Iona Napier
THE property market on the Costa del Sol is hot to trot once more. And, as confidence grows, previously incognito parts of the coast are edging their way into the limelight.
Duquesa Village, in Manilva, is just one location reaping the benefits from the recent rally in the market.
Incredibly, all 200 bank repossessions that left the area high and dry three years ago have now been sold to international buyers.
These low-rise Andalusian-style apartments have now become thriving multi-cultural communities set in mature gardens with well-maintained pools… and, a short drive down to the Duquesa beach and marina on internal roads.
The urbanisation of Duquesa Village, for example, was seen as practically a ghost town, but it has now become a desirable and sought-after community.
One stunning penthouse property with uninterrupted sea and golf course views and underground parking is selling for just €119,500.
That is an incredibly good deal.
The Brits are back
THE interest currently being registered in Duquesa Village is a reflection of how buyer confidence is back on track.
The fantastic investment opportunities combined with the strong sterling-to-euro exchange rate has well and truly lured the British buyers back.
This year we have seen a big turning point and when you speak to clients the general feedback is that now is the time to buy.
We have had the same clients visiting houses with us on a regular basis over the last few years and each year they held off from buying because they felt that the market would continue to go down.
But now they are less cautious and are finally starting to buy, in particular because prices have actually finally started to creep up and will continue to do so for the rest of the year.
Trading up
REPOSSESSED bank properties are also shifting well, with good mortgage options available once more and a new type of buyer emerging in force.
Up until six months ago we saw the demand mainly for basic, holiday apartments but now we are seeing an increased demand for more high-end properties.
But while the best deals are selling very quickly, the bureaucracy can get complicated on the road to completion and patience is necessary!
Banks: The inside track
BARGAIN bank repossessions are still to be had so it is not too late to take advantage.
Don’t be disheartened if you haven’t bought yet as we must emphasise there are still good deals to be had.
The banks still have properties to release but it is essential for buyers to get organised to pick up a bargain as soon as they come on the market.
By ‘get organised’, I mean applying for your NIE number now, knowing your budget and preparing your paperwork.
But if you don’t know the precise state of your finances, don’t panic. It’s far more common than people think.
And remember even cash buyers need to provide evidence of how they make their money when they buy from a bank, complete with copies of tax returns and their last three wage slips.
Yes, it is taking a lot longer to get a mortgage than it once did but, with paperwork ready to go, mortgages are being approved.
The bureaucracy may be tedious but prospective purchasers should be reassured that the longer wait is a result of much-improved checks against money laundering and ensuring the market’s foundations are solid.
Banks are opening their doors to business. Believe us as we have worked for many of them, including Citibank, Royal Bank of Scotland, Credit Agricole and Barclays.
Coming from a private banking background has taught us to pay attention to detail and to listen to our clients.
Not only are Hamilton Homes in the business of helping you find the perfect place, we’ll secure you the perfect mortgage too.
Next step?
The market is buoyant, the cogs are turning and Hamilton Homes is ready to help you secure that dream buy.
Our company specialises in sales across the region, including Alcaidesa, Sotogrande, La Duquesa, Sabinillas and Estepona.
We are looking forward to hearing from you.
To get in touch, contact Hamilton Homes on +34 952 890 444 or email info@hamilton-homes.com
