Jan 2006 - Spanish Property Market News

The Global Property Group, overseas property news and information, 25/01/06.
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Jan 2006 - Spanish Property Market News
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Article by: Mike Dunkerley mike.dunkerley@thegpg.com Published: 25/01/2006

Spanish Property Market News

The Year 2005 saw mixed prospects for property on the Spanish Costas. After years of heady growth figures property values in many regions are flattening out. Buyers have more choice and, just as in the UK, property developers are offering value for money for the genuine client.

Valencia Region Property

Northern Costa Blanca Property

Northern Costa Blanca : above Alicante and especially around Calpe and Denia. The slightly exclusive nature of the property market, assisted no doubt by the investments around the forthcoming America's Cup race, is helping to keep property values up. Good apartments start at £125,000 and villas at £270,000.

Southern Costa Blanca Property

Southern Costa Blanca an area of flat coastal plane centred on Torrevieja has the slightly dubious advantage of having enabled developers to build large estates of holiday homes. This quantity and quality of property development has inevitably had an impact on prices compared to the north. Apartments can still start from £43,000 and Villas from £79,000. However, in such a large region there are exceptions and beach front properties or individually designed properties can be much more expensive.

Murcia Region Property

Costa Calida Property

The coast line is known as the Costa Calida. In terms of development it is a late comer to the Spanish property boom and some people think that this gives prices some upward potential in the game of catching up with other regions. However, several very large luxury golf property developments are planned both here and in neighbouring Almeria and whilst these will be market at appropriate prices for the facilities, the impact of this supply on the region's prices in general remains to be seen.

On the coast small apartments can start at around £60,000 and there are villas for sale at £185,000. Inland and towards Lorca resale properties in Spanish towns and communities, often with some land start from £120,000. For those who have very tight budgets and want the real Spain and traditional Spanish property then Murcia and the Lorca area may be idea. It has easy access to all popular and essential facilities such as health care, schools, the coast, airports, shopping, etc. and as mentioned property can be found at very reasonable prices if one looks away from the heavily promoted new property developments and tourist towns.

Andalucía Property

Northern Costa Almeria Property

The Northern Costa Almeria includes Mojacar and Vera where prices have been rising from a lower base. Now steady, coastal apartments start at £68,000 and detached villas at £165,000. Just a few miles inland prices drop to £130,000 for detached properties and even further inland prices are under £100,000 with refurbishment opportunities starting around £60,000.

Southern Costa Almeria Property

Southern Costa Almeria - around the headland is the city of Almeria itself. The city and the seaside resort of Roquetas de Mar are at the centre of a struggle between commercial agriculture (which covers the land with an almost unbelievable number of plastic greenhouses) and tourism. If the greenhouses are banned and cleared then the area should become much more attractive with a knock on benefit in property prices. However, inland the undeveloped desert region is attracting the attention of developers and the effect of new property supply on prices will have to be watched. This area has a very warm and very dry climate so it may prove very popular with golfers and those looking for a mild winter climate.

Costa Del Sol Property

Costa del Sol property has really taken a battering this year from the point of view of prices. Some reports talk of a 30% fall. There are certainly a very large number of for sale boards. However, Costa del Sol property prices did rise astronomically during the last few years and some commentators see the correction as a return to normality. A great time to be bargain hunting if you have the patience. The message here is not to rush in as there is plenty of choice and you will not miss your chance to secure a property by having a good look around. Coastal Apartments around £150,000 and villas around £450,000.

Costa Tropical Property

Costa Tropical Once regarded as the eastern part of the CdS but now it is known in its own right as a separate (and very beautiful) coastline this area has traditionally been priced lower than its neighbour and new building has not been as extensive due to the lack of land. Prices are a little weaker than in the recent past but have held up better than the CdS. Lack of building land and the tropical climate will underpin property prices in this region.

There is also access to the Sierra Nevada ski area from this Coast but it is 1 to 2 hours drive away so ok for occasional days out but not for a skiing holiday base.

Spanish Property Market - Conclusion

Property price rises in Spain have for many years risen to the point where they are almost as expensive as in the UK. This has encouraged builders to develop more and more holiday homes in ever luxurious and ambitious developments. There are more properties under construction on the Spanish Costas than in many major European countries. With this level of supply coming onto a slowing market prices will have to stabilise until the surplus is moved on.

However, don't be put off buying property in Spain as:

- It is still the destination of choice for most Britons.

- It is only two and a half hours flying time from most UK airports.

- It is one of the few Mediterranean destinations accessible for a weekend break.

- Budget airlines can offer very, very cheap flights.

- There are year round budget and scheduled flights.

- The economy is strong, stable and growing.

- Spain is a modern Western democracy and a EU member state.

- The climate of the Mediterranean coast of southern Spain is arguable the best available via a short flight for Northern Europeans.

- Spain does not suffer from any regular potentially dangerous major natural events such as earth quakes or hurricanes.

- Spanish food, fiestas, culture, lifestyle is all very attractive and popular with many visitors and permanent residents.

There are plenty more reasons that could be listed here but these will suffice for now.

Once some of the hype surrounding some of the new overseas property destinations dies down and perhaps more importantly, if the property prices in these new destinations keep rising as fast as many of them have done over the last 1-2 years then it is likely we will see Spanish property rising to the top of peoples wish lists once more.

So, if you are looking for a pure property investment then think long term beyond the present slowdown in prices& and go any enjoy the property yourself with friends or family; what price can be put on that!

Article Link: http://www.thegpg.com/overseas-property-news/property-news.cfm?id=3

Please contact the author at mike.dunkerley@thegpg.com for more information.

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