Andalucía Property Market report July 2009 from Spanish Hot Properties

Spanish property in 2009 has been really interesting especially the Andalucía property market which has seen quite a horrendous year as a whole with a few bright spot in certain areas of Costa del Sol but overall things can only really start to get better for the Andalucía property market according to Spanish Hot Properties Managing Director Nick Stuart.

As Nick explains “the first thing about the Andalucía property market is the fact it’s so big and so diverse and in reality you have 6 markets in one.  You have the four Costas of Costa de la Luz, Costa del Sol, Costa Tropical and Costa Almeria all very different in their own ways and all with different types of problems. You then have Andalucía Inland and the Andalucía countryside know as El Campo and Finally you have The major Cities of Andalucía such as Sevilla, Granada, Malaga, Cordoba, Jaen and Almeria which is in the main totally Spanish. Then you just have to imagine the actual size of Andalucía where the actual Coastline at Vera in Almeria to Huelva is over 500 Kilometers in distance and going inland from Marbella to Jaen is some 280 Kilometers.  Then for people who know the diversity of the Andalucía and why it is one the greatest places on the planet it is easier to understand the huge diversity of the type of property you can buy and more importantly the type of lifestyle you can have in Andalucía.  When looking at the Andalucía property market I think the most important fact to bear in mind is whilst property prices may have crashed the cost of construction hasn’t and at best it has stayed level. In reality this means you can buy certain properties for a price you could never build for today and that is what makes the Andalucía property market very interesting. To try and make understanding the market a little easier I have broken it down into 3 main areas.

Andalucía Inland property

This is rural Andalucía at its finest where you have quaint typical Spanish white villages known as pueblos blancos and country properties such as Fincas and Cortijos set in large amount of rustic land.  Now this type of property has a huge Be Careful sign attached to it a large amount of these properties have been illegally built and have demolition orders on them or could have in the future.  However if you have a good Lawyer you shouldn’t need to worry but certainly look to buy this type of property from a reputable agent and not direct from a vendor. If you try and cut corners in the Campo you will normally get badly burnt. As for property prices with the exception of the few desperate International sellers the property market has held it value pretty well due to it being mainly a local Spanish market and if your looking for value for money from an investment point of view you would probably be better buying on the Costas. The buyers in this area tend to want something around the €100,000 Euros mark or are looking a country way of life.

Sevilla and the Andalucía Cities

Prime location is everything and again city centre prices have held up very well indeed especially in Sevilla and Malaga. Again this market is dominated by the local Spanish who don’t need to sell.  The real value is the older properties that were built some time ago with the building costs associated of that time.  Also when you head out towards the suburbs you tend to get better value with the local distressed sales market.

The 4 Costas

Costa de La Luz and Costa Almeria have probably suffered more than any of the Costas mainly due to the fact that they are the newest markets and a lot of people bought in those Costas because they couldn’t afford to buy in Costa del Sol and we all know that has changed round and they are having a very tough time of it and people who buy there now buy for low price and a different more sedate lifestyle but not for value.  However you can buy a nice apartment in these Costas for about €120,000 Euros.  Costa Tropical is holding up very well in relative terms with the luxurious Villas in the La Herradura and Marina del Este region holding up very well.  The market is made up of Rich International types, a local Market and Granada citizens having second homes.  It’s very quiet and peaceful and is one of the unknown Jewels of the Andalucía Coast. Finally we come to where all the action is in Costa del Sol due to the huge oversupply of property now matched with huge discounts and lots of bank repossessions and distressed sales Costa del Sol probably represents the best value in all of Spain where you can buy property for less than you can build it for and is very much where the value and activity is for Spanish Hot Properties customers.

Andalucía is a great place to live and right now it’s a very interesting property market”.

Anyone wishing to find more about the current state of the Andalucía property market or require information about Spanish property should contact Spanish Hot Properties.