Leading estate agency Connells and CAM Mediterranean, the property arm of Spanish bank CAM, discuss the pros of buying a ‘golf property’ in Spain and the types of homes on offer.
With its sunny climate and stunning landscapes, Spain has long been a popular destination for avid golfers, especially from the UK. In response to huge demand for golfing holidays, Spain now has a fantastic selection of golf courses to choose from, many of which have developed into golfing ‘communities’ with additional amenities such as luxury hotels, spas, swimming pools and restaurants. As golf ‘communities’ have flourished so to has the market for Spanish holiday homes in these areas as British buyers choose to invest in buying a property on or near a golf course.
Value for money
Clearly the overwhelming majority of buyers who opt for a property in or near a course are keen golfers but whether you like a round of golf or not, these properties represent a sound financial investment. Not only will they hold their value well because of their location but the holiday rental market for golf properties is strong with homeowners being able to charge more in rent the closer the property is to the golf course. Indeed, for those who can get them there are even properties available on or within dedicated golf course resorts.
For example, CAM Mediterranean is currently selling a selection of two bedroom apartments and penthouses on the 18-hole Hacienda Riquelme Golf Course in Murcia, a region that offers great natural beauty, incredible coastal scenery, a cosmopolitan capital and tranquil Spanish villages, although the main catalyst for building development in the region has been golf courses of which there are now 42 operational or projected golf resorts in the region.
Bank-owned properties like those on Hacienda Riquelme offer fantastic value for money as prices start at €85,882 or €390 per month with CAM’s ‘rent to buy’ scheme where buyers have an opportunity to try before they buy. Under this scheme, those who decide to buy the property within two years of taking on the tenancy will get all the rent payments made deducted from the purchase price, an ideal opportunity to see if your dream of owning a Spanish golf home is everything you imagined before you commit to the purchase.
In terms of prices, its worth noting that due the large number of repossessed and bank-owned properties on the market in Spain at the current time, there are some significant discounts to be had on properties in and around golf resorts. Organisations like CAM who own these homes are committed and keen to sell so buyers can pick up beautiful properties for a fraction of their value before the housing market crashed.
For example, discounts for the luxury apartments on the Hacienda Riquelme development are currently as high as 44%. When you consider the prices alongside the rental potential of these much sought after properties, it is little wonder that there is so much interest from British people in buying a golf property at the current time.
Choosing an area
Murcia is clearly a popular destination with UK golfers seeking holiday homes. It has a great climate with around 300 days of sunshine each year, a myriad of excellent golf courses and beauty spots, as well as a friendly and welcoming local population. If you are thinking of renting out the property when you are not there, the climate is a very important consideration. British golfers come to Spain for the sunny weather, so focusing on an area like Murcia on the south coast which has consistently good weather is key.
As well as considering the local climate of your golf property, it is important to think about the surrounding area, especially local attractions like beaches, restaurants, shopping and nightlife. Developments like Hacienda Riquelme have commercial centres with shopping, a community centre and access to various clubs, which are very important for those who are less interested in golf when they come to stay.
Having these types of facilities nearby to your chosen property is a real plus, not only for you when you visit, but for other golfers looking to rent your property and wanting to bring their families along on holiday. Indeed, even if you are going for the golf, you or anyone renting your property will undoubtedly want a change of scenery at some point and will certainly want good local restaurants if they are on holiday.
Access to funding
Clearly, funding is a big issue at the moment as lending criteria has become more stringent. Another key selling point of the Spanish golf homes through CAM is that it is offering access to a 90 per cent loan to value mortgage. This is available to buyers on properties up to €180,000, of which 92 per cent of the properties being marketed by Connells in the UK are, and a repayment term of up to 40 years.
This is a fantastic mortgage deal in the current market with the added peace of mind that you are dealing with a large and reputable financial institution. This is especially important if you are considering a new build property like the ones at Hacienda Riquelme where traditionally there have been issues with buying off-plan and building licences. All the golf properties available on this development are built and key-ready, so buyers do not need to worry about issues regarding illegal builds and land grab.
By buying through a bank, doubts about the security of your investment are overcome since the bank will have done due diligence before taking on the property. Buyers can also be assured that they are dealing directly with the owner of the property and that CAM can help with things like connecting phone lines and sourcing furniture if buyers are not familiar with local suppliers. All of CAM’s discounted golf properties can be viewed on Rightmove where buyers can also find details to contact Connells for information on the exclusive ‘rent to buy’ scheme and mortgage options.
For more information about mortgages from CAM bank or property on the Hacienda Riquelme Golf Course contact Connells here.