Costa del Sol property investment

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Concert

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Going to Spain shortly to have a look at some property. We are interesdted in the area around Manilva, Duquesa or Sotogrande, property seems a little more expensive in these resorts. Anyone have any feedback on these resorts.
 
I would forget about it. If you think Ireland has a huge oversupply and is overpriced, you should see this place. I bought an apartment (penthouse) there in 2001. Prices were going up at the time but nowhere near where they eventually went to. I paid €165,000 for a two bed. 3 years later I decided to sell it as there was absolutely no rental income and I wasn't getting the personal use out of it. It was on the market for 3 years and in that time 5 people looked at it. Sold it at €170,000 2 years ago. And this was before the credit crunch etc. Reckon I wouldn't get a buyer now and if there was one it would only sell for about €90,000 to €100,000. Have a look at the place. loads of half finished developments and hardly any people in the ports. And this is the way its going to stay for many as year.
Rent a place. You can get the finest of places for around €400 per week high season and €200 per week low season. My community fees alone were €1,500 per year plus property tax of €500 plus water and electric etc.
 
in pearla de la bahia at the moment, couple of kms from manilva. Good for a week if you have a young baby like we do. Think it would be wiser renting and saving your money. Check it out yourself and make your own mind up. One mans heaven is another mans hell. Some great golf and very relaxing. Sotogrande more expensive but quite. Stay clear of malaga, horrible dump
 
I was also looking into this recently and was amazed that the asking prices were still so high. My sense is that the real value is well below this but how do you get to the real value? Given the oversuppy and lack of funding I would have thought that you could get a beachfront 2 bed appartment for €100k but asking prices are double this!

Damo.
 
Thanks for all replies. Have now decided to look further inland and maybe go for a reformed village house somewhere authentically Spanish which will not be deserted during the winter months.
 
Wouldn't recommend buying in Spain purely as an investment, think prices will continue to fall. Not really sure where I would recommend to invest just at the minute, I think I would be inclined to hold on to my money if I had any!
 
No we are still looking. Spent two weeks in sister in laws place in July, a beautiful finca outside a lovely Spanish town one hour from Alicante. They bought it eight years ago and have done quite a lot of work with it. Five huge bedrooms, big roomy kitchen, huge hall and landing, two huge bathrooms and sitting room. Fabulous private courtyard at back and land at the front where they have a small pool. We are now pretty sure we would prefer to buy inland where we really got immersed in the way of life - so easy going. They paid 140,000 which in my view was brilliant. Only trouble is family are now older and find the place boring unless they have all their friends over.
 
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