Wednesday 29th November 2006
Javea is becoming the most desirable place to live in the Costa Blanca. People from the UK and Ireland are finding good value investment apartments in Javea. Why Javea? Its location is on the most easterly point of mainland Spain. It is called The Dawn of Spain, Amanecer in Spanish. The first rays of the sun, bathe Javea Cabo de la Nao and the Cape de San Antonio.
There is a new era of interest, that will see prices soar in the next few years. Promoters and developers are realising the full potential of the property market in Javea and prices are set to climb between 10% – 20% per annum. New complexes are selling 3 and 4 bedroom penthouses from 320.000 euros, plus i.v.a. or v.a.t. The Arenal in Javea is beginning to see the infrastructure of new roads. Street lightings and under ground cables for electricity and mains services are being install to make the way clear for easy access. New luxury apartments are going to be constructed here, priced from 595.000 euros for a 2 bedroom apartment and up to 950.000 euros for a 3 bedroom duplex, that’s expensive, is what people are saying. Nevertheless, the apartments in Javea are selling. The developers are aware of the trend of the purchasers needs in Javea and they are, Location, Quality and Price, in that order.
I remember back to 1995, talking with a Javea estate agent. He was telling me that the Javea town hall was taking building applications for over 2000 apartments in the next 5 years. Where will the buyers come from, he asked? Where is all money going to come from? Where will we all park? Apart from the last question, they have arrived, purchased, sold, reformed and resold. That was over 10 years ago, what has changed? The weather? No. The location? No. The prices? A big YES!
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Sunday 19th November 2006
I recently visited Moraira to enjoy a coffee in a seafront cafe, in the El Portet area of Moraira. It is a magical bay, surrounded by villas and small apartments, overlooking the Mediterranean Sea and sheltered from the north winds.
As apartments are built in Javea and Moraira, usually almost 100% of the property is sold before the complex is finished. Why is this? Typically the property purchasers are from Madrid or Northern Europe. Those from Madrid may be attracted by the property prices, always lower than the property prices in the city of Madrid. Also they can holiday in their new homes by the sea, escape the heat of the summer months in the city and enjoy the refreshing sea breezes, the beautiful surrounding scenery and the Mediterranean lifestyle.
Property purchasers from the UK and other northern European countries are attracted by the off plan property prices offered by the constructors. The other benefit is of course the summer holiday rental period, which can provide an extra income to help to pay for their property investments. Javea has seen over 2000 apartments built in the last 10 years. Each year more and more people visit the area and then decide to return and live here all year round.
It is a real pleasure to see young families arriving to live in Spain, wishing to improve their lives and escape from their mundane jobs, high mortgages and the dull weather. They have decided to live their dream and start a new life in the Mediterranean sun. Be careful though, as many have to return to the UK because of lower wages and private school fees. Eating out in Javea and Moraira is cheaper than in the UK, so you tend to eat out more often. So do your sums well. It’s easier to spend money than to earn it, anywhere in the world.
Moraira has fewer new apartments, due to the scarcity of land along the Moraira coastline. Javea in turn has more land available to build new property and apartments. Therefore the property prices of apartments in Moraira are a lot higher. New builds are costing up to 4,000 euros per square metre in Moraira, while in Javea prices for new apartments start at 2,200 euros per square metre.
I visited a fantastic property in Moraira, an apartment. The property owners have invested a lot of time and well spent money on reforming a three bedroom apartment in an older complex. The transformation was brilliant. No expense was spared on the property, new fittings, kitchen units, floor tiling, new electrics and even creating an extra shower room in an area which was originally part of the entrance hall.
Every area in the property has been finished to a high standard, the floors, walls, marble worktops in the kitchen, new doors. It also has hot and cold air conditioning. The property refurbishment was one of the best that I have seen. Well done to the owners! And good luck to the future Moraira property purchasers, as they will be delighted with their new 3 bedroom, 2 bathroom apartment in Moraira, just a 5 minute stroll to the old town and the beach. Alternatively, there is a large pool on the 5th floor, if you fancy a dip, just metres from this fantastic apartment!.
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