Q. How do I choose the correct area of Spain in which to invest?

Spain is a country with plentiful choices for the property investor. The best location in which to invest will depend on a number of factors, the importance of which will vary from individual to individual.

ACCESS
If you are thinking of using the property yourself, ease of access will be critical to your decision. If you reside in mainland Europe, there will probably be a multitude of low-cost flight options into many of Spain´s regional airports serving the popular areas, such as Malaga, Alicante, Barcelona and Bilbao. However, if you live in the United States, you may be restricted in your choice of non-stop destination airport to Madrid and/or Barcelona. Most of the regional airports can be easily accessed from these two principal Spanish gateways through a very good and reliable internal flight system, a network which is attracting increasing levels of low-cost competition. You should check the airline timetables to ensure that your home in Spain can be reached relatively easily.

If you are considering letting your Spanish home, you will also need to research the ease of access for your target rental market. While a seaside apartment in north-western Spain may appeal to you and the local Spanish population, the hordes of Northern Europeans most likely to rent a place in Spain will probably struggle to get there. If this is your target market, check out the airlines that fly to Spain from these countries and pinpoint the areas with the highest frequency of flights on a year round basis.

BUDGET
Of course, your choice of location will be determined by your budget. Again, research your areas in advance. Most of the developed coastal areas will attract a premium, while the cheaper-priced properties will be found in inland areas and regions that are yet to be developed, or those that are currently under development. The major Spanish cities of Madrid and Barcelona have seen massive price increases in recent years, so if city-living is your thing, you may need to head to some of the lesser-known provinces for a bargain.

In addition, don´t forget that anything on or near the beach will also attract a premium.

In Spain, all budgets are catered for – with properties in remote inland locations priced from next-to-nothing, rising to majestic palaces and penthouses that can fetch several million euros.

LOCATION
Once you have determined your budget, you can then start looking a little more closely at the different areas on offer. You will need to consider whether you are buying for investment or for lifestyle – i.e. do you need to take anyone else´s tastes into account in the purchasing decision. If you are buying purely for your own use, then you can focus on finding a property that satisfies only your needs. If buying to rent or to sell in the shorter-term, you will really need a more objective stance to try to appeal to as many potential clients as possible – this is where the advice of a good real estate agent can be priceless.

CLIMATE
Are you looking for bright sun-filled winters, or a more seasonal climate? Plenty of people think that Spain enjoys a warm, sunny climate on a year-round basis. This is certainly true in most of the areas in the south of the country, but the same cannot be said for areas further north. Indeed, the north of the country tends to be very wet and cool during the winter months, while the capital Madrid actually freezes during some of the winter-time.

Even in the south, mountain villages such as Ronda, which can become searingly hot in the summer, with temperatures approaching 40 degrees C, can become wintry and snow-bound in the winter….and this in a town that lies just 45 minutes from the coastal resorts of Marbella on the Costa del Sol, an area that enjoys 320 days of sunshine per year and a temperature which rarely drops below 10 degrees C!

To obtain this balance between having access to the ´real´ Spain while still being able to enjoy all of the benefits of a more developed area, you may need to opt for one of the coastal areas. Here you will probably find plenty of ex-pats and holidaymakers, but choose carefully, and you should still be able to enjoy the best of both worlds.

LETTING POTENTIAL
If your target rental market is Northern Europeans, you should consider that most families will take their annual vacations during the months of July and August before the kids have to return to school.

However, there are other target markets within this potential client group. Couples, adult groups and singles are not normally restricted to the summer months, and one of the attractions of Spain as a holiday destination is that these holidaymakers may even prefer to take their vacation outside of school holidays, when the weather is still superb, but flights and accommodation is cheaper, hence the months of June and September become popular for these sun-worshippers.

A third category of potential client comes from a surprising source. Golfing enthusiasts flock to the superb courses of Southern Spain every winter. Often travelling in groups, these golfers will normally play 5 or 6 courses during their stay, and will want to be close to the facilities, bars and restaurants. The golfing season normally runs from October to May.

And let´s not under-estimate the increasing numbers of tourists who are seeking to escape the harsh winter climates of northern Europe at every opportunity, whether it´s for the odd weekend or for a  more extended stay.

This all equates to Spain being the primary year-round vacation destination in Europe. To maximise your property´s letting potential, consider all of these potential client groups and try to identify locations that offer something to as many of them as possible.
 

Q. I´ve identified where I want to buy and how much I want to spend. What should I do next?

The best way of getting a true feel for Spain and the property market in general is to make arrangements to visit your chosen area. You may want to do this independently, but you will really need as much help and guidance as possible. By arranging to meet a real estate agent who specialises in the locations and types of property you are interested in, you could end up saving valuable time, as he/she will have access to a good range of properties and will be able to show you the areas in detail, giving you a unique insight that you would otherwise miss out on if you tried to do things all yourself.

Some people are wary of property agents. To find a reputable, professional real estate agent, you should look for memberships of regulatory professional bodies, and ask to see a list of client testimonials. Maybe ask to speak to former clients of the agency to get a true insight into their buying experience.

The agents should be able to tell you in advance of your visit exactly what will take place, and details of any documentation that you will need in case you wish to make a purchase. They should also be able to recommend experts in the areas of law, accountancy and mortgages for you to consult before you take your trip to Spain.