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Costa del Sol (central Andalucia)

Marbella was put on the map in the 1950s and 1960s by Euro-aristos such as Prince Alfonso von Hohenlohe, founder of the stylish Marbella Club. In the 1970s it became known as the Costa del Crime, as East End criminals moved there to evade the long arm of the law. Nowadays, the Costa del Sol is the most popular holiday home and relocation destination for affluent middle-aged people from all over northern Europe, as well as mega-rich Arabs and Russians. The British are the biggest group of property buyers after the Spanish (who include film star Antonio Banderas).

There's no single reason behind the Costa del Sol's status as the No 1 destination for British buyers. Of course, there's a clue in the name, and the best weather in mainland Europe plays a big part in making the "sunny" coast the first choice for so many Brits. Then there's also the best golf in Spain (40 courses in Malaga province alone), good medical services, leisure facilities, tourist attractions, infrastructure and a wide choice of properties. Financial services and technology businesses have been taking off around Marbella and Puerto Banus, as young professionals and entrepreneurs head south for a better quality of life, and this is creating plenty of job opportunities.

As the coast has filled to bursting point, with prices to match, British buyers have started moving to the beautiful inland around Antequera, Iznajar and Gaucin, looking for country cottages (cortijos). So long as one doesn't stray too far from the coast and keeps to low altitudes, the winter climate is still good.

Chris McCarthy, of Viva Estates, believes the market is between 40% and 60% down on 2003, but points out this is just a return to 2001's respectable levels. Rhona Hutchinson, of Stacks Andalusia, says the coastal market is down but things are better inland. In the 12 months to the end of September, prices stagnated in Malaga province, which recorded the worst performance in Spain over that period.

Apartments on the coast start at about £140,000, though in the current over-supplied climate it may be possible to pick up bargains from distressed investors. Coastal villas start at £480,000 and inland rural properties needing refurbishment start at £140,000.

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Costa del Sol (central Andalucia)

 


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