 Costa del Sol - Property In Estepona
2007 report
This report was prepared by Engel & Völkers, a real estate agency with offices in many of Spain’s most popular destinations. It is reproduced here with permission. More information on Englel & Völkers
Estepona Property
Estepona lives up to its Arabic name of “Estebbuna”
described as ‘paradise, an ideal spot of abundant
delights’. The town understands the importance
of preserving its Andalusian character where most
of the buildings date back to last century and the
town is a maze of, side-streets, squares (plazas) and
pretty patios.
Each year, on strict orders of the local mayor, all
the buildings in the town centre are white washed,
windows are repaired, and wrought iron doors are
painted in time for summer visitors.
Estepona spreads over almost 132 million square
metres of coastland and mountain, to the village
of Genalguacil, Jubrique and Juzcar in the north,
the Mediterranean in the south, Benahavís and
Marbella in the east, and Casares in the west and
it has plenty of beaches along its 21 kilometres
of coastline and traditional open air restaurants
(chiringitos). Freshly caught fish, including
its famous sardines, are auctioned daily on the
quayside of Estepona’s harbour.
While other resorts along this coast developed
mainly on the back of tourism, Estepona’s wealth
was based on farming and fishing. Most inhabitants
still farm a strip of land in their spare time and a
statue of a farmer and fisherman on the promenade
pays tribute to the men who gave the town its
prosperity.
The town has plenty of facilities with a large sports
centre, and one of the largest equestrian centres in
Europe. Recently, two new 18 hole golf courses
have opened; Estepona Golf and Atalaya Park Golf
Hotel. The luxury shopping mall, Laguna Village,
has just been completed featuring all the top name
designer boutiques. The trendy Puro Beach Club
has also recently opened next to the five star
Kempinski Hotel. Ritz Carlton has announced that
they will build a five star hotel in this area.
Furthermore, there are plans to build a large
shopping centre close to the port and extend the
port so that international cruise liners will be able to
dock in the harbour. All this investment in quality
developments and facilities are good indicators that
this is an up and coming area on the Costa del Sol.
The Buyer
The main buyers here are Spanish (25%),
British (25%) and Irish (20%) followed by
Germans (10%), Swiss (10%) Scandinavians
(5%) and Dutch/Belgian (5%) and a mix of
other nationalities.
In the main, the Spanish are looking for smaller
houses (chalets) or townhouses, the rest of the
market tends to focus on apartments (especially
penthouses). Most of the buyers use their properties
for holidays and therefore the location of the
property in relation to the beach is a key factor.
The most requested areas are El Paraíso, Estepona
Port and anything along the frontline. Buyers are
attracted by the traditional feel of Estepona and its
multi national mix of cultures, the town has many
facilities one would normally associate with a
much larger town.
Property Values
In the past five years prices have increased by an
average of approximately 40% . Last year, the
average increase was 10% and more for apartments
(as much as 25%). One of the reasons for this is
that more clients are buying apartments to let. On
the whole, property is well priced here and ranges
from €250,000 euros for a 2 bedroom apartment to
€800,000 for a villa.
Investor Tips
Estepona is primed for investment and is one
of the few towns along this coastline which has
managed to maintain a traditional environment
with modern day facilities and infrastructure.
There are many areas for the first time investor
in this area to choose from. However, two areas
which are still extremely well priced are El
Saladillo to the west of Estepona and Atalaya,
where a new golf course has recently been
completed.
The Monte Mayor Golf & Country Club
surrounded by unspoilt countryside is another
areas with potential. The protected nature reserve
adds to the unique qualities of this location,
which is only a ten minute drive from the coast. |
