Where to Escape the Costa del Grim

At International Living we've warned about the horrors of the Costa del Sol in southern Spain-the place that Steenie Harvey has dubbed the Costa del Grim, where warrens of concrete cells have been built cheek by jowl with no thought to legality or even pleasant living, where some of the vacation homes could easily be mistaken for immense industrial plants. But my colleague Leigh Fergus, editor of The European, has just returned with news of a project that's more like a James Bond pad than a British soccer fan's den. Here is her report.

"Corruption scandals have long plagued the property market on the Costa del Sol, feeding the media frenzy of warnings of an imminent property crash early this year. The focus of several press articles about thousands of home buyers left out in the cold following illegal building issues (and threatened demolition) now looks to be a storm in a teacup. Corruption is being tackled, the newly elected local government inspires confidence, and the majority of the dodgy construction issues have been sorted out-only a handful of cases now remain to be resolved.

"Supply may be outstripping demand at the low end of the market-where most of the illegal shoebox-style building occurred-and along much of the coast more construction of unattractive boxes is still going ahead. But there will always be a market for quality property inland with a sea view or other unique selling point, far from the crowds.

"One development I visited looks all set to be a hit, given the company's track record. Alanda Cortesin, built by McInerney Holdings PLC for Alanda Homes, is an exclusive low-density development just under a mile from the beach and within easy reach of two airports (20 minutes from Malaga airport, and 10 minutes from Gibraltar airport). Set in the private country estate of Finca Cortesin on the way to the picture-postcard white-washed village of Casares, this 45-unit project is a million miles from the rabbit warrens toward Malaga.

"Apartments will overlook the 18-hole Cabell Robinson-designed course and Jack Nicklaus Golf Academy that are already up and running on the estate. Prices start at 388,978 euro ($521,442) for a 1,000-square-foot two-bedroom apartment with two bathrooms and a terrace out in the country.

"This kind of property is easier to rent out than smaller, run-of-the-mill apartments in the massive blocks that have sprung up. By way of comparison, one owner is doing very well by renting out her two-bedroom apartment in the sister golfing resort of Los Flamingos for a minimum of 1,500 euro (just over $2,000) a week.

"The Costa del Sol still offers spectacularly sunny weather year-round, good access to the longest skiing season in Europe on the Sierra Nevada (running from November to April), and more than 90 golf courses. The infrastructure is good, and will improve even further with a new terminal being built at Malaga airport and a new rail link along the coastline. And the capital gains tax for non-residents was slashed from 35% to 18% in January this year. If you do your homework, this could be a good time to buy."

Best regards,

Maria Savage
International Living's European Consultant

P.S. For further information about Alanda Cortesin, call: +34 952-902-699, or email Justine.haughey@alandahomes.com