The first thing to point out is that property Costa del Sol is very much several markets in one covering over 170KM of coastline from Nerja in the east to Sotogrande in the west. Depending on what your own interpretation of CDS is would determine you own perspective of it but I tend to think of it in the following sectors
Not really even Costa del Sol as it's just over the border from Malaga in the Cadiz Province but in reality the people who live there tend to seem themselves in Costa del Sol rather than Costa de la luz. As for the property market well this is very much the luxury property market again split into two sub sectors the Sotogrande Marina sector which is where you will find luxurious apartments with the prices really starting at euro300,000 but the reality is for the person looking for that Sotogrande style apartment they ideally want in excess of euro500,000 even though we have 1 Bedroom apartments from euro200,000 but not the sort of apartments the average Sotogrande property buyers is looking for. Then we come to the luxury Villa market where you can buy anything lovely from as low as euro500,000 Euros to well over euro10M Euros. The top end is attracting a lot of UK tax exiles who have immigrated to Gibraltar but have no intention of spending there lives there. Well being a luxury market this year has been a struggle for most Sotogrande agents but it does have an attraction for those who want the peaceful tranquillity that Sotogrande offers but Sotogrande is suffering because there are overall much better opportunities to be had in other areas of Costa del Sol.
DUQUESA, MANILVA & CASARES
This is the area that has been decimated the most. In 2007 people were buying in Duquesa and surrounding areas mainly because they couldn't afford to live in there first choice Marbella. Now they can afford to Live in Marbella this area has become a ghost town where you can buy some really nice apartments for under euro150,000 but local international business is on its knees and a lot of money has been lost.
ESTEPONA TO SAN PEDRO – THE NEW GOLDEN MILE
Read the same story as Duqesa but maybe worse with several fantastic Hotels like the AGH and Las Dunas closed or about to be closed and whilst there are some fantastic properties in this part of Costa del Sol it again has similar problems to Duqesa, You can now buy some fantastic luxury property in places like Los Flamingos Golf, Costalita and Dominion Park which obviously being luxurious has high maintenance fees attached to them. So the reality about this area is that there are a lot of very good opportunities but if you're buying for investment you need to think when things might pick up again.
PUERTO BANUS, ELVIRA, CABOPINO & MARBELLA
Very much the Jewel in the crown of Costa del Sol and where not surprisingly there is far less value for money than there was in 2009 with the reality that the majority of the best deals were bought in 2009 and there are a few really good deals left in 2010. However if you looking for a 2 Bed apartment you will still find excellent value as like the whole of Costa del Sol there is a huge oversupply of that type of property. Marbella and golden mile is still very much the heart and centre of the London of Costa del Sol and a good quality apartment here will set you back in excess of euro400,000 plus.
MIJAS COSTA – CALAHONDA THROUGH TO EL FARO
FUENIGROLA THROUGH TO MALAGA
Fuengirola and Torremolinos still very much have an attraction for would be buyers especially the Irish for some reason. The reality here is it's actually quite hard to buy a good apartment at the quality an international buyer would expect for under euro175,000. and the Frontline 2 bed apartments in Fuengirola are still in excess of euro500,000. The reality of this is that they are owned by Spanish families who don't need to sell. Malaga is its own great little city but with not many International buyers and therefore id have to say my knowledge of this market is somewhat limited.
Still very much demand for property in this area with people still looking for property bargains in Nerja when there really aren't any as say you would get in Mijas Costa but it does offer a fantastic range of properties form around euro200,000. Property in Nerja also represents excellent investments as holiday rental income is very good in this area as you just don't have the oversupply you get in Mijas Costa.
So looking at property Costa del Sol as a whole I would say there is still some great opportunities to be had in 2010 especially in the area of most over supply i.e. 2 Bedroom apartments. If you're prepared to look you will also find some real value in the Villa market around euro500,000 but the top locations it's very hard to find that deal of a lifetime that you could in 2009..
My advice to anyone is if you're thinking of buying property in 2010 do it or you may regret it because besides what the international press tell you we are at the bottom of the recession and the best deals are behind us. The thing that concerns me the most is what happens in 2011 when all the good deals have gone and vendors hold out for better prices with buyers still looking for 2010 prices and that could well be fewer sales in the international market in 2011. Obviously the people looking for the first time in 2011 won't be effect by that type of mindset
I am the marketing and operations manager for Spanish Hot Properties and responible for the press content of the company and the blog http://www.spanishhotproperties.com/blog/ HQ Mailing Address: Spanish Hot Properties SL Gerald Brennan 46 Alhaurin El Grande 29120 Malaga Espana CONTACT VIA TELEPHONE UK: 0207 558 8355 International: 0034 952 588 910 Email; firstname.lastname@example.org Website: http://www.spanishhotproperties.com/en/sales/spain/andalucia/areas/costa-del-sol