Rising property prices on the
Costa Blanca and the Costa del Sol
Castles in Spain? Not at today's prices!
Why Have Property Prices Gone 'Through The
Roof' On The Costa Blanca Coast Of Spain? by:
Mark Eastwood
Some of the main reasons prices on the Costa
Blanca have gone so crazy (generally acknowledged as doubling in the last four
years) are:
- As the British have seen their house prices
soar, they have re-mortgaged heavily and taken some of the equity out of their
main home in order to buy a second home.
- The Spanish have seen this influx of money
and have raised prices - people have paid the higher prices - so the Spanish
have raised them more - again they have been met and so the cycle keeps on
going until finally buyers are exhausted and stop buying. Are we at that point
- well see below.
- People retiring have sold their main home in
the UK and have increasingly had larger and larger sums as the UK prices kept
increasing. People in Spain see this and ask for more (and get it).
- The Costa Blanca is a fantastic place and so
of course it is desirable. It is said to become the California of Europe and
as people have cottoned onto its great potential they have come here in
droves, driving the prices up.
- The Costa del Sol, seen as the place to be
got ahead of itself and suddenly the Costa Blanca seemed cheap in comparison.
The Costa Blanca has much better beaches and a better climate especially as it
is not as unbearably hot in the height of summer. The Costa Blanca is not so
overdeveloped.
- Low interest rates have meant a second home
has become much more affordable.
- The development of Europe has meant that
people are more comfortable with the thought of buying abroad and the European
laws on paper offer more protection (although try telling that to people
affected by the Land Grab Law in the province of Valencia!).
- The emergence of all those low-cost,
no-frills airlines has made travel more affordable and accessible. Now people
can commute from Spain to England!
- Keeping-up-with-the-Jones's factor. Lets
face it - if your neighbour has just got a weekend bolt hole in sunny Spain
and you have just endured another rain-soaked weekend then it's odds on you
will start to want one too!
- All those TV programmes such as A Place In
The Sun have made buying a second home seem as simple as doing the weekly
shopping.
- To us British the comparison in prices has
been a no-brainer. A bigger house, more land for half the price of that in
England has seemed a bargain. Of course now that prices have gone up the
difference is not so obvious.
Copyright Mark Eastwood.
About the author
Mark Eastwood lives on the Costa
Blanca coast of Spain and is the publisher of
http://www.CostaBlancaUncovered.com - The site for tourists visiting the
Costa Blanca coast of Spain as well as residents and people considering
moving to this popular area known as
the 'California of Europe. Source:
www.isnare.com |