House sales in Spain’s Costa del Sol still remain buoyant despite a downturn in other international real estate markets that are popular with property investors.
Costa del Sol was one of the first overseas property markets to experience significant growth levels, in fact prices have risen by over 400% in recent years and there are now more foreigners living on the Costa del Sol than there are Spanish people! The strongest of the foreign markets still keen to get a Spanish home in the sun is the British; Shelter Offshore takes a look at why this beautiful piece of Spanish coastline remains so popular with property investors and second home hunters.
It seems like only a short while ago that home ownership on the Costa del Sol was associated with millionaires who had huge sprawling villas that were never more than a short drive away from the marina where their magnificent yacht would be moored; all very desirable, all very expensive and all far beyond most people’s budgets! Today it’s a very different story; the steady increase in wealth throughout the UK - predominately generated via the rapid and strong growth in property prices in the UK - means that many more of us can now entertain the idea of owning property on the Spanish Costa del Sol.
Over the years from its humble beginnings as a series of fishing villages and harbours the Costa del Sol now sprawls from the Spanish town of Almeria to the British Rock of Gibraltar - home of probably the most famous Marks and Spencer store outside of the UK! With so much turf to cover in your search for a property it helps to know which areas fit within your budget and offer the amenities that you’re looking for:-
If money is no object when it comes to owning your dream then Marbella and the neighbouring marina of Puerto Banus may be your ideal hunting ground, you can expect to pay a very high premium for the pleasure of rubbing shoulders with the rich and famous. But don’t forget essential accessories will include a Ferrari or at the very least a Porsche and ladies never venture outside without at least the most minimal of diamond displays!
For the rest of us we’ll need to be a little more adventurous and move away from the main coastal towns into quieter, less well trodden areas for our dream in the sun. The eastern side of the Costa del Sol still remains less developed than the more established west, good locations from which to start your property search include Torrox Costa, Neria and Torre del Mar. You can still find a significant amount of property for sale in the Costa del Sol for under EUR 200,000 and a determined property investor will still be able to find the odd bargain for as little as EUR 100,000.
Wherever you end up in your search for home on the Costa del Sol remember the golden rules, research the local market ensure the price you’re being quoted is favourable with other properties in the same district, speak to locals and expatriates living in the area, their local knowledge can prove invaluable. Estate agents involved in Costa del Sol house sales should be registered and reputable and finally if the property is a re-sale get it inspected and always seek full legal advice before making any financial commitment.
