Firstly, the perfect area.

Secondly, the perfect property.

Two years ago, I thought I had found the perfect area after spending a summer on the Mediterranean island of Ibiza (I’ve written about my adventures there in the August/ September edition of Escape From America magazine - A Spanish Love Affair - Living on Ibiza). Alas, it was not to be. Property prices were extortionate (demand far outstripping supply on this tiny world-famous island). A regular income was hard to find outside the tourist season. Reluctantly, smitten as I was, I had to admit that maybe, just maybe, Ibiza wasn’t quite right for us after all. Not in the long-term, anyway.

Instead, they invited me in for an interview, together with my husband and son. They loved our story and wanted us to feature on the show. An all-expenses paid trip to Spain, with the opportunity of being shown around four different properties that matched our specifications exactly? Naturally, we jumped at the chance. The program featured a remote rural region of northern Spain where property could be found at unbelievably low prices. The star property was a 500 year old water mill with two acres of land for less than $150,000. Admittedly, we were tempted, but in the end, we felt that the province was just too inaccessible and did not offer the life-style we were looking for. That, coupled with winters that rival US Midwestern cold spells, did not make for an attractive package for someone looking for eternal sunshine and a relaxed outdoor Mediterranean lifestyle.

Valencia is a cosmopolitan, vibrant city with a character and spirit all of its own. After all, if you are a Spanish city and want to earn the title ‘city of fiestas’ you are up against some stiff competition. But Valencia beats them all in terms of celebratory spirit and sheer zest for life. Located right on the Mediterranean coast, midway between Barcelona and Malaga, Valencia offers wide palm-fringed sandy beaches, endless opportunities for all types of sport and a red-hot nightlife, together with a host of museums, theatres and cultural activities. And when you get hungry, there’s the chance to sample Spain’s most famous dish try right where it was born – the ‘Paella Valenciana’ is a rice based dish fried in a huge pan with olive oil and seafood or vegetables. Given all its many charms, it is hard to believe that Valencia is only now being discovered by Europe’s international jet set. It helps that the famous yachting race, the America’s Cup, is being held here in 2007. Millions of Euros are being pumped into the city, historic areas are being rejuvenated and ultramodern facilities are springing up everywhere. As a visitor, I loved the mix of dynamic activity and relaxed life-style. As a prospective property hunter, I had to deal with the reality of exploding property prices.

After a stint in Andalusia, the southernmost province of Spain, where my in-laws had meanwhile bought a house in a secluded, picturesque valley filled with orange and lemon trees, a mere thirty minute drive away from the city of Granada with its world-famous Alhambra Palace (I told you, everyone but us seemed to be finding bargains wherever they went in Spain!) we returned to Valencia in June of this year.

We had previously arranged to meet up with a British estate agent who was living out there. I had been doing some more reading.

Sound great? It is. But that’s not all. By far the best thing about the province of Valencia and the Orange Blossom Coast are the people.

Now, that’s all well and good, you’re thinking but how do I get there? Isn’t this all too good to be true? Not only is Spain an ideal place for a home or second residence, it may now also be one of the best and easiest places to obtain a mortgage. Spanish banks freely lend to non-resident purchasers. Mortgage rates are generally lower than in most other Western European countries. Mortgages can be arranged speedily for most circumstances, with only minimum information required, namely a photocopy of your last income tax return or last three months salary slips, your last three months bank statements or if you’re self-employed, your statement of accounts for 3 years. Spanish banks do not normally carry out credit reference checks. As a general rule, Spanish banks will only lend up to 60% of the value of the property to non-residents – although you may be able to get more, depending on your individual circumstances.

The buying process is very straight forward, too. If your Spanish isn’t up to scratch, I highly recommend hiring an English-speaking lawyer. All the usual precautions that apply when buying at home, apply for buying abroad as well. Stories of bargain deals made over three bottles of wine and sealed with a handshake may sound romantic but really only take place in books, nowadays at least.

A final word of caution: Hurry! If everything I’ve told you here sounds like heaven on earth to you, you’re not alone. Costa Del Azahar property prices are rising with record speed. While they are still lower than in the neighboring coastal provinces (Costa Brava, Costa Blanca), with the America’s Cup in 2007 placing Valencia firmly on the world map and attracting the rich and famous to this beautiful area, there’s only one way prices can go.

Ready to jump on the next plane and go on a property hunt? Where do you start? Your first step would be to fly into Barcelona or Valencia. Both have large international airports. The A-7 motorway crosses the province, coming from Barcelona in the north to Valencia in the south, with exits close to every major town and city. A rail service connecting Barcelona and Valencia has stations at all coastal resorts and links to the rest of Spain. Now, which area should you focus on? It depends on your preferences. Those in search of peace and quiet will enjoy the smaller, more traditional towns such as the stunningly beautiful Gandia, still largely untouched by developers. Those looking for a livelier, more cosmopolitan environment will find that the best place to invest in property is Castellon de la Plana, the capital of the province and an important commercial and cultural town. Wherever you go, be sure to choose your property with your heart as well as your head. Remember, you’re investing in much more than just property… it’s a way of life, hombre!