Spanish golf property loses its premium price tag
When the Costa del Sol property market was at its peak in the mid-2000s, developers building in prime golf locations added a hefty loading to their price tags. Golf-side was second only to beachfront and a two bedroom apartment wouldn’t always give you change from half a million euros. In order to sell unsold inventory in today’s climate, that premium has been dropped but the benefits remain the same. Adam Cornwell, Managing Director of Feltrim International comments, “As Spain struggles to cope with the collapse of its construction industry, many properties now lie in the hands of the banks. Whilst many are below par at best, there are some genuine top quality homes within their stock including golf-front. As the Government aims to clean up and restart the banking system, lenders are being asked to recognise bigger provisions on their property portfolios which encourages them to offload the stock by dropping prices and offering significant financial incentives to purchase. This means that not only has the clock turned back six or seven years in terms of pricing, but also in terms of lending with 110% mortgages reappearing on bank-owned developments. Prime golf property is within reach once again.” Golf property always has appeal, particularly on the Costa del Sol with its 70-plus courses, short flying times from northern Europe and reliable year-round climate. Owners soak up all the benefits of discounted green fees or rights of play, protected attractive green views, a well-maintained community, gated access and security, additional on-site leisure and social facilities and enhanced potential for rental income as golf continues to grow in popularity as a sport. These benefits used to come at a cost, but with the market at rock bottom that’s a thing of the past. Adam continues, “It’s an ongoing debate - is the Costa del Sol property market at rock bottom? - and I can only say that if a bank is prepared to lend 110% on heavily discounted property it must have confidence in the long-term value of that home in that particular location. The inventory of unsold property in prime coastal areas for discerning buyers is dropping, demand is growing from overseas buyers and they are looking with a long-term lifestyle perspective rather than a short-term investment mentality. The new Government, sworn in in December 2011, has offered political stability and created reasonable expectations for the coming years which have instilled a degree of confidence and optimism in the market. If the price, location and quality stack up, there is no reason to wait to buy.” Somewhere the figures do stack up is in the resort of Los Flamingos just to the west of Puerto Banús in a countryside setting yet a stone’s throw from the beach. Boasting an incredible three 18-hole golf courses, a driving range and an acclaimed American Golf Academy, Los Flamingos has hosted the European Senior’s Circuit final, no less than three Daily Telegraph European Seniors Match Play Championships and the 2010 Ladies Spanish Open won by Laura Davies. The focal point of Los Flamingos is the luxury five star 129-room Villa Padierna Palace Hotel, which in 2010 was home to America’s First Lady Michelle Obama, her daughter and friends for a few days holiday. Styled as a Tuscan Palace, the Villa Padierna Palace Hotel is known for its original pieces of art and antiques from the owner’s private collection, fine dining, luxurious Spa, wellness centre and exquisite landscaped gardens. Directly overlooking the Villa Padierna Palace Hotel, Hoyo 19 is a top-end gated apartment resort finished in a refreshing contemporary style. Entirely orientated to the south and southwest, all homes have incredible views of the Los Flamingos golf and the Mediterranean coastline – a view that becomes ever more dramatic as the sun sets and night falls. The apartments themselves enjoy top specifications and qualities as well as private underground parking and storage whilst community facilities on-site include a Spa, putting green, tennis courts and two private swimming pools. Now under bank ownership, the one, two and three bedroom Hoyo 19 apartments are being sold for half the developer’s price of three years ago with some incredible terms. Clients are able to take advantage of a specially negotiated 110% mortgage, to cover all closing costs, and take two years interest-only repayment terms with rates from as low as 0.25% plus Euribor – all for just a 2% commitment fee. Key-ready furniture packages are also available. Prices start from 238,000 euros (approx 198,500 GBP) for a two bedroom two bathroom apartment.
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