Retirement Property in Spain

Published on 26 July 2005
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Despite a perceived slowing down of the domestic property market in Britain, recent statistics reveal that over 100,000 British people plan to buy a property abroad in the next six months and by 2008 the numbers of Brits who own homes overseas is expected to rise from 1.38 million to 3.12 million.

Of those Britons seeking a new home in the sun a significant proportion of them are specifically seeking retirement property in Spain.  This article examines the options available to those hoping to retire to that dream home in Spain.

Almost one million former British residents now receive the British State Pension abroad, by 2020 it is predicted that one in five British will retire abroad.  Spain remains the number one destination for British retirees overseas and the attraction of Spain lies in the climate, the cost of living, the proximity to UK, the cheap flights, the healthcare available, the fact that heart disease rates in Spain are significantly lower than in the UK and in the wealth of property available from specific retirement property in Spain which is purpose built on private complexes to private villa, town house, finca and apartment sales.

Purpose built retirement property is a relatively new concept in Europe, it has been adopted from the American style gated and private communities catering to the over 50s.  Such complexes have facilities and amenities targeted to this age group and offer extra on-site security, health care and welfare services in addition to great social clubs and sporting facilities such as swimming pools, golf courses and tennis courts.

One such development in Spain is the Palazzo Vivaldi in Roquetas de Mar on the Costa de Almeria.  It is made up of a residential community of over 50 year olds, many of whom herald from Britain, and a hotel complex for the over 50s as well.  There are no all night parties and drunken revelry or yobbish behaviour there!  Rather it is a relaxed and sophisticated destination with a superior on site health centre, gym, pool, sauna, restaurant; and all this just 5 minutes from the sea and a beautiful promenade and all totally secure and well managed.

In terms of private retirement property sales in Spain it’s very important to ensure that you research the areas of Spain that appeal to you well.  Spain is such a large country and the various regions all have different culture, climate, terrain and house price matrices.  Find out which regions best suit you and your ideal for a new life in Spain.  For example Northern Spain is less well discovered, has fewer expatriates and is cooler and less touristy than many other parts of Spain or the Costa del Sol has a perfect sunny climate, many British faces and a very English feel - depending on your requirements one may sound like heaven and one like hell!

Also consider the cost of living in a given region of Spain, how far will your retirement income get you?  You need to also think about the health care facilities available in a given location, your likely accessibility to an airport, general accessibility about town in terms of accessing supermarkets and essential shops easily especially if you have mobility issues, and what about the local community, how easy will it be for you to make friends, have the social interaction you require and even learn Spanish.

With all these considerations covered you should be left with a strong attraction to a given region in Spain and this is the point at which you can begin your property search.  Set yourself a realistic budget that will encompass the taxes and legal fess and begin your search either on the internet or on the ground in Spain.  Make sure any real estate agents you use are registered and licensed and get independent legal representation in Spain to conduct the essential searches and to generally advise you throughout every stage of the buying process.

Retirement property in Spain varies in price from around GBP 47,500 for a 2 bed house in the Mino Valley in Northern Spain to GBP 1,000,000 for a superior 4 bed villa in Mar Menor on the Costa Calida.  Average prices in the Costa del Sol range from GBP 50,000 for a 2 bed home in the Alpujarras Mountains to GBP 1,100,000 for a 5 bed house in Marbella.

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