Your Overseas Home reader Terry Pickard swapped Marbella for Olvera – a white village with hilltop views and olive groves, crowned by a church and an 800-year-old castle. He can’t fathom why one of Spain’s prettiest places is still overlooked – especially when homes here offer so much more for the money.

High above rolling olive groves, Olvera’s whitewashed streets wind towards a hilltop church and an 800-year-old castle – a postcard-worthy scene that explains why it’s often listed among Spain’s prettiest villages. Olvera sits on the Ruta de los Pueblos Blancos, a scenic route through whitewashed villages nestled in the Sierra de Grazalema Natural Park, known for its rugged terrain and rich biodiversity. The surprise for many buyers is the price: homes here are typically around 30% cheaper than on the Costa del Sol.

Spain’s best-kept secret?

After 42 years in property – including running his own agency in Ukraine – Terry Pickard has set his sights on Spain, making it his mission to buy and renovate homes there. “Since the war in Ukraine, my wife and I have been living in Spain full-time, in our apartment just outside San Pedro in Marbella. Property prices have risen dramatically since we bought it nine years ago – especially since the Covid pandemic. We bought our apartment for €225,000 in 2016, and today it’s worth approximately €600,000! We’re not selling it as we plan to retire there, but we could get €300 per day by renting it out.

“Four months ago, I bought a four-bedroom townhouse in Olvera for €83,000,” he continues. “While looking, I researched the market everywhere along the Costa del Sol and found that prices had gone up dramatically. For my property purchase, I was seeking a location where the trend had not yet reached.” He sees Olvera as the smart alternative to the coast. “The price we paid in Olvera is exceptional because around Marbella is a real hot spot for properties – not just along the coast, but throughout Andalusia and now increasingly inland to towns such as Ronda, Caceres, Gaucin and others. Properties in these towns are three times the price of those in Olvera. And because tourism is growing, prices will only increase.”

After much research, Terry found that Olvera ticked every box. He was so taken with the village that he put in offers on three other properties in the Old Town. During his search, he even saw a €20,000 house with a collapsed roof – a tempting challenge for keen renovators. “The house I’ve just bought has four bedrooms and is right next to Olvera’s famous church,” says Terry. “All for just €80,000!”

Terry’s four-bedroom townhouse in Olvera

Why Olvera?

As well as compelling value compared with its neighbours, Olvera is also among the ten most beautiful villages in Spain, according to National Geographic. Surrounded by Olive trees, it is at the heart of the olive oil industry in Andalusia, producing its own olive oil under the brand Los Remedios.

While the village remains relatively undiscovered, its appeal is spreading. “Tourists are coming to Olvera for cycling, trekking and simply sightseeing. Airbnb lets for the type of property I’ve bought are achieving €200 per night,” says Terry. “The interior area of Andalusia is growing increasingly popular with foreign visitors who are seeking more than sea, sand, sun and sangria, but also Spanish visitors for cycling and walking tours in the beautiful countryside.”

Renovation plans

Terry’s four-bedroom townhouse cost €80,000; renovations are expected to cost about the same

“I’ve been restoring buildings for 40-odd years – something I’ve done in many countries, including the UK, Denmark, France, Russia and Ukraine,” says Terry. “I’m starting on a major refurbishment program on my Olvera townhouse, which will cost around the same as the property price to turn it into a livable four-bedroom ensuite home for ourselves, and to rent out on Airbnb and Booking.com. Two things that are absolutely essential for us are a swimming pool and a view of the church and castle.

“My son and daughter are organising the refurbishment with the help of a local builder who’s recently finished a beautiful renovation of his own – which is why we commissioned him to do ours. It should be about three to four months until completion.”

Advice for other buyers

Terry’s advice for other buyers is simple: decide why you’re buying and set a firm budget. He’s taking his own advice too – getting his Spanish up to speed. He adds: “If you want to get away from the overpopulated coast, I discovered an initiative offering a financial incentive called HolaPueblo”.

The HolaPueblo initiative is designed to breathe new life into rural Spain by supporting people with entrepreneurial ideas to settle in traditional villages. Through grants and practical guidance, it helps individuals and families start businesses while enjoying a slower pace of life. In some cases, applicants are even offered financial incentives to make the move – part of a wider effort to tackle rural depopulation. In Andalusia, HolaPueblo has already taken root in villages such as Paymogo in Huelva, Coripe in Seville, La Bobadilla in Jaén and Zufre in Huelva. So far, most of those taking part are couples with children (around 45%), with the majority aged between 35 and 50 (67%).

The interior of Andalusia is growing increasingly popular with those seeking more than sea, sand, sun and sangria

What’s next?

Not one to rest on his laurels, Terry is also in the process of buying his second property in Olvera – and possibly even a third on behalf of a client.

Another opportunity on his radar is a 500-square-metre building priced at €70,000, which would need around €400,000 to convert into an eight-bedroom boutique hotel – the only hotel in the Old Town. “The reason it is so cheap is because it’s too big as a home and so far, no one has the vision to see the opportunity,” explains Terry. “I’m still trying to find a co-investor for the hotel project. I’m especially excited about it, as I’ve seen another eight-bedroom boutique hotel for sale on the outskirts of town for €1.2m!”

“But with property prices in Olvera currently only 30% of its famous neighbours, such as Ronda, and with a growing tourist market, it will make an excellent business opportunity with potential gross annual yields of 30%,” he predicts. “Property prices will probably double in the next five years.”

“My son and daughter will run the townhouse, but I want to run the hotel myself. My vision is to put on connoisseur evenings where guests stay four nights and enjoy a different cuisine for dinner each evening – for example, Spanish, English or Ukrainian. The property also has an entrance which used to be small café, so I’d like to open that and do breakfasts. Plus, there’s a cellar with an original well, which I would turn into snug.”

That schedule won’t leave much time for Terry’s other interests – running classic car events, travelling and learning languages – but he wouldn’t have it any other way.

Stay tuned: we’ll check back in a few months to see how the renovation is progressing…

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