Despite numerous tax incentives and new planning legislation the Spanish government introduced in recent months, the country’s property market is still in the doldrums with a recovery to 2007 conditions, when the real estate market last peaked, a long way off.
Spain’s Costa del Sol has a multitude of tourist attractions to offer and every year hundreds of thousands of holidaymakers enjoy the sun and beaches, great water sports and other leisure time facilities on offer as well as the vibrant nightlife resorts like Marbella and Torremolinos have to offer.
Investing in bargain-price property now, when Spanish banks are desperate to raise cash and balance their books, may well turn out to be a very smart move indeed. At a new development near the world-famous Puerto Banus Marina brand new bank-owned Marbella apartments are sold off with a 45% discount and a stunning 80% finance package, while an even more generous financing deal is available with property at Marbella’s Golden Mile, where townhouses can be purchased with 100% mortgages.
Asking prices for luxury apartments at Puerto Banus start at EUR 199,000, while at the Golden Mile new 3-bed luxury townhouses start at EUR 550,000. At Puerto Banus beachside there are luxury apartment available which come with a price tag of EUR 451,823 and a generous 90% mortgage offer for those who qualify.
Many of these key-ready properties are repossessions from developers who could not longer service their loans. Spanish banks desperate to shed their under-performing property portfolios at the Costas are increasingly offloading amazing luxury properties at rock-bottom prices with incredible finance packages thrown in.
For people with around EUR 250,000 to spend there are some great bargains to be had at luxury golf developments in West Marbella. Prices for key-ready frontline apartments start at EUR 240,000.
In the East of Marbella prices are even lower. Here apartments with stunning sea views are sold off for the bargain starting price of just EUR 165,000, ideal for families seeking to get their first foothold on the Costa del Sol property ladder. Boasting sea and mountain views, the apartment complex offers buyers the choice of no fewer than 20 golf courses in the area.
Close to Marbella town centre, where a vibrant nightlife with cafes, bars, clubs and restaurants awaits new residents, these spacious apartments have fully fitted and equipped kitchens, pre-installed Bang & Olufson audio systems and satellite TV as well as hot and cold air conditioning, under-floor heating in the bathrooms and boast 24 hour security and alarms for extra peace of mind. An onsite communal spa and fitness centre featuring swimming pools and saunas complete the little dream home on a budget.
At the other end of the scale there are the stunning luxury developments attracting only serious investors with deep pockets. Luxury apartments within walking distance of Puerto Banus’ Marina will cost more in the region of EUR 908,000, even in a recession and a depressed housing market situation - this is the height of indulgence and can only be topped by front line beach properties within a 5 minute walk of central Marbella, where luxury 2-bed apartments start from EUR 913,500 and 4-bed duplex penthouses have a price tag of EUR 1,379,241 upwards.
In Mijas, also at the Costa del Sol, an investment of just under EUR 600,000 will buy a lot more - here one can find luxury apartments with 5 bedrooms and 5 bathrooms, 2 garage spaces, panoramic views and a communal 18 hole championship golf course for EUR 595,000.
At Mijas’ Riviera del Sol development there are cosy starter apartments for sale that have one bathroom and 2 bedrooms, a lovely swimming pool set in landscaped gardens and are fully fitted with quality kitchens, also offering a furniture pack included in the deal: EUR 150,000.
Living at the Costa del Sol is considerably cheaper than in the UK - a weekly grocery shopping trip will pleasantly surprise even the most determined UK supermarket aficionado and bargain hunter. The relaxed Spanish lifestyle and the wonderful scenery, attractions and leisure time facilities all make for a truly life-changing experience for those brave enough to purchase now, when prices are low.