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The Spanish Property Market by David Rowe Spain
Questions recently asked of David Rowe Spain of Touchstone Spain
1 The feature will be split up into a focus on each coast - Brava, Blanca, Murcia/Almeria, Sol and Balearics. Which areas do you deal with - and where are you seeing most demand at the moment?
We are based Costa del Sol. The Costa Blanca always remains popular, as the entry price tends to be more accessible. But currently, it is the Costa del Sol that is receiving the majority of the attention from keen British buyers.
2. Which are the prime locations in the area/s you deal with - and what sort of properties are holding their value best?
Puerto Banús is always the catch-word for any new buyer on the Costa del Sol. And most buyers will initially express a desire to own a 2 bedroomed, 2 bathroom, property. But it is the job of the Touchstone Spain team to manage expectations and to discuss what can realistically be achieved at different budget levels. To date, Puerto Banús is recession-proof. You would be hard-pushed to find a property for under 500,000€.
Touchstonespian.com recommends locations such as San Pedro de Alcántara or the New Golden Mile as excellent alternatives to Puerto Banús. These properties do not demand the large price hikes of Puerto Banús and yet they are located only 5 or 10 minutes away. The beaches are still dotted with bars and restaurants and the Spanish town of San Pedro is always bustling.
3. What is happening in the market you are dealing with - in terms of property prices, who is buying, any new developments worth mentioning? Anything for sale on the beachfront?
On November 4th, Real Capital Solutions – Spain launched 53 apartments to the Marbella sales market. This boutique style residential development has been constructed in a semi-circular design that guarantees truly breathtaking views across the Strait of Gibraltar to Africa. Prices start at 149,000€ which is far lower than anything else that is achievable in a beachfront location. It is also 40% less than the original build cost.
What we are seeing is investment funds, taking the opportunity to buy-up distressed or under-capitalised developments and repositioning them to become good quality, attractive properties at an affordable level.
4. How can buyers know which properties are worth buying - and which not? (how do you know what has been sitting on the market for years and is heavily discounted/what's a bargain and what you will struggle to sell in future etc, which agents to trust... etc).
A coastal property is always in demand. Beachfront properties demand a higher price but they also tend to keep their price. The vast majority of property purchasers immediately ask for an apartment or house that is within reach of shops and the beach. Anything that is located without easy access to transport or lifestyle connections tends to be much harder to resell.
5. Could you provide me with a couple of examples of properties for sale in prime hotspots - with a high res EXTERNAL photo (ie. showing the front of the property) and details of price, location, number of bedrooms etc.
285,000€, Discounted 50%!!!
garages plus large basement with natural light, sea & golf views
70% finance available*
*limited funding for bank finance. Clients urged to act quickly.
149,000€ - 40% below build costs
2 bedrooms, 2 bathrooms
120 sqm + garden
70% finance available*
infinity rooftop swimming pool and chillout area
David Rowe Spain