As the dust settles on the Costa del Sol after the frantic off-plan dealing of 2003 and 2004 there are real bargains to be had in the form of "distress sales" by owners who aimed to make a fast buck but missed the boat and now have the problem of paying a mortgage in an overcrowded rental market. They are now prepared to sell at bargain prices, not exactly cutting their losses so much as accepting less profit.

From the point of view of investors these bargains can be sought out and provide serious options. But it is also still possible to buy in Spain off-plan and expect a good return on completion. The same strategy applies as it did in the rapidly growing market of 2003 but the investor needs to be more discerning in selecting the right properties which are sensibly priced off-plan leaving room for appreciation in the future. Also in Spain investors have the advantage of a well established property market and sound infrastructure which may not be the case in some emerging countries.

OPPORTUNITIES INLAND

With the high price of land and property in coastal regions of the Costa del Sol there is a general increase of interest in inland properties. Here you can have the best of both worlds, a retreat from the hustle and bustle of the coast to the peace and tranquillity of the countryside, and yet still have easy access to all coastal amenities when required. Residents both local Spanish and foreign are buying these properties as a weekend retreat or as a permanent home from which to commute. Land is cheaper and off-plan property can be less than half the price of similar property near the coast.

NEW 2 BEDROOM APARTMENTS

ONLY 91,000 EUROS

For example you could buy an apartment in a new development near Ronda in the Grazalema National Park, in an area of natural beauty. This would make an ideal weekend retreat in idyllic surroundings or a permanent home only 45 minutes from the coast.

There are 130 apartments all with spectacular views and garden with 2 swimming pools. The first 2 phases have totally sold out and phase 3 has just been released. Prices start at only 91,000 euros for a 2 bedroom apartment with a huge terrace. At these prices this development must be a very promising investment.

FRONTLINE GOLF APARTMENTS

ONLY 139,000 EUROS

Another example is a golf resort only 35 minutes from Malaga in a fast developing area. A proposed fast train link to provide 15 minute commuting to Malaga will enable workers in the city centre to live in this magnificent resort and enjoy a wonderful lifestyle at very low cost. The resort offers 2 or 3 bedroom apartments built on 3 floors and all frontline to the golf course. It also has a 5 star hotel, large sports centre, 2 swimming pools and commercial centre. The license has been granted and apartments are selling fast..

Prices start at 139,000 Euros of which 30% can be paid over a very realistic 3 year construction period. This should prove to be a very sound investment.

2 BEDROOM BEACH APARTMENTS

FROM £ 35,000

Finally, a tempting alternative is to try other European destinations. The leader in this field at present is Bulgaria which is enjoying a boom similar to that of Spain in recent years. Prices are increasing by 25% per annum and larger increases are expected when Bulgaria joins the EU next year.

It requires very little capital to invest in this property boom as Bulgaria is like Spain 25 years ago with very low cost of living and the lowest property prices in Europe.

There is a new development on the Black Sea near Varna in an unspoiled area with long sandy beaches, 3 new golf courses and a yacht harbour to be built. You can invest in 2 bedroom luxury apartments in this resort from only £ 35,000.

For further information on the above three inland promotions you may contact the selling agent Casa Blanca Real Estate (Tel: 952 587 541)