The Spanish real estate market may still be in the doldrums, but that hasn’t stopped buyers from Scandinavia, Russia, Germany and France to snap up the best Costa del Sol bargains. While the average property in Spain costs around EUR 229,000, at the prime locations of the Costa del Sol money won’t stretch quite that far.
Here the average property comes with an asking price of EUR 325,000, which is admittedly down from EUR 334,000 in the first three months of this year.
Apartments, town houses and villas in Malaga for example can range in price from EUR 150,000 for a resale apartment to EUR 375,000 for a town house and EUR 895,000 upwards for villas with private swimming pool and sizeable plot.
In Marbella, the premier resort at the Costa del Sol, where properties come with a glamour-induced surcharge, the average property cost EUR 634,000 in quarter 2, down from EUR 650,000 in the first quarter of this year. There are, however, many different districts that make up the town of Marbella and some are millionaire’s row while others are within the budget of a retired teacher.
In Bahia de Marbella property will cost around EUR 498,000 on average, but it is possible to find 3-bed, 2-bath apartments in first line beach complexes for around EUR 385,000 or less. In some developments a 3-bed, 2-bath duplex penthouse with sea views and within walking distance of the beach might be as little as EUR 349,000.
At the other extreme, in nearby El Rosario the average house price stands at EUR 952,000. Here luxury villas, penthouses, town houses and apartments tend to be for the seriously wealthy and the majority of properties are sold with amazing sea views, large plots of land and construction values to the highest of standards - both for the shell and the interior of the homes.
It is, however, possible to find El Rosario property that is less than EUR 500,000, like a 5-bed, 4-bath villa that is located just 5 minutes from Playa Hermosas, several supermarkets and shops, restaurants and tennis clubs. The resale villa is on the market for EUR 464,000.
Buying a plot of land at the Costa del Sol’s El Rosario resort is not cheap either. Here a west-facing parcel of land (2,237 sqm) in the upper part of town will cost around EUR 245,000.
In Marbella del Este the average home costs around EUR 476,000, but with a little patience it is possible to find a 2-bed, 3-bath apartment with pool access and sea views as well as mountain views for as little as EUR 260,000. Older style apartments with 4 bedrooms and 2 bathrooms can be purchased for around EUR 180,000. While they may need a little updating in their interior décor, they are nevertheless a great start on the Marbella housing ladder.
Smaller apartments with 1 bedroom and 1 bathroom come for around EUR 160,000 as new builds and typically offer immaculate interiors, access to the beach and all local amenities and services.
A little further out, some 12 km from Marbella’s town centre, town houses in La Reserv de Marbella, can be bought for around EUR 189,000 and will have a small plot of land, 3 bedrooms, 2 bathrooms and a small private pool with sun terrace and private parking.
Living at the Costa del Sol is not for everyone. While the cost of living is undoubtedly cheaper than in the UK, the current unavailability of work is a stumbling block for many people seeking to relocate. However, buying a Costa del Sol property now, when prices are very low in comparison to just a couple of years ago, is a sound investment, if a move to Spain is planned at a later stage.
For the lucky people who are ready to retire and no longer have to worry about finding work, the Costa del Sol lifestyle offers a new lease of life and a chance to make new friends. The area has a large expat community of British, German, French, Scandinavian and Swiss people, providing a cosmopolitan atmosphere and plenty of opportunity to learn a new language!