News: Spain investors still covet the coast

Mon, 12 Nov 07

Spain remains an attractive destination for Britons looking to relocate...

The recent annual Spanish immigration study presented by the Etnia publishing group revealed that there are now 4.48 million foreign residents in Spain, representing almost 10% of the 14.12 million population. Of these foreign residents, nearly 17% (761,000, IPPR 2006) are British nationals the majority of whom are based in the traditional coastal resorts of the Costa del Sol and Costa Blanca.

It is not hard to see why, 40 years on, Spain remains an attractive destination for Britons looking to relocate; the combination of a sunny climate, low cost of living, accessibility and a stable economy drives its appeal.

However with the latest independent data from the Kyero.com Spanish House Price Index (Nov 07) revealing that average property prices in the most popular provinces of Malaga and Alicante, home to the Costa del Sol and Costa Blanca, have reached €307,000 and €250,000 respectively, can affordable Spanish coastal living still be found?

Seaside living ‘need not Costa fortune’     

The average property price in Spain according to the award winning property portal, Kyero.com, remains at €248,000 and when considering the 22 most sought after provinces by potential property purchasers in Spain, 64% display average property prices below the national average.

Average property prices in coastal provinces including Castellon (€245,000), Valencia (€230,000) and Tarragona (€229,000) in the east, Murcia (€215,000), Almeria (€199,000) and Granada (€170,000) in the south east and Asturias (€162,000) in the north demonstrate that living on the Spanish coast need not ‘costa’ fortune.

As Martin Dell, MD of Kyero.com, comments, “The majority of British buyers are still looking for coastal locations and with nearly 5000 km of varied coastline from spectacular cliff faces to white sandy beaches Spain does not disappoint. Prices for frontline real estate will always be at a premium but there are still plenty of bargains to be had up to 5km inland and especially in the lesser known costas such as the Costa Calida or Costa Daurada.”

For the latest Spanish property prices please visit http://prices.kyero.com

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