Spanish mortgages – Costa del Sol
The Costa del Sol, meaning ‘Coast of the Sun’, lies in southern Spain and is a popular destination for Brits looking for an overseas property, be it relocation, let or rental. Such is its popularity that Spanish mortgages are looked at by many such prospective property purchasers as a way to fund their new property in Spain.
Up until the 1950s, the Costa del Sol consisted of small, quaint fishing settlements, but from the 50s on there was a period of near-continuous urban building of high-rise settlements and beach resorts. Towns and resorts such as Malaga, Torremolinos, Benalmadena, Fuengirola and Marbella became well known names for those searching for a place in the sun.
Enjoy golf with a Spanish mortgage
Recent studies have shown there are now 4.8 million foreign residents in Spain with 17% originating from the UK. Brits are attracted not only by Spain’s weather but also by its reputation as a mecca for golf enthusiasts. With many people, including a strong contingent of retirees that enjoy golf as a pastime, the Costa del Sol proves so popular for the sport that it’s now named by some as the ‘Costa Del Golf’.
Investment for Spanish property in the Costa del Sol has shown to be a wise choice for would-be investors, where those who invested between 1996 and 2006 saw their property price rise on average by 11%. However, in recent years the problem of overly-developed areas has meant that in some parts, house prices have taken a downturn. This is in part has been due to the Spanish property market having risen at a faster rate than other European nations.
Spanish mortgage advice
For those canny enough, Spanish mortgages for property in an area that may have taken a slight downturn could prove to be a wise investment, especially for expensive properties in less developed areas. These properties are expected to hold their value in coming years and could even see a rise when the market strengthens.
There will always be demand for property in the Costa del Sol because it has stunning beaches and proven rental potential from holidaymakers, as well as being a haven for golfers. So, if you are looking at Spanish mortgages for your overseas property, contact the mortgage experts at Conti who can ably assist you with the Spanish mortgage process.