Where to buy a property in Spain
Nearly two thirds of British holiday home buyers in Spain choose
either the Costa del Sol or Costa Blanca - the two coasts with
long-established tourist resorts, year-round sunshine, golf
courses galore and all the amenities and facilities they need to
make their Spanish destination feel like a home from home. But
the up and coming coasts around Almeria, Murcia and Costa de la
Luz are proving increasingly popular among British buyers
looking for somewhere less developed and offering great value
for money. And Brits have now taken over from the Germans as the
number one foreign property investors in Mallorca.
Here's a guide on how to choose where to look - and how far your
budget will stretch.
Costa del Sol
With 100 miles of coast, the best climate in Europe, 50 golf
courses and a massive expat scene which instantly makes Brits
feel at home, it's little wonder that this is the first place
many Britons look at when thinking of buying a holiday home in
Spain. It's paradise for those who want great weather, endless
beaches, lots of entertainment and all their home comforts
without needing to speak Spanish.
The coastal stretch between Malaga and Sotogrande has lured tens
of thousands of British property buyers, including many
investors who fuelled the off-plan boom a few years ago and
pushed up prices spectacularly.
Marbella, which includes the salubrious yacht-owners' enclave of
Puerto Banus, is one of the most expensive places to live on the
Spanish mainland, with decent two-bedroom apartments starting at
300,000 euros and villas starting at 600,000 euros. Elsewhere on
the coast, in expat-favoured areas such as Calahonda and Riviera
del Sol prices are considerably cheaper, with apartments from
around 200,000 euros. If you're looking to invest in a growing
area, the New Golden Mile stretch heading west of Marbella to
Estepona is seeing a vast amount of building work, particularly
of golf-orientated resorts near the beach.
Go inland - and we're only talking a few kilometres - and it's a
world apart. Even in the beautiful white village of Ojen, just
6km mountainwards from Marbella, you can find all the charm of
traditional Spanish life, beers for half the coastal price and
small townhouses for under 200,000 euros.
Inland towns such as Coin and Alhaurin have already attracted a
number of British buyers as they offer far more value for money
and a buzzing community atmosphere, with schools, shopping
centres, cinemas and sporting facilities nearby, and now
beautiful white towns a little further inland (though still
within easy reach of Malaga) such as Antequera and Alora are
attracting foreign buyers. Prices have risen sharply in
Antequera over the past couple of years, and building is
restricted so what's there is now at a premium, but you can
still expect to pay about 250,000 euros for a small townhouse
there.
East of Malaga, a region known as Axarquia, is also attracting a
different kind of buyer to the Costa del Sol. Generally those
looking this side of Malaga want to live in a less developed and
more 'Spanish' environment, but still with lovely coastal towns
such as Nerja and the white mountain villages of Competa and
Frigiliana nearby, and with all the benefits of being within an
hour or so of Malaga and the airport. While the west side of
Malaga tends to see more retired expats, the eastern side
attracts younger couples and families who want a Spanish
influence in their daily life.
Costa Blanca
Costa Blanca has two distinct halves, most easily summed up as
everything north versus everything south of Alicante. Like the
Costa del Sol, the Costa Blanca (the northern part) has been a
tourist mecca for decades, particularly the infamous resort of
Benidorm and the less high-rise coastal towns of Javea and Denia.
Also like the Costa del Sol, the weather here is reliably
excellent (perhaps a little chillier in winter), you are never
far from a golf course and the resorts cater for all foreign
residents/visitors demands. Prices, though, have traditionally
been cheaper than in southern Spain, and now that the Costa del
Sol has priced many buyers out of the market, Blanca is reaping
the benefits of the huge demand for holiday homes around the
100,000-150,000 euro mark.
With the north of the region already pretty much sewn up as far
as spare land is concerned, southern Costa Blanca, heading
towards Murcia, has seen rapid development of entire news towns
south of Alicante such as Cabo Roig, Campoamor and La Zenia. La
Manga and Torrevieja have long been popular destinations for
British buyers, but now buyers are venturing inland to new
developments into the vast natural park areas around the
historic city of Murcia.
The Blanca overspill is also heading northwards, into the
Valencia and Castellon regions, and inland north into areas such
as the beautiful Jalon Valley. Inland still offers good value
for money, whether you are interested in off-plan developments
or rustic properties. Half an hour inland, in the striking small
hillside town of Bocarent near Alcoi, you can still find houses
in the oldest and prettiest streets of the village for around
50,000 euros.
Northern Costa Blanca, the greener, hillier half, is typically
more expensive than the south. Moraira and Benissa are the most
exclusive spots, with private villas dotted around the terraced
orange and olive-clad hillsides, and Javea and Denia now charge
top prices for seaview properties. Calpe and Benidorm offer
cheaper options for those wanting an apartment within walking
distance of shops, resort-style entertainment and busy beaches.
Costa de la Luz
Costa de la Luz, the southern coastline which starts at the bend
around Gibraltar and ends where it bumps into Portugal, has long
been a quiet contender in the Spanish coastal holiday and
property investment scene. For years it's been predicted to be
the 'next Costa del Sol', just because the overspill into this
wilder, emptier, undeveloped region seemed inevitable. But the
fact that a large area between Sanlucar and Huelva is consumed
by the untouchable protected parkland of the Coto Donana, means
that development has always been heavily restricted. And the
coastal breeze which makes this coastline a paradise for
kitesurfers also deters those who want to spend endless days on
the beach sunbathing and eating ice creams untainted by flying
sand.
Now, though, Luz is starting to generate big interest,
particularly in its western reaches around Ayamonte in Huelva
province, 45 minutes from Portugal's Faro airport, where
beachside spots such as Isla Canela, Isla Cristina and
Islantilla are growing into self-contained holiday/golf resorts.
