Seville apartment bought for €120k in 2015 now worth triple

Seville 2015: 90 m² for €120,000 and a €60,000 mortgage

Buying property in 2015 was widely considered a mistake. Yet the buyer of a 90 m² flat in Seville's historic center for €120,000 claims it is now worth triple. The deal closed in February 2015, after a decade waiting for a price correction that never came.

The strategy is known as "tocatejismo": paying cash where possible and financing only essentials. Here, €60,000 was mortgaged on a €120,000 property. Much of the loan covered transaction costs, renovations, and preserving savings.

The "tell me more" flat and the fine print

The building dates from the 1960s or 70s—habitable but dated. It didn't need work to live in, but did to feel modern. The buyer already owned another home (bought in 1997), which they rented out to cover the new mortgage. Monthly payments for mortgage and community fees total around €120.

Renovations were comprehensive and cost under €25,000. The result is a flat with new-build finishes. An elevator was added to the block, rare for low-rise 70s buildings, and the area transformed due to tourism demand converting old homes into apartments.

How much has housing risen in Seville since 2015?

One forum user assumes a 100% average appreciation in the area, while the buyer claims the flat could be worth triple the purchase price. A year post-purchase, they noted historic center prices were higher than the previous year.

Another example cited: 110 usable m² in a provincial capital, bought for €80,000 and renovated for ~€10,000, rented at €600 gross monthly. Similar flats sold for €240,000+ pre-crisis and vanished quickly from the market.

Objections: special assessments, squatters, and "bank-owned" flats

Warnings were plentiful. That the flat isn't truly yours until the mortgage is paid, serving as bank collateral. That a €5,000 special assessment ruins rental profits. That illegal occupation or non-payment can wreck the investment. And most repeated: if inflation no longer drives wages, an old flat offers no protection.

Years later, owners argue they've never paid a special assessment, and rent would cover any future ones. Conversely, some cite €150/month rentals with garage and pool in Murcia, arguing retirees can live anywhere. Rebuttal: established families and age-related issues make relocation difficult.

"Nuncabajismo" and "always-downism": two sides of the same coin

The core counter-argument is conceptual. Denying economic cycles by always predicting one direction leads to error, whether forecasting eternal decline or assuming prices never fall. Acknowledging 2013-2015 was a window, now possibly closed, isn't inconsistency—it's reading the market.

Practical objection for those seeking multiplication: selling to buy three flats fails if all prices rose equally. The protagonist admits speculation wasn't the goal; securing a permanent home was. They claim internet costs are lower than their mortgage payment, saving over half their income unintentionally.

What remains uncertain ten years later

With such appreciation, some argue anyone with savings and nerve should have bought. Many didn't, and that window seems closed or narrower. If a correction comes, this €120,000 flat will tell its story from within. If not, the history is already written.