News

Property Market Update for Costa Tropical in 2011

Despite a miserable 2010 for the property market in Granada’s Costa Tropical, the year ended with a flurry of activity. This increase in demand for Costa Tropical property for sale has continued on into 2011, which is great news. Many factors are contributing to the recovery including reduced prices, a weakening euro, opening of the new motorway sections, new seven star hotel and the new marina in Salobrena. Also it is rumoured that agreement has been met on the new urban plan (PGOU) for Almunecar , which is the resort capital of Costa Tropical.
 
Almunecar has been plagued by several  large infrastructure projects over the last 4 years which have not helped the appeal to would be buyers of property for sale on the Costa Tropical. Almunecar has seen new underground car parks, several new multi storey 4 star hotels, underground aquarium, new promenades, gym equipment on the beach.  These large projects are now completed.

There are new sports facilities for all to enjoy football, padel and a host of other sports at new complexes in La Herradura, Almunecar and Salobrena. The golf course at Salobrena has been fully accepted and enjoyed as an 18 hole course. Newly refurbished riding stables in Almunecar and a fabulous new, international competition standard Snow park, for the snow boarders at the Sierra Nevada ski resort. The Sierra Nevada is just over 1 hour from the coast.
 
Hot areas in particular are proving to be the old town in Almunecar, Pena Parda in La Herradura, Punta de La Mona and San Nicolas. The Almunecar old town or “casco antiguo” as it is known in Spanish is the main barometer for property in the town and prices can swing considerably. We are seeing sales of property at 50% of previously asked prices. Other Costa Tropical bargain properties for sale can be found in Pena Parda at the western end of La Herradura bay where a 1 million euro infrastructure is scheduled to start this year funded by the residents who live there. Once completed this improvement will lift prices by 20% as the roads have been a mess for years.
 
San Nicolas, which is an urbanisation just to the north of La Herradura village has just seen their new roads and infrastructure complete and are already feeling the benefit in increased property demand. Punta de la Mona, its marina (Marina del Este) and their neighbours in Cotobro will possibly get the biggest boost in prices with the arrival of the 7 star Banyan Tree hotel resort. This will be the first 7 star resort in Europe and will be an incredible boost to the Costa Tropical.

For more information contact Nick Westby on 00 34 666 938 956 or visit www.WiseMoveToSpain.com