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Property Market on the Costa Del Sol (Interview)
16th January 2007
Interview with Paul Smith, GM CLC Estates, Malaga
What was the market like on your arrival here in the late 80s?
A lot different, the big boom hadn't started and you could buy 'cheaply' almost anywhere. Back then, the general advice was to get the biggest possible mortgage on the best possible property in the best area. Now you've got to research the market. That's where an experienced estate agent comes in. You explain your requirements - e.g. close to schools, covered parking, etc. - and they'll get you to the right property without you having to visit dozens. If you go by the pictures alone, you may get a shock, but if you see them through the experienced eyes of someone based here, who has probably seen many of the same properties, you can save time and disappointment.
How has the market changed since then?
The market has matured, as have buyers. The biggest change is the Internet. You don't even have to leave home to get basic information on developments and developers. Between developers in Spain being held accountable for their projects and new legislation making it easier to buy property safely, the market is maturing and regulating itself.
What's selling right now and where?
The Internet also made investing in real estate on the coast overly enticing for people buying off plan with no intention of reaching completion. That peaked a couple of years ago, but now those developments are being delivered and many people cash in without ever living in the property. Therefore, you can buy from an investor who will undercut the developer's asking price to obtain the sale. That's one of the interesting areas where deals are done. While it's currently a buyer's market, well-priced, well-built properties still sell very well, believe me.
Where is the property market going and where should a person invest now?
Due to the glut of rental properties, there's been a rush to secure properties with guaranteed returns. We believe that's the future of property investment in Spain, among other places. Our upcoming Condo-Hotel with all of its associated services and infrastructure, such as the spa and shopping centre, is already selling well as investors know that Club La Costa delivers quality and puts its money where its mouth is.
So your Condo-Hotel is better than say, investing in Bulgaria?
The way the market's taken off in recent years, everyone wants to buy cheaply and get huge returns fast, but it's a lottery, no matter where you go. Are investors going to make a mint on cheap villas in Bulgaria? Some might, but if everyone wants to sell once the property's built, the bottom will fall out of the market. You have to take many factors into consideration, but it's still - location, location, location. You really have to ask: "Would I want to live there when it's built?" Property investors are like a shoal of fish. They swim from one 'new Spain' to the next always looking for the next big coup, but where do they keep coming back to? The REAL Spain!!
Why should a person still consider Spain?
There are many reasons why Spain, particularly the Costa del Sol, is still tops. Firstly, you won't find a better climate on the continent. Secondly, infrastructure is crucial; airports, hospitals, leisure activities, roads, etc. Lots of developing areas promise these, but until they're up and running, people won't visit. Basically, if you remove barriers (e.g. cost, health, poor roads), people will move to the best places with the best climate, not to mention the best quality of life!
Last but not least, why CLC Estates?
Club La Costa has been established here since 1984 and CLC Estates draws on that experience. We've seen and done a lot - our own developments, buying and renovating existing complexes and more. Whether clients are members or not, they are welcome to our advice and help with their property search!
For more information not visit the website at: http://www.clcestates.com
CLC Estates is part of Club La Costa. For more information click on www.clublacosta.com
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