On the Spanish coast the price is right for a dream home in the sun
SPAIN had it coming. The overdevelopment, the overpricing and the overexcitement were sure to lead to a property crisis. Which, of course, is good news for buyers who still fancy a gorgeous place in the sun. At last, the prices in Spain, particularly along the over-extended southern coast, are right.
According to James Stewart, an associate of Savills who covers the Costa Del Sol, Sotto Grande and inland areas, prices this year are down 20-40 per cent, from “the crazy prices of a few years ago.”
“All economic laws were ignored for a long time,” says Stewart. “You could see it building up. As late as last August sellers and agents were keeping their heads in the sand about what was happening.” After a “dead” winter, the market along the popular southern Mediterranean stretch of coast is picking up a bit now.
“You could certainly say this is a good time to buy,” he says. “I’ve got lovely properties that were on for €1.5m that are now going for €900,000. There are great deals to be had now in Sotto Grande and Marbella, also inland, in towns such as Jimena and Gaucin.
“The Euro’s softening a bit, too, which helps.” Hello sunshine.
MONDA, MARBELLA
6,000 sq m mansion with exotic gardens and state-of-the-art fittings.
€2.9 (25 per cent fall in price)
Savills, tel: 020 7016 3704
EL MADRONAL, BENAHAVIS
Luxuy villa with superb views and all the bells and whistles of a boom-time home.
€2.65m (25 per cent fall in price)
DM Properties, tel: (0034) 952 765 138
ALTOS REALES, MARBELLA
Elegant villa in one of the most prestigious regions above the Golden Mile. Private and luxurious, with lovely views
€1.59m (16 per cent fall in price).
DM Properties, tel: (0034) 952 765 138
COSTA DEL SOL
The spacious Los Robles de los Arqueros development in Los Arqueros golf club.
Three bedroom apartment: €284,900 (23 per cent fall in price).
Taylor Woodrow de Espana, tel: 08000 121 020