My knee was bouncing up and down with excitement. It was late afternoon and I was eager to get moving…
“When will you get to Galicia?” my scout Eoin Bassett asked, as we wrapped up one of our online team catchups.
I swiveled my chair and looked out my office window across the glass-flat waters of the Minho River.
“If I leave now, about 15 minutes,” I answered.
Even since I bought my historic mansion in Caminha in the far north of Portugal, I’ve been admiring the Spanish region of Galicia just across the water. During morning coffees and evening beach strolls, I’ve found myself looking at the stunning curve of pine forest-backed beach on the other side of the river and wondering.
So I’ve been digging on the market there…
Early research has thrown up some enticing listings, like this 6,000-square-foot, six-bathroom historic mansion listed for €535,000 that I shared with Real Estate Trend Alert (RETA) members yesterday.
Just one of the listings that’s caught my eye in Galicia, this six-bedroom villa is in A Guarda, a charming coastal town just across the water from my home in Caminha in northern Portugal. This 5,975-square-foot estate sits on over an acre of landscaped grounds. It’s listed for €535,000. Details here.
My interest in Galicia has only grown as the team who worked on restoring my historic home has told me stories about the amazing beauty and low, low real estate values there.
My contractors are from Galicia. They know the market well. Americans and Scandinavians are starting to come to Caminha, driving prices higher. But over in my contractors’ hometown of Ourense in Galicia, you can still buy stunningly renovated historic homes for under €100 per square foot. And yet it’s so beautiful that renowned singer Julio Iglesias moved there.
Soon the Madrid crowd (only two hours away by fast train) could catch on…and then the world.
This is a potential “next place.”
That’s why I’ve been scouting Galicia this week. And it’s why I’m planning a big update on this region at The Gathering XII—the next edition of the annual meetup for Lifetime RETA members. If you’re not a RETA Lifetime member, sign up here. It’s our best value membership and ensures you invitations to The Gathering every year (among many other benefits).
As I did at the last Gathering with Caminha, I’m planning a presentation on Galicia, alongside a host of other “next places,” at our upcoming meetup March 12-14 in Panama City.
Here’s a few initial takeaways from my trips across the border into Galicia…
A photo I snapped from my historic home in Caminha pointing at Galicia across the river in Spain. Whether you’re just starting on your adventure in overseas real estate or you’re a seasoned traveler enjoying multiple bases in beautiful places, The Gathering XII is for you. If you’re not a RETA Lifetime member, join now to ensure you get your invitation this Wednesday at 1 p.m. ET.
It’s early in my scouting of Galicia. I’ve started with the waterfront region visible from my Caminha home. So far, I’ve been blown away by those beaches and the stunning historic homes.
There’s old money up in this northwestern corner of Iberia. Wealth that came from the colonies. Places like Brazil and India. In generations past, that’s where folks pursued their version of the American Dream. Then they returned home with fortunes big and small and built elaborate homes.
These homes dot Galicia. Most are now heavily neglected, many are abandoned. They’re cheap. Really cheap, in fact. But are they a good deal?
That will all come down to what’s next for this corner of Galicia, on whether the people start to come in big numbers. I’m following developments closely. I do expect to buy again in this northwestern corner of Iberia. And probably before the end of this year. I just don’t know yet whether it will be on the Galicia side or the Caminha side.
Finding deals is getting a lot harder in Caminha. But that doesn’t mean the opportunity has passed. Caminha has passed the inflection point. It’s proven, but it’s still in the opportunity window.
I’ll let you know where I decide to buy.
A few snaps of my historic mansion in Caminha. From various points through the home, you’ll find incredible views across the water to Galicia. If you want to chat about how I bought and renovated my Caminha, about what I’m finding in Galicia, or where I plan to buy next, join me and my team in Panama City next March for The Gathering XII.
The potential in this region is incredible. I’m still pinching myself about my Caminha home. It’s already proving an amazing lifestyle play and a great investment.
As I write, my sister and her family are staying in the three-bedroom, self-contained apartment on our ground floor. My brother-in-law wants his own place here, he’s glued to local listings sites. My wife Sayuri’s parents will join us here from Mexico for October.
I paid €410,000 ($475,500) for our 5,000-square-foot historic home. Given the trajectory Caminha’s on, I expect it will be worth €1 million in five years.
Already, I figure we could sell for a net $200,000 more than we paid ($300,000 more than the purchase price, less about $100,000 spent on renovations). Knowing this is fun. It gives me no pause with spending more on the home. In September we will tile and furnish a patio area to make a bigger al fresco dining spot.
I share a toast with RETA members during the last Gathering. The Gathering XII will be in Panama City, where I look forward to sharing stories, reconnecting with old friends, and greeting first-timers face-to-face.
Although we could lock in big gains, my wife and I have no intention of selling of Caminha home. Why would we?
We love it here. It’s a blue-chip asset…and we likely will rent it out for about six or seven weeks of peak summer season, the time of year when we want to be in Ireland anyway. That income alone will come close to covering all the costs including the mortgage.
I feel blessed. And none of this would be possible without RETA.
Our club has been life-changing for me and for so many of our members.
This is why I so look forward to the annual RETA meetup, The Gathering XII.
It’s a chance to bring the RETA world together—RETA members, me and my team, contacts from my “million-dollar” rolodex…all in an informal setting where we can chat, share our best scouting discoveries and new opportunities firsthand.
As I say, I’m planning a big update on what I find in Galicia. And we’ll have scouting reports from me and my team on a host of other “next places” spanning Uruguay, northern Greece, La Paz in Baja California and beyond…
And you’ll get to chat with us and ask your questions. The Gathering is not a conference. Not a seminar. It’s small, exclusive, and designed so you get plenty of face time with me, my team and the developers, attorneys, and other insiders from our rolodex.
There’s no better place to plug in—in person—than The Gathering.
This Wednesday, August 27, at exactly 1 p.m. ET, seats for The Gathering XII will go live.
But there are only 250 seats. It’s first come, first served. Once they’re gone—they’re gone. And every year, they go fast. Remember, you have to be a RETA Lifetime member to secure your invitation. If you’re not yet Lifetime, you can join now.
Wishing you good real estate investing,
P.S. To give you a sense of what The Gathering means to RETA members, I’d like you to hear from them directly. We put together a short testimonials video so you can see, in their own words, why they wouldn’t miss it.
Why you shouldn’t miss The Gathering XII. What’s The Gathering really like? Don’t take it from me—hear it directly from RETA members.
