Costa del Sol - Property In Estepona

2008 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

The area is famous for its typical Andalucian old town with whitewashed houses and pretty patios and bustling harbour where fresh fish is sold daily. The surrounding area has a modern infrastructure with plenty of sports facilities including one of the largest equestrian centres in Europe, plus top golf courses. Estepona offers a great variety of restaurants, bars, family activities and entertainment and it is easily accessible from Málaga or Gibraltar Airports.

Further international investment continues to pour into the area with a new 18 hole golf course currently being built at Los Flamingos Golf Resort. In 2010 the world leading Mandarin Oriental has recently announced that it will open a new spa resort, which they claim will be the largest in Europe.

The Engel & Völkers local office was opened at the beginning of 2007 and although it has seen that the market has slowed down, it comments that top quality realistically priced properties, continue to sell within the year. An average price for an apartment is just over €200,000 to €1 million plus for a villa, which are the most requested properties.

The majority of clients are British (44%), Spanish (17%), German (8%) followed by a mix of Irish, Benelux, French and Scandinavian. Increasing investment has been made from German, Dutch and Belgian clients this year. The average spend from the main markets is €1 – €1.9 million.

One factor that the local office highlighted is that over the past four years, there has been a move from the coast inland where clients can buy more for their money, have more space, more privacy and around 60% of clients are buying as a first home. The era of the virtual office means that these clients can easily run their business from their base here and access other parts of the world easily via the local international airports.

The other permanent or semi-permanent residents are retired people (approximately 50%). The younger families are buying as a holiday home, which represents 40% of the total business. General client specifications include gym/tennis court particularly in apartment complexes, a wine cellar and separate guest accommodation.

The most requested areas are El Paraíso, Los Flamingos, any frontline beach property and the local office advises that Benamara and El Paraíso are particularly interesting.