Prices in this emerging destination are, logically, far cheaper
than in the neighbouring Costa del Sol. There is plenty to be
found in the 100,000-150,000 euro bracket, from seaview
apartments around Ayamonte to townhouses in charming small
towns.
The Cadiz province is more established on the holidaymakers'
map, with beautiful towns such as the coastal Cadiz itself, the
sherry capital of Jerez, Vejer de la Frontera - which is a
strong contender for the prize of Andalucia's most idyllic white
hilltop village, and the popular holiday resort of Conil de la
Frontera, with its stunningly long, wide beaches reminiscent of
southern California.
The coast curves round to Tarifa, the windsurfing capital of
Europe and a bit of a bohemian outpost, before you steer past
Gibraltar into the mass market appeal of the Costa del Sol.
Vejer has seen considerable property price rises in the past few
years, which is entirely understandable as probably few
foreigners visit the town and fail to entertain some thoughts of
how wonderful it would be to own a house there. Set high up a
hill overlooking the plains, Vejer feels as though you have
stepped back about 50 years. Yet within 20 minutes you can be on
the beaches around Conil and plunged back into 21st century
beach life.
Villas in Conil cost around 300,000 euros and upwards, but in
neighbouring Chiclana prices are substantially cheaper.
Almeria
Where Spain turns the corner on its south eastern corner you
find the start of the province of Almeria on the shores of the
Mediterranean.
The pretty whitewashed town and seaside resort of Mojacar has
lured artists and holidaymakers for nearly 40 years, but the
rest of the region has remained little known to most foreign
visitors to Spain... although you may have unwittingly watched
one of the many Hollywood films set in northern Almeria's
Tabernas desert - the only true desert in Europe - including
Lawrence of Arabia and Indiana Jones and the Last Crusade.
Now, however, not just Almeria's coastal towns but its inland
villages are starting to attract second home buyers who are
attracted by comparatively low property prices, the pleasures of
living in "unspoilt" Spain and the driest climate in Europe.
With the exception of Mojacar, where property in the beautiful
old town is highly desirable and the prices are accordingly
high, Almeria offers foreign buyers excellent value for money.
Until relatively recently, due to a limited road network which
has now improved drastically and limited options by air, its
coastline was also spurned in favour of Malaga's and Alicante's
offerings and prices remained low. Now low-cost airlines fly to
Almeria airport and new development is taking off, particularly
in rapidly-expanding resorts such as Almerimar and Vera Playa,
where you can expect to pay around 100,000-150,000 euros for a
one- or two-bed apartment near the sea.
Generally in Almeria prices inland are still far lower than you
could find in equivalent areas near the Costa del Sol or Costa
Blanca, with houses in need of renovation for as little as
35,000 euros and large villas from around 250,000 - about half
the amount you would expect to pay for a similar property in
Marbella or northern Costa Blanca.
The average cost of new housing in Almeria is 1,393 euros per
m2, compared with 1,631 euros per m2 in Seville and 1,457 euros
per m2 in Malaga. Overall in Andalucia, which includes Almeria,
property prices are expected to rise by 11% in 2005.
As you would expect for a place whose desert makes a convincing
American Wild West, Almeria is the place for those who want a
hot, dry climate where temperatures rarely dip below 13C even in
winter. But it's not just one big desert. Almeria's coastline
range from long, sandy beaches to snug coves and its interior
from high mountains and wide plains in the Sierra del Gador to
lunar landscapes in the north of the region. And it's all still
virgin territory to the average foreign property buyer.
Mallorca
That Mallorca is no longer a bucket-and-spade holiday
destination is widely known. But just how stunning and exclusive
the biggest of the Balearic Islands can come as a surprise to
many people. As you would expect from a highly desirable island
whose 3,600km2 are sought after by Hollywood stars and Spanish
royalty, and where new building is limited and spare land in
short supply, property prices are among the highest in Spain.
Although resorts such as Magalluf and Palma Nova in the south
west and Cala Millor and Cala d'Or in the east, are still
popular mass tourism destinations, other areas of the island
have been synonymous with the rich and famous seeking sheer
exclusivity. The historic towns set in the Tramuntana mountain
range such as Deia, Soller and Valldemossa are highly desirable
places for a discreetly swanky holiday home - expect to pay
anywhere upwards of 1 million euros for a decent villa or finca.
Portals Nous, just west of Palma, rivals Puerto Banus with its
flash yacht-owning fraternity posing around the marina. And the
city of Palma itself is gaining a reputation as a cultural
capital and a mini Barcelona with its chic boutique hotels,
trendy art museums and designer shops beside a sweeping bay.
Properties in Palma tend to be of the fashionably shabby variety
in the old town - though the crumbling facades can deceptively
shield some highly designer renovations, costing upwards of
500,000 euros if you fancy a sea view from your roof terrace.
The average property price in Mallorca is 750,000 euros - that's
among foreign buyers, many of whom want villas or rural fincas.
There are plenty of options, though, if you are looking for
something a bit smaller, simpler and - let's face it - cheaper,
such as an apartment within a short walk of the huge sweeping
beach at Alcudia in the north, or near the stunning bay at
nearby Puerto Pollensa.
Even in salubrious Andratx in the south west, where Claudia
Schiffer recently sold her mansion, there are beautiful designed
one-bed apartments near the waterside for around 200,000 euros.
The east of the island tends to be a bit cheaper, simply because
it remains less trodden by tourists and is just that bit further
(ie. still only an hour's drive) from Palma airport.
That's the beauty of Mallorca. You can never go distastrously
wrong in your choice of area - as nowhere else on the island is
too far away.