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Spanish property investment: head for the hills

7th September 2005 | back to article listings BACK    print this article PRINT

Property investors looking to catch the next big thing in Spanish property investment have been advised to head for the hills and find 'characterful' inland property that will appeal to what is predicted to be the new wave of holidaymakers looking for more than the "three Bs" – booze, Benidorm and beaches.

While the growth in value of coastal investment property is far from over, increases of 16 per cent annually in the past few years have meant that the biggest dividends to be made may have past in many areas. Further from the coast, however, investment property figures are now beginning to look distinctly undervalued - in some areas, prices are as much as 70 per cent lower than the coast.

"In the popular areas, prices have gone up a lot in recent years. But if you start looking at less popular areas, particularly inland, there are bargains," Peter Esden, a partner in John Howell & Co International Solicitors, who deal with properties in Spain, France, Italy and Portugal told the Scotsman.

"Even in the traditionally popular areas, if you look inland, where you walk a few minutes to the coast, it is much cheaper than a beachfront apartment," he added.

Coinciding with this is a new wave of British visitors more interested in encountering the 'real Spain,' in much the same way that interest in rural France was kick started by Peter Mayle's book 'A year in Provence.'

Rural Spanish tourism and holiday rentals have risen by seven per cent since 2004, and with improved flight connections to the interior from airports across the UK this is set to rise even further. Spanish agents in inland areas have also reported an increase in permanent relocators.

In addition, the country has begun to attract visitors drawn by its rich history, cycling and walking holiday opportunities and bird watching.

"Spain is like a continent within a country. Inland there are lakes, national parks and wildlife not found in the rest of Europe. When meeting local people, its like stepping back 50 years, to a time when people were really decent to each other," said Miki Reeder of the Homes Overseas Exhibition.

"There's a real charm about the interior, while there's nothing Spanish about coastal towns now. The things people fell in love with in Spain 20 or 30 years ago still exist, but only inland."

While in the past 30 years Spanish property has reaped the benefits of cheap package holidays, France has always been seen as somewhere people moved to because of a love of the culture, and this effect is beginning to cross the border, says Mr Reeder.

As well as lower house price inflation, the areas cost of living has also remained down on the coastal regions, potentially making the area a rich draw for retirees.

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