Owning a dreamy holiday home at the Costa del Sol is an
aspiration for many people. The dramatic fall in Spanish property prices is
finally making it possible to turn dreams into reality. Apartment prices for
bank repossessions in Malaga start at around EUR 70,500 for 3-bed, 2-bath
apartments, while holiday homes in Marbella at Europe’s southern-most tip typically
start at EUR 135,000, but it’s possible to find even more amazing bargains at the Costa del
Sol.
With more than 300 days of sunshine, wonderful beaches,
excellent water sports facilities such as surfing, yachting, fishing,
snorkelling and swimming, not to mention more championship golf courses than
even the most enthusiastic of golfers could cope with, the Costa del Sol has it
all.
Malaga’s property market has been hit hard and here are
currently the best bargains to be found. Bank repossessions in Velez Malaga
range from the aforementioned properties to 4-bed, 2-bath apartments with a
floor space of 134 square meters that are being offered at EUR 90,500. Over in the
lovely resort of Benalmadena a one bedroom apartment in the vicinity of
Torrequebrada and the beach costs just EUR 85,000, while in Torre Del Mar 3-bed,
1-bath apartments with close proximity to beach and promenade are on the market
for an astonishing EUR 52,500!
The lovely neighbourhood of Manilva also offers some Costa
del Sol bargains, such as a 2-bed, 2-bath apartment with pool and private
garden for just EUR 99,500. Even sought-after residential property in Estepona,
a neighbour of Marbella, offers one bedroom apartments with access to swimming pool
and gardens for just EUR 89,995.
At Calahonda prospective buyers can view bank-owned 2-bed
apartments with their own sun-drenched west-facing terrace and sea views that
cost only EUR 99,000 and come with a 100% mortgage offer for those who qualify.
Resale studios in Marbella and Nerja, a preferred destination
for British holidaymakers and potential expatriates alike, cost between EUR
59,000 and EUR 75,000, reflecting the enduring allure of both resorts. At Mijas
Costas resale 2-bed, 2-bath apartments with access to communal swimming pool
and within close proximity to golf courses cost on average EUR 79,000.
In Fuengirola, another neighbour of Marbella, a 2-bed,
1-bath apartment can cost as little as EUR 94,000, while a one bedroom
apartment is currently being offered at an astonishing EUR 65,000, a reduction
from EUR 150,000!
Although the glamour and enduring appeal of Marbella have
generally prevented prices from slipping as much as home values have in Malaga
or at the Costa Blanca, the resort has nevertheless seen some declines. There
are plenty of opportunities to get a foothold on the Marbella housing ladder
with an investment of EUR 100,000 or less.
A studio with bathroom and access to swimming pool, close to
the beach and within walking distance of Puerto Banus and its wonderful Marina
is currently listed at just EUR 96,000 (£81,336), a great starter home for relocations.
Ideal for a couple or family holidays for parents with two small
children, studios with access to communal gardens and close proximity to all
Marbella amenities represent excellent value for money. If bought with a
mortgage, such an investment works out to a repayment of just EUR 327.00 per
month on a 70% loan-to-value mortgage with an all-time low interest rate of
3.25% over a 25-year term. Most resale and newly-built bank repossessions come
fully furnished, are ready to move in for the holiday experience of a lifetime.
Marbella town houses have also considerably fallen in price
in some parts of the resort. For people looking to make an investment of EUR 250,000
plus, there is a plethora of choice. With a little research it’s possible to
find a 4-bed, 4-bath town house with pool and within a short walk of the town
centre for just EUR 250,000. Even the Golden Mile holds astonishing surprises!
A 2-bed, 2-bath town house was recently listed for just EUR
375,000, a massive reduction from its original asking price of EUR 505,000.
Smaller terraced houses in Marbella can be found for even less, with 2-bed,
3-bath properties costing around EUR 169,995, even in the sought-after vicinity
of Puerto Banus.