If you're buying property, Costa del Sol is an excellent choice for such an investment. This article will provide you with an overview of Costa del Sol and a taste of the property market.
The beautiful coastline of Costa del Sol has impressed residents and tourists for years. And it is no wonder - with a blissfully warm climate almost all year, clean beaches, excellent golfing, snorkeling, diving and sailing facilities, and much more. Not only that but Costa del Sol is fast proving to be a haven for property investment - whether it be for the purpose of holiday homes or for relocation. There are also a large number of foreign investors who are buying property with the intention of spending their retired life in the region. A significant part of the total population consists of retirees, in the age group of 50-60.
When you're buying property, Costa del Sol has different types of homes available. Property ranges from low-rise, quaint structures with the charm of old Andalucia to modern, high-rise apartments. There is something here to fit every pocket - huge, luxuriously built villas with an exquisite view of the coastline, which are highly priced. Than there are the small, decent apartments with no extraordinary features so the price can be kept as low as possible.
A construction boom took place in Costa del Sol during the period from 1997 to 2003. During this period, a large number of structures were constructed - some of which were unplanned and unattractive, in some areas. However, after property prices started going up in 2004, the market started declining. In areas like Malaga city and Marbella, prices increased by 200% which led to a large number of people who were buying property in Costa del Sol under construction, unable to afford the completion of the project.
There are a number of major factors that need to be kept in mind for buying property in Costa del Sol, such as: the purpose of the investment, the budget, the location, and the time frame for closing the deal. Having a clear idea for the purpose of buying property - for relocation, rental accommodation, retiring, or holidaying - as well as the budget involved would help in selecting the right location. In case of an adequately large budget, one could go for a lavish purchase in an opulent area such as Marbella or Puerto Banus. However, if the budget is tight, one could go for a decent second-hand accommodation in a good area like Marbella. At this stage, it is necessary to be vigilant so as not to purchase a property under legal dispute, as well as a property which is seemingly good but lacking in basic amenities, or a property which has very little or no potential for resale. Careful consideration and extensive research about the property would help in avoiding unpleasant situations.