Thinking of buying a holiday home on the idyllic Costa del Sol? Here’s what you need to know before getting your wallet out.
There are lots of excellent reasons for buying property on the Costa del Sol. Confidence is very much back in the property market, and competitively priced property in Marbella, real estate in and around Malaga and holiday homes all along the cost can still be a great investment and provide much pleasure too.
Marbella’s luxury lifestyle and sublime weather are well documented, but property experts agree that the combination of pre-recession property prices, a weak Euro, and decreasing housing stocks in some of Spain’s prime locations means that this is a great time to buy. In this article, Dakota Murphey, looks at reasons why it’s still worth buying the holiday villa of your dreams.
Property prices are still almost too good to be true – they’ve dipped to pre-recession levels and are still less by about 40% from their 2007 peak. Keep your eyes open for bargains, because in some areas there have been reductions of up to 70%. Obviously, property prices are bound to rise sooner or later, especially in upmarket areas like Marbella, so the experts are advising people to buy now. If you live in the UK, your dream home in the sun will cost you substantially less now than last year. Villas for sale in Marbella are selling fast and at very reasonable prices, so get in quick!
Wall-to-Wall Blue Skies
If it’s year-round-sunshine and cloudless blue skies you want, then get on the first plane to Malaga, the nearest airport. The Wall Street Journal has described the microclimate in Marbella as its key selling point: ‘Tucked between the mountains and the Mediterranean, Marbella has cooler summers and warmer winters than its neighbours on Spain’s Costa del Sol, and more sun than its rival resorts further up the Mediterranean coast.
The Name of the Game is Exclusivity
I don’t think we need mention that the world’s super rich buy holiday homes here. Marbella’s Sierra Blanca and La Zagaleta in Benahavís, two of the most exclusive areas in Southern Europe, recently saw a home measuring 16,194 square feet sell for a little over £8m. Small change, my dear, small change.
The Costa del Sol has one of the best travel networks on the entire Med. There are two airports only a short drive away, an ultra-modern, high-speed rail service and a 21st century highway network. The huge expansion of Malaga-Costa del Sol Airport some years ago, and the increased number of direct flights coming in and out, has meant that many people now commute to Marbella. These high fliers work during the week in London and Europe, and on weekends fly home to Marbella, where they can enjoy the warm sunshine and sea air.
The VIP Lifestyle
At any time, you’ll spot many celebrities and VIPs shopping in Marbella’s glitzy designer boutiques, sipping on champagne in exclusive bars in Puerto Banus and eating delicious food prepared by Michelin-starred chefs in their upmarket restaurants.
Some of the Best Beaches in the World
It’s a known fact that Marbella has some of the best beaches in Europe. A walk down these will reveal some of the most famous beach clubs and bars, such as the Ocean Club and Nikki Beach. At the 2014 World Travel Awards, Marbella was nominated as Europe’s Leading Beach Destination and the Marbella Club Hotel, Golf Resort & Spa was nominated as Europe’s Leading Beach Resort.
Spain is now officially the foremost retirement capital in Europe, and has also moved up to 5th in the world as a retirement destination. Because of changes to the UK pension rules, older British citizens will be able to take advantage of some extra cash. And what better way to spend it than on a Marbella home.
Changes have been brought in to give people more choice as to how they receive their pension. If over 55 they can either draw their pension in several small lump sums, of which 25% will be tax free, or they can take a single lump sum and be taxed up to 40%. Whatever option is chosen, there should be more than enough for most retirees to buy a villa in Marbella and enjoy the good life!
Everything and More
Marbella, and much of Spain, has just about everything you could want. Where else in Europe, or the world for that matter, can you enjoy an ice-cold drink on a golden, sandy beach, then hit the ski slopes on the same day? Spain has a wonderful, rich history with traditions that date back centuries, and together with their fabulous weather, fine food and drink, they also proudly offer first-world conveniences. The passionate Spanish people place great value on family and friendships, on song and dance, life and death, so it’s not surprising it’s become a favourite holiday and retirement destination for so many.