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F.A.Q.: Where Should You Buy?
Spain has experienced the fastest growing real-estate market in Europe for the past decade. The Economist reports that house prices in the last 20 years have risen faster in Spain than anywhere else in the world. However, if you are not looking for a prime location and are willing to consider alternative opportunities, property prices remain cheap, while offering a very safe investment with attractive capital appreciation. Below are descriptions of the best locations, with pros and cons for each.
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GIRONA
The capital of the province of the same name, Girona features a mixture of architectural styles, combining modern and classical. This pleasant town has an important historical heritage and a lot to offer.
Pros
Ideal location close to the famous Costa Brava
Charming, medium-sized city (75,000 inhabitants)
Cons
Property prices have already risen due to its proximity to the French border
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BARCELONA
Spain’s second-largest city, Barcelona has become a very popular destination for week-end breaks and holidays since the Olympic Games in 1992. Beautiful Barcelona has it all: a relaxing atmosphere, great architecture, a dynamic economic and cultural life, as well as an attractive nightlife.
Pros
A major, well-connected and cosmopolitan city
Property prices are still rising, above 15% yearly (Source: Sociedad de Tasacion)
Cons
Prices almost equivalent to any other European capital city (> € 4.000 per sqm in many districts)
European demand in excess of property availability
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TARRAGONA
A true gem located at less than one hour from Barcelona (high-speed train EUROMED), Tarragona offers incredible surroundings with the advantages of a smaller and quieter town.
Pros
Classified by UNESCO as a “World Heritage Site”
Good geographical location on the Spanish Mediterranean coast
Cons
Important tourist flow in summer
A more provincial atmosphere
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BALEARIC ISLANDS
A popular destination for more than a decade, the Balearic islands have retained their attractiveness. They boast beautiful landscapes, a great climate, fabulous entertainment and much more.
Pros
Opportunities remain in some locations (Menorca, North of Ibiza…)
Well-connected to the mainland, low-cost transportation
Cons
Slower capital appreciation (as prices are already high)
High tourist flow in summer
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CASTELLÓN (DE LA PLANA)
A medium-sized city, Castellón has recently experienced a strong economic development due to its dynamic local industries, and aims to become one of the major cities in the region in the forthcoming years. It is the capital of the region known as the Costa del Azahar (Orange-Blossom Coast).
Pros
A new airport and two important golf courses planned for 2008
Strong development, wealthy region
Cons
A little bit more expensive than other towns of similar size
Less well connected than the rest of the Spanish coast
A new airport and two important golf courses planned for 2008
Strong development, wealthy region
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VALENCIA
One can safely bet that Valencia will become the next Mediterranean city to experience a success similar to that of Barcelona. The America’s Cup in 2007 will undoubtedly have a great impact on this beautiful city, making it a hot property investment spot.
Pros
The third largest city in Spain
Still very attractive property prices
Cons
Yet to receive the attention it deserves
Large but under-developed beaches
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ALICANTE
Alicante is a well-known destination for British holidaymakers. It is the capital of the famous Costa Blanca, the coastal area which also includes Benidorm. The city has invested a lot in the development of new facilities, such as a large Marina, and in the preservation of its historic centre.
Pros
High-traffic airport and harbour
High number of new property developments in the surrounding areas
Cons
Very busy in the summer
Not as architecturally beautiful as other Spanish towns
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CARTAGENA
An attractive medium-sized town located in the small region of Murcia, Cartagena remains preserved from tourist hordes, having only recently started to draw foreign attention. It boasts a long history and many interesting monuments.
Pros
A safe, good location to invest in
Close to the “Mar Menor” Resort and to Murcia’s future airport
Cons
Considered a small city
Still few international connections
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ALMERÍA
One of the latest cities in Andalusia to have experienced a property boom. A strong economy and profusion of tourism-related projects are good signs of a bright future.
Pros
Incredible situation on the Mediterranean coast, ideal climate with year-round sunshine
Proximity of a natural park, with unspoiled coastline for 50 km (A VERIFIER)
Important culture heritage, including the “Alcazaba”, a 43.000 sqm Moorish Palace
Cons
Still less famous than its neighbours Granada, Cordoba or Seville
Climate can be hot and dry for rain nostalgics
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