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Dear reader,
If you are planning to invest in the Mediterranean coast, I can offer you a country where its seaside may seem the heaven on earth. That would be Spain. According to the World Tourist Organization (UNWTO), Spain is the second most popular holiday resort. The most part of the Spanish coast belongs to the Mediterranean Sea which is warmer in summer and milder in winter than the coast that is part of the Atlantic Ocean. Both the Government and the private sector have fostered for many years high standing tourism which encompass what anyone is looking for in a perfect holiday: sun, clean beaches, historical monuments and wide gastronomical offer. Investing in the coast is, doubtlessly, a safe bet.
However, there are some issues you need to be aware before investing in the seaside. First of all, be clear on what you want from the property: the “purpose” of purchasing in Spain: buy to let or buy to live. In Spain the current prices are not expected to increase in the coming years as in other potential countries. So, pay what is worth, compare prices and study offers in the area you have chosen.
Also, you need to be aware of the regulation about building by the seaside. A 100 meters distance gap between the sea line and the buildings is stipulated on this regulation. Any building or house which does not fulfill this criteria may become public property sooner or later.
Nevertheless, nowadays due to the global crisis, it is not difficult to find bargains in the real estate sector. Many of these are administered by branches of the Spanish main banks, i.e. Altamira (http://www.altamirasantander.com/) run by the Santander or ServiHabitat (http://www.servihabitat.com/svhPortal) run by the Catalan bank La Caixa.
Yet, on the Mediterranean coast, there are other interesting countries way cheaper than Spain. For the same money you could buy a small apartment in Spain, you can have a villa in Turkey. In Albania, for instance, some overseas real estate agents might guarantee you an annual rental income higher than any risk-free savings deposit. Have a look at www.kategora.com or at http://www.antalyahomes.com/
If you intend to buy a house in other Mediterranean country I can tell you some tips, if you ask me to, in my next article.
Good house hunting,
Ruth MATA |
