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.
Report prepared by local real estate agents
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 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.
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.
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.
Estepona Property Prices
|TYPE||BEDS||M2||AV. PRICE €||PRICE INCREASE 2001 – 2005||PRICE INCREASE 2006||€ AV. MONTH RENT HIGH||€ AV. MONTH RENT LOW|
|Villa with views||4||350||1,000,000||40%||10%||3,500||3,000|
|Villa no views||4||350||800,000||25%||5%||3,000||2,500|
|Apartment with views||2||100||500,000||50%||17%||1,200||1,000|
|Apartment no views||2||100||350,000||40%||5%||1,000||900|
|Plot price €/m2||–||–||400||20%||5%||–||–|