Spanish property price guide
Despite rumours that the Spanish property bubble has burst, Spain is still the top destination for overseas property purchases. Familiarity with the country, and the short 2 hour flying time are two reasons why property buyers will stick with Spain rather than venture into markets unknown. Investors may choose the newer markets because of possible high returns on investments, but those looking for a holiday property in which to spend a few months of the year, or possibly a permanent home, are more likely to embrace a market they are familiar with – i.e. the Spanish property market.
The high price increases of the past are expected to slow down as we go towards the end of the year, but it is anticipated that property prices will continue to grow steadily in the future and on this assumption, buying off plan property that will take a year or two to complete will have considerable returns in the future.
In our opinion, the end of the year is probably the best time to buy. Prices increase at the beginning of summer, which is usually the main buying period, whilst owners are far more likely to take offers in winter time – worried they may have to wait until Spring for the majority of buyers to come. From those vendors who need a quick sale, excellent bargains can be had and offers 10% lower than the asking price are often accepted.
Prices vary enormously from north to south. In the south, which basic area covers Guardamar down to San Miguel, a studio apartment can still be bought for 70,000 euros, with one beds from 73,000 Euros, whilst a 2 bed villa can be purchased for a mere 158,000 Euros. Plot sizes for villas in the south are generally much smaller than those in the north. Up and coming are the areas slightly inland, such as Algorfa and Almoradi which are still only 15/20 minutes to the beautiful beaches at Guardamar, 5 minutes from the excellent La Finca golf course, yet still offer the purchaser a taste of ‘real Spain’.
Spanish property in the north Costa Blanca often provides better views than the flatter more crowded south, but you will pay a premium for the type of property found in this area. The coastal resorts from Benidorm up to Denia are sought after areas and provide a wide variety of property from villas on large plots, to first and second line apartments. In Javea, Moraira and Calpe you would be looking at an average price of 350,000 Euros+ for a 3 bed villa. Slightly cheaper is the lesser known but beautiful area of Benissa, situated between these resorts where the average price for a detached villa is around 320,000 Euros.
- is largely based on, or around golf courses and at present prices still remain relatively inexpensive – for instance a 2 bed apartment on the luxurious La Tercia golf resort or a one bed apartment on Terrazes de la Torre can be bought for 121,000 euros. Even in the more affluent areas such as the La Manga strip and along the Mar Menor, it is still possible to pick up a 2 bed apartment close to the beach for 150,000 Euros. The many areas where you find golf property in Murcia represent excellent value for money as these resorts provide a whole host of additional facilities - hotels, leisure, shopping, and lovely communal areas.
Villas in areas such as Balsicas, Mazarron or Fortuna start at around 150,000 for 2 beds, with those resorts nearer the coast such as Sucina or La Tercia Real, nearer the 180,000 mark.
Whereas Spanish property Costa Almeria was cheap in comparison to other parts of the southern coastline, prices have now caught up and investors buying there two or three years ago have made a healthy profit. Almeria villas will start at an average of 200,000 Euros whilst apartments in Almeria will set you back approximately 92,400 Euros.
Spanish property Costa Tropical
is also gaining in popularity with property prices rising quickly. This beautiful area bordering the more expensive Costa del Sol, offers both beach and skiing resorts, as well as the lovely city of Granada. Just 25 km from Almunecar and its sandy beaches and one hour from Skiing in the Sierra Nevada, we have 1 bed apartments from 109,090 euros, or 2 bed apartments 5 minutes from the beaches of Castillo de Baños from 127,252 euros. Villas are likely to start at about 277,000 Euros for a 3 bed, 2 bath within 15 minutes of beaches.
The Costa del Sol still retains it’s glitz and glamour image making it the most expensive area along this stretch of coast with 1-2 bed apartments in areas such as El Faro, Fuengirola, Mijas Costa, Nerja and Frigiliana commanding prices starting at over 150,000 Euros. Looking to Marbella and Puerto Banus where prices for a 2 bed apartment with sea views top the 500,000 euro mark, you really pay top dollar to own property here. A villa in these areas will set you back a cool 3 million or so.
Spanish Mortgage offers and conditions with local banks for non-residents are improving, making it easier to buy Spanish property without a hefty down payment. We work with a number of Spanish banks, allowing us to ‘barter’ for the best possible deal for our clients.
Spanish property price guide based on the last quarter of 2006 from property for sale on our books, although not all will appear on our website. If you are looking for a particular property in one of these areas, please let us know your requirements and budget and we will send details of property we have available at the time.
Comprehensive Spanish property price guide for other areas of Spain >>
