Taking the Autopista Del Sol from Marbella one eventually joins the N340 that leads all the way to San Roque and the Rock of Gibraltar. For those fortunate to live in Marbella at Spain’s Costa del Sol, the area offers a huge number of attractions and perfect day trips along the coast as well as into the spectacular interior.
Property investors often limit their house hunting search to the seaside resorts of Malaga, Torremolinos, Fuengirola, Estepnona and Marbella, but the inland towns of Casares and Gaucin have a lot to offer, too.
The beautiful, traditional white-washed houses of Casares may not be to everyone’s taste, but there are plenty of modern apartments, flats, townhouses and villas around to satisfy the most discerning of house hunters. Prices range from EUR 65,000 for a resale apartment with one bedroom and one bathroom to around EUR 137,500 for a penthouse with 3 bedrooms and stunning views.
On average, an investment of around EUR 75,000 will buy a pretty decent apartment to get one started on the Costa del Sol property ladder. The town is popular with tourists who are looking for a taste of the Real Spain without the inconvenience of being too far removed from the beaches and seaside attractions that Marbella and Estepona have to offer.
Gaucin lies in the province of Ronda, THE destination for anyone keen to see the traditional white hill towns of Andalucia. A tranquil location within easy driving distance of Estepona and Marbella, Gaucin also offers house hunters a great choice of reasonably priced resale and brand new real estate. Prices for resales of one bedroom apartments and small townhouses start at around EUR 75,000, while traditional townhouses with 3 bedrooms and 1 bathroom that still need a little restoration work done can usually be picked up for just under EUR 100,000.
Away from the glamour of Marbella, but towards the interesting and imposing Rock of Gibraltar, house hunters will come across the pleasant town of San Roque in the province of Cadiz. Its close proximity to Gibraltar and therefore the Moroccan coast make the town’s housing market a little more expensive than expected.
Here a resale apartment with private roof terrace enjoying amazing views will cost more in the region of EUR 100,000, but it is also possible to purchase brand new properties with excellent financing packages directly from Spanish banks. A key-ready apartment with access to communal swimming pool and gardens in a modern frontline golf complex will start at EUR 99,000 for properties with 2 bedrooms and 2 bathrooms.
The Costa del Sol is one of Spain’s prime locations for property investors, as even in a depressed housing market the yields from holiday rentals produce a good and steady income thanks to the large number of holidaymakers flocking to the beaches every year.
While a modest budget of between EUR 75,000 to EUR 100,000 may not be enough to get one started in Marbella or Fuengirola, there are plenty of opportunities for investment in the greater Marbella area. With a little research one can find dream homes just a short drive inland that will suit one’s family as a holiday home and will be ideal to let out during the times one isn’t using the property.
Would-be investors should bear in mind that the Spanish tax authorities are cracking down hard on people enjoying a holiday rentals income without paying the appropriate taxation for it. Before embarking on the first step to become an investor, it is important to take extensive legal and taxation advice from properly qualified experts like solicitors and tax consultants.
Eventually, Spain’s housing market will recover and savvy investors who risked a flutter now will not only recoup their investment but will enjoy capital gains. The 50% tax reduction deadline for purchases made for brand new, bank-owned property runs out at the end of this year. Even Marbella hasn’t escaped the downturn of the housing market, although it has been largely cushioned from the worst by its enduring appeal to holidaymakers and the international jet set.
At present it is possible to buy apartments in new developments near the famous Puerto Banus complex with 80% finance and 45% discounts, starting with asking prices from EUR 214,000 to EUR 341,000.