8/12/2019 Investing in Granada's Property Market - Gaspar Lino

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PENINSULA| WHAT THE MEDIA SAYS

The Mail on Sunday

BUYING ABROAD 22/10/2006

Is this a new wonder

of the modern world?

The magnificent Moorish Alhambra

in the Andalucian city of Granada has

become such a revered architectural

icon that it is in the running to become

one of the new Seven Wonders of the

World in the New 7 Wonders vote. The

result will be announced in 2007.

Yet despite its fame, Granada as a

second-home towns such as Marbella,a mere 90 minutes away, typically

attracting the kind of buyer who fancies

restoring a rural ruin.

Now that sleepy image is walking

up-with the first new golf developments

emerging on the fringes of this beautiful

city of historic Arabic market streets,

caf-lined squares and buzzing tapas

bars.

Just ten minutes west of Granada,

Medina Elvira has a st riking setting,framed by olive groves, the peakes of

the Sierra Nevada 30 minutes away

and Cubillas lake for watersports.

In a move to push the appeal

of Europes second highest and most

southerly ski resort, the longest cable car

in the world is being built to span the 12

mile stretch from central Granada to the

Sierra Nevada slopes. A new motorway

is also under construction, bringing the

Costa Tropicals beaches to within halfan hours drive.

Apartments at Medina Elvira start at

165,000 (117,000) for one bedroom,

245,000 (175,000) for two. Ready

for money. It used to be hard to get to,

but now its easy using budget airlines.

QA, Is southern Spain still a good

investment?

I started buying properties in southern

Spain two-and-half years ago. Payment

terms are attractive you pay only 20

per cent until completion and theguaranteed rental covers my mortgage.

QA, Is there a risk of over-development?

Because Granada has not seen

anything like this, and the development

is being pitched as the most upmarket

in the area, I dont think it will be a

problem.

QA, Why did you buy one bedroom

apartments?It will appeal to Spanish buyers. If you

drive around Granada, you see lots of

dated apartment blocks in the suburbs.

If more tourism comes to the area, local

wealth increases and more people are

employed to work away from home so

there will be a need for good-quality

property.

w w w . p e n i n s u l a p m . c o m

by late 2008 will be an eventual 2,000

units, along with an international school,

shopping centre and hotel all overlooking

the golf course lending the development

a lived-in, small-town feel.

`Granadas property market is

untapped so far and this development

is a completely new concept, says

Gapsar Lino, director of Peninsula, theMedina Elvira developer.

`In the past few years, Granada

has expanded considerably, and now

prices are so high in the centre of

town, families are moving towards the

suburbs, he adds.

He envisages the initial swathe of

investment to come mainly from UK

buyers looking to capitalise on 15 per

cent annual price rises an rental packages

with an estimated eight per cent grossyield.

Robin Macdonals, 35, a landlord

from Caverswall in Staffordshire, is

confident about Granadas investmen

potential, having bough five apartments

at Medina Elvira in January for 150,000

(107,000) each.

QA, Why buy in Medina Elvira?

Whith such a beautiful setting on the

lake, skiing and beaches half an houraway, it ticks a lot of boxes. This area

east of Malaga appeals to people

who really like Spain, not just sun and

beaches. It also offers far better value

The developers are stirring in the shadows of Granadas magnificent, iconic Alhambra

+INFORMATION