more industrial and port-based profile. Prices between €1,100 and €1,700/m² in standard neighbourhoods, with yields similar to Oviedo's in the working-class neighbourhoods of El Llano, La Calzada and the Polígono de Roces. Its marina and the Cerro de Santa Catalina have created a regenerated seafront that adds to the city's appeal as a rental market for professionals and, to a lesser extent, for tourism.

Asturias's ITP: 8% up to €300,000

Asturias has a standard ITP (impuesto de transmisiones patrimoniales, the property transfer tax) rate of 8%, with a progressive scale that rises to 9% for properties between €300,000 and €500,000 and to 10% from €500,000. For the standard market in Oviedo and Gijón (where most deals are below €200,000), the 8% rate is the relevant one. It isn't the most favourable in the north (in the Basque Country, under the foral regime, homes pay 4%), and it's the same as Galicia's (8% standard). An additional cost that has to be included in the entry yield calculation.

Bank assets in Asturias: the savings banks' legacy

Asturias was the region where the former Caja de Ahorros de Asturias (integrated into the Liberbank group, now Unicaja) had its greatest mortgage exposure. The assets repossessed by Unicaja in Asturias represent one of the bank's largest portfolios, with flats in Oviedo, Gijón and smaller towns in the region. The process for buying bank assets from Unicaja is described in the specific article in this series.

Related resources: For the inventory of assets in Oviedo and Asturias, see opportunities in Asturias. For the analysis of the whole Atlantic north (Galicia, Asturias, Cantabria), the article on investing in northern Spain gives the regional context. For Unicaja's bank assets with an Asturian portfolio, the guide to Unicaja bank repossessions explains how to access them.