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Orange groves

01.05.2007
Author: Kathy SANDLER
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The Costa Azahar, located to the north of Valencia - is a relatively new direction for both buyers as well as for tourists. Now, the region is among the most dynamic in Spain and at the same time has not only investment appeal, but also the unique beauty.
Costa Asaar, which means "coast of orange flowers", is the coast of the province of Castellon, the northernmost in the Valencian region. This name is associated with the orange orchards fragrant during flowering, which are rich in this as yet not too densely built-up coast.
In the north, Costa Asaar is bordered by the Costa Dorada coast, and in the south by the Costa Valencia coast. Buyers of foreign real estate have recently paid attention to it, and in comparison with traditional destinations, the combination of price and quality of real estate looks very successful here. But this is not due to the disadvantages of the coast, but rather to the fact that not all its advantages are revealed.

Spanish flavor
Although Costa Asaar has recently been considered as an alternative to the popular Mediterranean coasts, this does not mean that it is completely undeveloped. There are many attractive places to relax here. Among the most popular resort centers are Peniscola, located on the rocky shores of the Mediterranean Sea, and Benicasim, famous both for its music festival and 6 km of wide sandy beaches bordered by cliffs. Less well-known resorts are located near small towns such as Benicarlo and Vinaros, with their beaches, fishing ports and a sense of "real" Spain.
The beauty of Costa Asaar is that the centuries-old cultural traditions, color and charm of old Spain have not yet disappeared here under the onslaught of vacationers from all over the world. Add in the wonderful climate and 300 sunny days a year, and it becomes clear why tourists and property buyers are so interested in this region.
There are many ways to get to Costa Asaar. The nearest airports are located in Valencia, Alicante and Reus, and Barcelona is within reach. However, in any case, at least an hour's trip by car or train is provided – this is the main reason why the development of the coast has been delayed. However, with the opening of the airport in Castellon, which is scheduled for 2008, the coast will become much more accessible. It is assumed that this airport will primarily accept flights from low-cost airlines, and this always gives a noticeable boost to the development of the local real estate market.

Growth prospects
The Spanish real estate market, where prices grew at an exceptionally high rate from 1997 to 2004, is now experiencing some cooling. The Mediterranean coasts are no exception. It is characteristic that in these conditions, the best price growth is shown by regions where there are good opportunities for further construction. As of last September, the average annual increase in the value of real estate on the Costa Asaar was 9.1%, while in the province of Alicante – 4.4%. At the same time, the price level on Costa Asaar is about 10% lower than on the Costa Blanca.
If the construction boom is already over on such popular coasts as the Costa Blanca and the Costa del Sol and there are simply no places for new development, then everything is different on the Costa Asaar. Due to the continuous growth in demand, the volume of housing construction here is also increasing, both on the coast and in areas somewhat remote from the sea.
It should be noted that the local authorities have drawn appropriate conclusions from the overcrowded development of popular coasts and assume to adhere to a moderate pace of construction. This is what Miguel Martinez, from Bancaja Habitat, says: "This area is only developing, and therefore we are making large investments in Costa Asaar, considering that this area is quite promising. It is also important for us that they ensure that the building density is not too high. This will allow us to maintain the high consumer qualities of the built housing in the future."

Both golf and the airport
The main part of the real estate on the Costa Asaar is being sold at the off-plan stage. This is a profitable option for the buyer, since the early stage of the project involves low prices and, in some cases, the opportunity to sell the property before completion. According to Miguel Martinez's forecasts, when buying at the off-plan stage, one can expect an increase in the cost of housing by 10-15% annually. In addition, a good profit can be made by buying inexpensive real estate on the secondary market with its subsequent reconstruction and resale.
The El Palmeral residential complex is located in the vicinity of the town of Torreblanca, among picturesque gardens, just 200 m from the beach and 4 km from the city center, and very close to the Prat de Cabanes Nature Reserve. The complex has apartments with two and three bedrooms, as well as penthouses with outdoor terraces. The second stage of construction, providing for the creation of 176 real estate objects, will be completed at the end of June 2007. Double apartments in the complex are offered for about 211,000 euros.
Not far from the already mentioned town of Benicasima, the residential complex Lar Playetas is being built in the urbanization Torre Bellver. Its location is very good. At 40 min. Valencia Airport is a short drive away, and the airport under construction in Castellon is even less – only 15-20 minutes. The complex consists of 4 buildings, which will house apartments with two and three bedrooms, two-storey penthouses with four bedrooms and a solarium. The cost of two–bedroom apartments starts from 251,000 euros, the cost of penthouses starts from 494,000 euros. The construction of the residential complex is planned to be completed by September 2007, with the bulk of the real estate going on sale after completion.
The general trend for the construction of golf real estate on the Spanish coasts has not spared the Costa Asaar. The Aldea Golf residential complex, which is being built by Bancaja Habitat, will become part of the Nova Panoramica Golf and Country Club. The golf course at the club was designed by the famous German golfer Bernhard Langer, restaurants and shops are located around it, as well as a sports center. The residential complex itself will consist of 13 townhouses and 120 apartments, priced from 234,000 euros and 125,000 euros, respectively. The construction of Aldea Golg is scheduled to be completed by June 2007.

Inland
As a rule, the cost of two-bedroom apartments directly on the Costa Asaar starts from 130,000 euros, and the cost of a villa starts from 235,000 euros. By the standards of the Spanish Mediterranean, this is not much, but the amount can still be reduced if, as an alternative, you consider buying a villa at a distance of 10-15 km from the sea. However, it should be taken into account that the further away from the sea, the more hilly the area becomes.
According to Frederic de Souza, an expert at Carobtree, the cost of real estate requiring reconstruction and located in typical rural areas is 20 minutes. The drive from the coast starts at just 40,000 euros. So, the Carobtree company offers a beautiful three-bedroom townhouse in the town of Canet lo Roig in 20 minutes. from the coast. Although a complete reconstruction of the building is not required, it will still have to be seriously worked on. However, the initial price of 45,000 euros is sure to attract a prudent buyer. There are also very attractive options for buying land for development.
However, houses in a rural style can be bought not only in the interior of the province, but also on the coast. For those who want to enjoy the unspoilt nature of the coast, Carobtree recommends typical rustic cottages with their own plot of land and olive trees. For such an original house with three bedrooms, terracotta tiles on the floor and wooden ceiling beams, you will have to pay 185,000 euros. Another offer is a spacious villa with two completely independent apartments that can be used as one house. The villa offers beautiful views of the coast and the famous castle in Peniscola. Its cost is 450,000 euros.

Trendsetters and pioneers
As you know, the British are considered trendsetters in the foreign real estate market, and it is not surprising that they were the first to begin the "development" of Costa Asaar. Among those who have already bought real estate here and managed to get acquainted with the "coast of orange flowers" on their own experience is a British married couple Linda and Dave Hinton. They chose Spain as a country for investment primarily due to its transport accessibility and security. The Hinton family carefully explored the coasts and islands of Spain and settled on the Costa Asaar. "There is a real Spanish character here: beautiful coasts, untouched nature, noisy holidays. In addition, the coast is close to Barcelona and Valencia," says Linda.
The Hinton family chose a two-bedroom villa near the town of Peniscola. Its cost is 189,000 euros, excluding taxes. Now Linda and Dave are arranging a swimming pool, which will cost them about 30,000 euros. The Hintons plan to retire soon and fully immerse themselves in the happy, serene life of Spanish resorts. Their advice to potential buyers is to explore as many places as possible and identify their disadvantages and advantages. Well, after the purchase is made, come to Spain not only in summer, but also at other times of the year when there are fewer tourists on the coast.

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