Golf properties on the Costa del Sol
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OK, so the Costa del Sol market might not be the most dynamic right now, but for lifestyle buyers looking to stick around on Spain's sunniest coast that shouldn't prove too much of a problem; there are worse ways to wait out a period of stagnation than sipping a cold one or three by the pool, and meanwhile the infrastructure, which makes this still the most popular overseas-home buying destination among Brits, isn't going anywhere.
Key to that infrastructure, of course, is the golf market. Boasting some of the most famous courses in Europe, the Costa del Sol has seen a proliferation of new golfing developments in recent times, tapping into the influx of cash-rich rental tourists from across the continent and the rapidly growing domestic market - as well, of course, as capturing the interests of those making up the recent holiday-home boom. The sheer number and variety of golf communities now either operational or coming on-stream - there are over 60 playable courses on the Costa del Sol - and the draw of added extras such as spas, nightclubs and restaurants, give the Costa del Sol another dimension, both for short-term visitors and potential buyers, and one that dramatically extends the duration of the profitable holiday season; indeed, the strength of the Spanish tourism market is a vital factor for those considering the relative financial benefits of owning in the region.
"The Costa del Sol is, quite simply, one of the best golfing destinations in the world," says Desmond O'Connor, managing director of upper-end developer Alanda Homes. "The choice of courses offers great golf for all standards of player, from those just taking up the game to low handicappers who relish the challenge of superbly crafted individual holes designed to test their course management skills. Naturally, in parallel with the variety of courses is an equivalent range in terms of cost. These vary from courses that offer a day's golf at a very affordable fee to those where the whole experience of an exclusive golf resort is available at a commensurate price. The choice of many excellent golf courses is synonymous with the Costa del Sol and is one of the prime reasons we continue to focus our investment in this area of Spain."
The proliferation of golf developments has also encouraged innovation and improvements in quality and service. With the number of golf units on the market rising and with the general Costa del Sol market slowing, developers have had to offer a better class of product to sell units, and specifications from bathrooms to balconies have risen as a consequence; meanwhile agents have been increasing the range and value of their incentives to tempt what is now a more savvy and discerning buying public - and a buying sector which is no longer, if it ever was, comprised exclusively of die-hard golf addicts.
"A property on a golf course has immense appeal to the avid amateur for obvious reasons," says Andrew George, director of T5 Estates. "Direct access, privileges, discounts or rights of play included in the purchase price and the bonus of driving the buggy off the driveway straight to the tee. However, even if you have never picked up a six iron in your life, there are further advantages for the purchaser with a distinct disinterest in golf. Golf properties are surrounded by their own guaranteed mini-greenbelt that nobody can build on - something of a rarity on the Costa del Sol - and this means that the verdant views you have today will be the same in ten years' time... as well as a social hub in the form of a Clubhouse, ensuring you'll always make friends, always have a cold pint of San Miguel on tap and maybe even a tennis court or gymnasium to make use of."
Of course, it would be wrong to suggest that every golf property for sale on the Costa del Sol is a gem and that every developer's an angel, but the laws of the market are working against shoddy service and workmanship and the remarkable high standard of some of the homes currently on the market suggest that, at present, they're working pretty well. Being able to shop around is a useful advantage when it comes to haggling for a better deal.
However, the fine finishes and the top-marque appliances don't come free, and although prices have levelled off this is still golf property on the Costa del Sol, at the very heart of Spain's remarkable property boom, so buyers shouldn't expect Bulgaria-style bargain prices. In fact, the ethos of the whole golf property phenomenon on the south coast is miles removed from the budget high rises of some emerging markets - and some Spanish coasts, come to that. The higher-end nature of the lifestyle demands different values, both monetary and cultural, and the joy of belting a ball down a lush valley fairway has baggage in the form of elevated purchase prices, club membership fees (increasingly included, it must be said, in the overall package) and property maintenance charges, just as much as it represents high-level security, a well-oiled country club-style social scene, a ready-made rental market and a massive, perfectly pruned back garden - admittedly, one in which it could prove hazardous to one's health to stroll unawares down the lawn...
So what are prices like? Well, to take T5 Estates' Finca Cortesin as an example, a two-bedroom apartment starts at €415,000 (£283,000); for that you get guaranteed sea and golf views, a private garden or terrace, large picture windows, Travertine marble floors and fitted kitchens, as well as access to the 200-hectare resort's attractions, including a Cabell Robinson course, a spa, gymnasium, tennis centre, indoor and outdoor pools, a shopping precinct and a number of restaurants. A range of villas is also available, as well as a number of golfing packages.
Or there's The Village at Valle Romano, near Estepona, whose sporting theme has attracted a number of high-profile footballing celebrities to its 1,100 apartments, two 18-hole courses, sports complex (including warm-weather training facilities for entire squads) three swimming pools, luxury spa and five-star hotel. A number of high-end commercial and dining facilities are also to be installed at the development, which is due to be completed in 2009. Prices for a luxury two-bedroom apartment start at €215,000 (£147,000) plus fees and taxes.
For those who prefer a little more say in the aesthetic of their golfing lifestyle, there's also the self-build option, which is proving increasingly attractive as constructors drop their prices in the hunt for customers. Says local property expert Sarah Drane: "There are a number of superior developments of this type on the Costa del Sol, from Mijas in the east all the way down to Sotogrande in the west, where plots are not only offered fully serviced with utilities and outline planning permission already in place, but they also come with a range of on-site facilities from first-class golf courses and spas to shops and restaurants with the added reassurance of low-density development and 24-hour security... As a self-builder you can get involved as much or as little as you like. Ordinarily a client will want full involvement at the start and to personally meet and give their wish list to the architect, see initial drawings first-hand, choose bathroom fittings and so on."
Prices for plots of up to 4,000 square metres at La Reserva de Sotogrande, the latest estate in the eponymous and world-renowned development, start at £350,000 through Carrington Estates, with a range of build-types available. Meanwhile, plots at San Roque, adjacent to the spectacular Valderrama Ryder Cup course, are for sale for upwards of £330,000. Factor in, however, significant build-costs on top of those figures. Builders may be keen for custom but they're not going to work for free.
Read our other articles about buying property in Spain:
as well as our overseas news stories affecting the Spanish property market or view our range of property for sale in Spain.
First published in Homes Overseas Magazine Summer 2007.
Some information contained within this article may have changed since it was first published. Homes Overseas strongly advises you to seek current legal and financial advise from a qualified professional.
