Tuesday, December 30, 2008

Costa del sol properties retaining their value

People looking for property in Spain have been advised there may be bargains on offer in the Spanish region of Costa del Sol by an industry expert.

Despite Spain has been badly affected by the credit crunch, local estate agent James Stewart told the Financial Times that the impact of the country's economic slowdown has not been uniform. He explained that there are also bargains available On the other hand luxurious properties are still holding up, even without the asking price being discounted.

Desmond O'Connor, head of Alanda Homes, has told that there is now "real value for money" in Costa del Sol, with up to 20 per cent knocked off housing prices, reports the Times. Property market in the area continue to perform well despite the current economic climate and holiday villas are still going for up to and over €9 million (£7.15 million).

In addition, Costa del Sol is well-placed to benefit from a push by Europeans to holiday closer to home as a way of reducing costs as Figures from the Costa del Sol Hoteliers Association show that 30.2 per cent of those who visited the Spanish resort last month hailed from the UK.

In related news, the Financial Times has reported that property investors on the Costa del Sol may be happy to know that the top end property market in the area is "relatively strong".