Calahonda & Mijas Costa del Sol Property 2007

Calahonda, and its adjacent regions, such as Riviera del Sol, Miraflores and La Cala provide many attractive amenities. In addition to second home owners, this area attracts many permanent residents, especially families who are looking for a main residence offering good value for money.

Report prepared by local real estate agents

Property here is made up of attractive apartment complexes, townhouses and villas. There are three commercial centres with a good variety of shops and services, restaurants, cafeterias and bars. The area offers plenty of sports facilities with 10 golf courses within a 10 kilometre radius. “La Cala Golf Resort” is the largest golf resort in Europe featuring a David Leadbetter Academy, a five star hotel and one of the most modern health spas in Spain. Calahonda also has its own port – Cabopino, which features a great range of water sport facilities, tennis courts and health and fitness centres with many good beaches close by. The Costa del Sol Hospital, which is considered the best state-funded hospital in the region is located nearby and there are various good schools to choose from.

The Buyer

The main market is British (40%), followed by German (25%), Spanish (15%) and then a mixture of Scandinavian, Swiss, Dutch, Irish and other nationalities. The majority of buyers are attracted to the fact that this area has a good tourism infrastructure which is specifically geared to foreigners. The most requested properties are apartments (particularly penthouses) and villas and the average spend for an apartment is around €260,000. The most requested locations are Calahonda, Riviera del Sol and Miraflores. Buyers here want locations close to/beside the sea and nearby to all the amenities, shopping etc.

Property Values

Average prices for apartments are €160,000 for a 1 bedrooms, €220,000 for a 2 bedroom and €300,000 for a three bedroom. A penthouse with 2 bedrooms can be acquired for an average price of €360,000 and a townhouse with 2 bedrooms for €340,000. The average price for a villa with three bedrooms is approximately €700,000.

Investor Tips

Many areas are still well priced including Miraflores, La Cala and some parts of Calahonda itself. There are plans to built new hotels and a marina which will boost tourism, make the area more attractive for residents and should increase the demand for holiday rentals. Torrenueva is a charming place that still offers reasonable prices with facilities that may be lacking in areas which have been developed more recently.

Calahonda & Mijas Costa del Sol Property Prices

TYPEBEDSM2AV. PRICE €PRICE INCREASE 2001 – 2005PRICE INCREASE 2006€ AV. MONTH RENT HIGH€ AV. MONTH RENT LOW
Villa with views43501,000,00075%4%8,0003,200
Villa no views4350800,00054%2%
Apartment with views2100280,00075%3%3,0001,600
Apartment no views2100210,00060%2%
Country house3350710,00067%3%
Townhouse3180340,00072%3%4,0002,000
Plot price €/m228554%2%

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