Spain, Cyprus and Portugal could offer British buyers looking for a holiday home some bargains in 2016 with experts revealing that properties are starting at €50,000.
Some parts in Spain in particular currently offer some low priced properties that are not the wrecks usually associated with the bottom end of the market, according to Martin Dell, director of Spanish property portal Kyero.
‘There are thousands of Spanish properties available for under €50,000. Nor are they just remote country houses in need of vast repairs, this kind of money gives you plenty of choice in Spain these days. You can pick up a three bedroom townhouse, a six bedroom country cottage or a city apartment with a shared pool,’ he pointed out.
For buyers looking to spend closer to €100,000 Cyprus offers possibilities, according to Ideal Homes International. It has a two bedroom apartment in Paphos with a shared pool in this price range.
‘Cyprus has got some real bargains at the moment and the climate is perfect for those looking for a holiday retreat away from the rain and cold back home. The market is unlikely to move much over the next few months, which means UK buyers can take their time to research the area they would like to own in without fear of getting priced out of the market while they do,’ said the firm’s director Chris White.
White, who runs boutique estate agency Ideal Homes Portugal, added that there are holiday homes in the country for around €150,000 in the Algarve which is popular with British buyers as there are flights available from across the UK.
In this price range the possibilities include a two bedroom apartment with a terrace and garden in Portimão, or a three bedroom with a pool in Albufeira.
Those with more to spend and looking for something a little more upmarket could find their dream holiday home on the Balearic Islands for as little as €200,000, according to Marc Pritchard, sales and marketing director of Taylor Wimpey España.
‘There’s nothing like owning property in an island location for achieving ultimate relaxation, which is precisely what a holiday home should provide. For many people the sea has a calming effect and Mallorca’s plentiful restaurants, shops, beaches, golf courses and marinas really do offer something to suit all tastes,’ he said.
Two bedroom apartments with direct access to the beach start at €235,000 at Costa Beach but there are plenty of pricier properties such as a cliff top townhouse with a communal infinity pool for €625,000 at Cala Magrana Mar.
After the warmest autumn on record, Mallorca’s real estate market has enjoyed a buoyant year of sales that has surpassed expectations according to the island’s international real estate agent, Engel & Völkers. Sales towards the close of the year look set to close up by approximately 25% over 2014 and prices are starting to creep up for top locations by up to 15%.
Hot spots have been either coastal locations such as Puerto Andratx, Son Vida, an exclusive residential estate popular with expats wanting to be close to the international schools and all Palma’s facilities.
A boom in the island’s capital along the Paseo Marítimo, the bohemian market area of Santa Catalina, Old Town Palma and the old fishing port of Portixol, has led to an increase in square metre values by approximately 10%, especially for property with outside space and views.
Inland, in Mallorca’s rural areas, sales have increased by 50% this year and some of the most expensive properties sold on the island have been in this region. Buyers are looking for luxury estates with lots of land that offer privacy and space with views across the Sierra Tramuntana Mountains.
‘We envisage continued interest for property from overseas in 2016 fuelled by strong currencies outside of the Euro, the increasing appeal of the island and the desire to own a place in the sun that is safe, secure and easily accessible,’ said Hans Lenz, spokesperson for Engel & Völkers Mallorca.