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Why Costa Almeria and Where?

MatthewPosted by Matthew on Thu Sep 10, 2020 8:04pm
3 replies296 views5 members subscribed

Sometimes I wonder why we bought an apartment in Mojacar Playa. Of course, the simple answer is (a) More Sunshine (b) Investment +More Holidays (c) Options in Retirement. 

1. Back in the day when property was extremely cheap in coastal Spain we bought an apartment in Torrevieja. We had the cash, we wanted to buy another property (in Spain) as property prices in Ireland had soared. 

2. We could easily get flights to Alicante, Torrevieja was within 30 minutes drive from the airport - so it was a no-brainer we bought our first Spanish property in Torrevieja. We did no research whatsoever about Torrevieja; we visited and within a week put an offer on an apartment and a couple of months later, it was ours. We paid cash. We did everything "wrong" but were carried along on a wave of adventure and hope and even some greed.

3. We had more sunshine that we ever had, a place to visit anytime we felt like and within 2 hours of Dublin Airport. What could go wrong?. Well, nothing went wrong and we got what we paid for. Living in Ireland's county Waterford we were never used to high rise buildings. Torrevieja had them in spades. We were used to empty Irish beaches. Torrevieja had crowded beaches. 20,000 holidaymakers a day sunning themselves in the beaches of Torrevieja couldn't be wrong! Or could they? We kept the apartment for some years and its value increased at glacial speed. We wondered why. Thousands of apartments, mostly high rise, a rat-race and suddenly we had two options (i) Sell or (ii) Move within Spain.

4. Licking our wounds we began to spread our wings looking at other Costas. CdS was the obvious attraction, but the high rises and overcrowded beaches etc suggested we were selling cheaply and buying expensively for what was the same product elsewhere. We didn't want that. Nothing like a bad experience to make us do some research.

5. We swopped a holiday home for a month i.e. an Irish person used our apartment in Torrévieja and we used theirs in Mojacar Playa. Mind you, theirs needed much work but we spent the few weeks in Mojacar Playa before it expandeded to the size it is now. We swopped apartments again the following year and having spoken to many people in Mojacar Playa and noticed that many of them owned Spanish property elsewhere before they settled in Mojacar Playa. CdS was the main place where they previously had property. 

6. We bought in Mojacar Playa well before the 2008 Recession. On paper we've lost a good few bob. Are we sorry we bought in Mojacar Playa? No is the answer. Like I said earlier we have Retirement options and in a place that we love - good cross-section of people, more sunshine, drier weather, beautiful restaurants, beaches to our liking - no rat-race, no high rise, no crowds.

7. What advice would we offer to anybody thinking of buying Spanish property? (i) Do not sell your home in your home country - options include renting it when you are not there and no boats burned. (ii) Live in the general area of the property you wish to buy for several weeks in the off season. (iii) Ask questions and you will quickly learn to separate the truth from the lies. (iv) If you do nothing else employ a solicitor to act solely for you.

8. Whether you like it or not buying a property is an investment. You can lose, we did, but we could have lost much more. But, we have the option to rent out our Mojacar Playa property which we occasionally do and that helps to compensate for the drop in the price of property. 

9. Would I sell our Spanish apartment? If the price is right the answer is Yes, but I would buy another and in Mojacar Playa. Perhaps that is a new adventure awaiting? - But, I think I'll sit still.

           Questions Welcome and will be answered honestly and if I cannot answer I will say why.

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Written by

Matthew

Matthew

Very helpful member

Posts: 739

926 helpful points

Location: Mojacar

Joined: 16 May 2018

hartcjhart

Posted: Thu Sep 10, 2020 9:22pm

hartcjhart

Helpful member

Posts: 235

189 helpful points

Location: Mojacar

Joined: 26 Oct 2017

Posted: Thu Sep 10, 2020 9:22pm

Good post, you obviously have the same affection/love for Mojacar that I do.

My search started back in 2000 on the CdS did not like it so traveled along the coast stopping of here and there,then found Mojacar and that was it,the place,the people,the mix of nationalities,the food what more can i say,so I bought a place just outside Antas(for business reasons)had the honour of being the first outsider to be invited to carry the statue of the Virgen De La Cabeza in the Fiesta,

luckily for me I sold just before the crash

would I buy again,YES YES YES on the Playa but sadly I do not spend enough time there to warrant it so now rent whenever needed.

Do you know Declan I think he is from your neck of the woods

Lmj18

Posted: Fri Sep 11, 2020 6:52pm

Posts: 27

34 helpful points

Location: Partaloa

Joined: 2 May 2019

Posted: Fri Sep 11, 2020 6:52pm

Matthew a good post. People’s circumstances are so different though. We looked for a property in 2005. 8 were built by the same builder in our cul de sac, in a village just outside Partaloa. It was finished in 2006. Our intention was to eventually retire there. Yes the property probably lost value in the crash, they are now being sold for more than we paid. We retired here at the end of 2017. Brexit prompted us. We sold our house in the Uk and the sale proceeds will last us many years. We are below state retirement age. So have our pensions to look forward to. Mojacar is a nice place to visit, but you get more for your money inland, private pool etc.

The surrounding areas are lovely to visit, and health care is good. I have had to use it unfortunately, kidney cancer etc.

People just need to do their homework and get good advice.

Jack

Posted: Mon Sep 14, 2020 7:46pm

Jack

Helpful member

Posts: 290

321 helpful points

Joined: 8 Oct 2016

Posted: Mon Sep 14, 2020 7:46pm

Our story started almost 10 years ago. We came here on holiday with friends whose family had a villa here. It was the start of our search for our own piece of heaven. We did the Costa Blanca but couldn’t find the place we wanted, I’m sorry to say most were ‘ Little Britains ‘, and that wasn’t what we wanted.

As we weren’t in a hurry time passed until the family house we had holiday in came up for sale. It was a fire damage sale, ie, the couple were separating and wanted rid. We got it for a good price and decided to take early, ish, retirement and make the move permanent. 

We have never looked back and enjoy every day here and count our blessings.

It’s wonderful in summer and winter, both have their charms. Spain is a beautiful country and we have enjoyed visiting near and far.

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