Where to find cheap properties in Spain

Meanwhile, there are countless cheap properties in Spain, thanks in part to a glut of new properties as a result of oversupply. It’s a buyer’s market at the moment, and people are slowly returning to Spain as confidence gradually recovers. Do your research, and property in Spain can still be a good investment, as long as you’re in it for the long haul.

It is relatively easy to find Spanish property for under £150,000. But first, that old chestnut: location. Get this right and you’ll be off to a good start. Mark Stucklin, director of Spanish Property Insight.com (a real estate information website), advises: “In this market, the strategy is clear: focus on established and desirable areas, then look for a good deal within that area. Everyone knows the location rule, but it’s the first thing you forget.

Choose popular coastal locations with good rental or investment potential, such as the Balearic Islands, the Costas, Marbella or Valencia. There are plenty of places inland that offer good value for money as well, although you may need to look for a place with good amenities and make sure it’s not too isolated. “Look for quality construction and amenities, attractive surroundings that people can relate to,” adds Stucklin. Cities like Barcelona and Madrid will always be popular, but property tends to be more expensive and only appealing to a niche market.

The type of property that offers the best deals is new-build, ‘turnkey’ accommodation, in part because there is so much of it waiting to be sold. Paul McMullen, Sales Manager at Escape To Spain, explains: “There are some really good deals out there right now. The best I’ve seen are new ready-to-use homes. In many cases, builders need to sell them in order to pay off. banks, so they’re willing to accept up to 40 percent less than the asking price just so they can close the sales office and move on to their next project.

Victor Sagué, director of sales and marketing for Spain’s Taylor Woodrow, adds: “We have significantly reduced our prices on a selection of properties in line with the current market, with some homes now priced at just over £100,000. This has opened the real estate market to those who previously thought they couldn’t afford to buy a property in Spain”.

Julia Marriott and her husband, from Coventry, recently bought a townhouse through Taylor Woodrow in the Lagunas del Sol development in Riojales, Costa Blanca.

Properties here had an asking price of £105,465. Julia explains: “We decided to move to Spain permanently to semi-retire. For us, the proximity to the UK was very important as we traveled back to visit family. We searched along the coast until we found Lagunas del Sun, and it just ticked all the boxes for us. It’s close to shopping and the beach, and our property overlooks the pool, which is great.”

When asked if she had any concerns about buying in Spain, Julia says yes, but they did their research carefully, choosing a good developer and a good location. “A good Spanish lawyer is essential!” she adds.

Lagunas del Sol is already sold out, but in the Balearics, Taylor Woodrow offers two-bedroom apartments in El Puerto II, Cala d’Or, Mallorca. Close to the beach and the city of Palma, the properties are set around a marina and are priced from £144,522.

If you prefer to buy inland, Key Ready Investments is marketing two-bedroom apartments near the historic city of Granada, Andalusia for £83,638. Balcones de Iznalloz is a 90-minute drive from Malaga airport and is also close to the Sierra Nevada ski resort. The complex has a large swimming pool, restaurant, gym and spa, and each apartment has a garage and storage room.

So, unlike the heady days of the boom, is off-the-wall now considered too risky? Says McMullen, “I wouldn’t recommend anyone to buy something totally off the charts right now, it just doesn’t make sense. Prices don’t go up so there’s no advantage, plus you always face the possibility of the developer going out of business. meanwhile, leaving you with a half-finished property and a legal headache trying to get your money back. In the current climate, buy something almost complete or off-the-shelf.”

Casas de Lorca offers an example of a scheme that is almost complete. The Lorca Apartments, located very close to the new University of Lorca in Murcia, will be completed in early 2009. The one, two and three-bedroom apartments are ideal for students and come with a three-year rental guarantee. Prices start at £65,521 for a one-bedroom home and from £123,483 for three bedrooms.

If new construction isn’t your thing, there are also some great deals on resale (second hand) properties. But be prepared to do some extra homework. McMullen explains: “Buying resales can be a bit more difficult as you will find wide variations in price as some owners are more desperate to sell than others so you may be able to find identical properties within the same area for asking prices. very different. The best advice is to ask your agent how much the same property would have sold for two years ago, if they are an established agent they will have this information and then you can assess whether it is a good price or not.”

DLR Properties has a two-bedroom resale property on the Costa Blanca, south of Alicante, on its books. Listed at £113,528, the property comes with an office annex and roof top solarium. It is perfect for golf lovers, as it is located between three golf courses – Villamartin, Campoamor and Las Ramblas – and is within walking distance of restaurants, bars and shops.

For something a little more romantic, Poets Cottage is a restored three-bedroom townhouse, on the market with Andalucia Exclusive for £142,842. Located in the village of Arriate, close to Ronda, the property retains many original features including a well and wood burning stove. It has mountain views, a large terrace and a garden with mature olive trees.

If your budget is really tight, Titan Properties is offering a two-bedroom semi-detached villa on the Costa Cálida for a whopping £54,621. Located in the Camposol complex in Mazarrón, Murcia, the property is within walking distance of an 18-hole golf course, a clubhouse and a four-star Spa hotel. It has never been occupied and comes fully furnished with a roof terrace.

Or, if you fancy a restoration project, a large ruin is available in Almería, with agent Casas de Lorca. The ruin comes with 30,000 square meters of land, with water and electricity, and offers the potential for four bedrooms. It is located in the quiet countryside of Huercal Overa, near Lorca, and is a short drive from towns, cities, beaches and a motorway. It is priced at £82,799.

Clearly, there are plenty of bargains on the market; As long as you approach with care and research, and seek good legal advice, cheap property in Spain can still offer a good investment.

Taylor Woodrow’s Sagué agrees: “Unlike newer emerging markets, Spain is established and Brits have been buying property there for years, so if you do your research you’ll have a good idea of ​​what you’re getting in terms of product and location. If you consider property in Spain as a long-term investment, it will be hard to beat.”