Matthew Kennington Discovers Why Spain Rarely Gets Knocked off the Top Spot for Overseas Property
“Can I also get there easily by road or rail?” wasn’t traditionally the first question to ask when looking at overseas property, but the stark reality is that airlines can go bust or pull routes without putting on so much as a warning light, so it’s wise to have a back-up plan. Matthew Kennington, 40, therefore made a shrewd move in picking a two bedroom apartment in Spain’s most magical city – Granada.
 Matthew explains, “Living in Hertfordshire I’m fortunate to be close to both Luton and Stansted Airports. RyanAir, despite the rumours, still flies directly to Granada from Stansted but I am not resting on my laurels. I had many reasons for opting for Granada as the location for my holiday home, but accessibility was definitely a major factor; the fact that I can take a leisurely drive on efficient roads or better still let the high-speed trains through France and Spain take the strain, made for a compelling argument. And of course with Spain being a long-established holiday destination there’s plenty of airports to choose from, Málaga is just an hour and a half away from Granada and there’s no shortage of airlines serving that hub.”
The countryside resort of Mirador del Iznalloz is the object of Matthew’s affections where he has signed up for a two bedroom apartment for just 108,000 euros, a phenomenal price for southern Spain. The development is nestled into a traditional village just 20 minutes’ drive from the city centre whilst on-site there’s a swimming pool, paddle tennis court, barbecue area and pretty gardens to enjoy. And then there’s the seduction of high rental returns...
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 Matthew continues, “Whilst many resorts claim to be, Granada truly is a year-round holiday destination with a 12 month rental season. Bulgarian ski slopes may offer ideal places for hiking and fishing in the ‘summer’ but does the mercury regularly reach 35ºC and is there a sandy beach 45 minutes’ drive away? Granada can say yes to both. One of Europe’s highest ski resorts, Granada’s very own Sierra Nevada, offers affordable ski-ing and snowboarding from November through to April and then bingo, it’s summer and everything you’d expect from the Brit’s holiday destination of choice including Spain’s most visited monument – the Alhambra. Mirador del Iznalloz will also prove to be a perfect spot for exploring the rest of Andalucia, the cities of Cordoba and Seville, the chic honeypots of Marbella and Puerto Banús, the numerous first-rate fairways - the prospects for rental income are endless.”
But it’s not just pound signs that motivate Matthew, once the property is paid-for he has his own plans, “After the mortgage has been repaid I fully intend to enjoy the apartment for myself and close family and friends. Working in the IT industry my ‘base’ is quite flexible and I envisage long ski seasons and equally long summers in Granada. When I came over on a GEM Established inspection trip to view the site I already got a good taste for the area. The sales person was far from pushy and left me with plenty of time to soak up the culture, sites and spirit in the bars and I can honestly say I’m hooked.”
 And on the subject of buying in a recession Matthew concludes, “You just have to be confident in what you’re doing. Make sure you’re getting a fair price, choosing the right location and you know exactly what you want out of the purchase. If you’re buying in the hope that property prices will increase at the same rate as during the boom at the turn of the century, then think again. Also, make sure you visit the site; when buying off-plan it’s wise to recheck the plans in situ as I changed my mind on my particular unit not once, but twice. But in general the buying process with GEM Established has been pretty easy and I would be keen to reinvest at a future date.”
Prices at Mirador del Iznalloz start from 65,209 euros for a one bedroom apartment and payment terms are 3,000 euro deposit, 30% on private purchase and 70% upon completion scheduled for the end of 2009. Bank guarantees and build license are in place.
Contact GEM Established on info@gemestablished.com, visit www.gemestablished.com or call
UK Freephone 0800 036 0068, Irish Freephone 1800 211 462 or call the Spanish office on 00 34 952 799 286.
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Date: 12/2/2008 | 
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