The Paramount branded Theme Park being built on the Costa Calida in Spain is encouraging property investors to buy real estate in the region who believe prices will rise and buy to let opportunities increase when it opens in 2014.
Barry Hamilton from Belfast, Northern Ireland is an example of a buyer who is convinced that the theme park means big business for the area.
When he and his wife bought their holiday home in Camposol Golf on the Costa Calida six years ago, they had no aspirations for amassing a property portfolio. However, a combination of Barry’s upcoming retirement and news of the Paramount branded Theme Park encouraged them to take advantage of the current buyers’ market and purchase an additional home in Camposol Golf.
‘Spain was an obvious choice for us as it’s just a couple of hours by direct flight from Belfast, has excellent infrastructure, a welcoming population and is culturally not too dissimilar from the UK,’ said Barry, 51.
‘We didn’t, however, want to make the mistake of buying in a built up Torrevieja or a saturated Costa del Sol so instead went for the up and coming area of Mazarron for its golf, countryside and attractive coastline. After six years holidaying at our home in Camposol Golf we’ve had no regrets,’ he explained.
He is due to retire this year from his job in health care management and wants to spend up to nine months a year in Spain. ‘When news came of the Paramount branded Theme Park for 2014 alongside the opening of Corvera International Airport in 2012, both less than half an hour’s drive from Camposol Golf, it became clear that we should invest in another home. Current prices are excellent and we’re aiming to pick up lucrative Paramount fuelled rental income in the long term,’ added Barry.
The Hamiltons now own a three bedroom ‘Rebecca’ style home purchased in 2005 for £68,000 (around €98,000 back then) and a two bedroom detached ‘Fortuna’ style home with conservatory and swimming pool purchased this year for £96,000 (€108,000).
They were careful though not to part with any money without first doing extensive research into the Spanish property market and indeed the estate agent with whom they chose to do business, Mazarron based Mercers on both occasions.
‘There are lots of real estate companies out there flaunting their wares on the internet but I found plenty to be showing overpriced homes of inferior quality in undesirable areas. With Mercers, homes were valued correctly, based on the fact they have 28 years experience selling Spanish property, and we found the buying and legal process to be smooth and straightforward. They were nothing but precise,’ said Barry.
‘Finally, don’t part with significant sums of money to a company you meet once in a hotel room and then sends you on a pressured viewing trip. Mercers has a permanent office in Camposol Golf, allowed the property to sell itself and our only regret is we didn’t buy our slice of Spanish sunshine sooner,’ he added.
Barry was so impressed by the way that Mercers conducted themselves that he has approached the Company to be their Northern Ireland representative upon his retirement.
‘I have always tried to build a team based on real people who have also bought property through us. This shows a level of trust and integrity that most agents overlook. If the team member has actually bought a property through Mercers, been through the whole Spanish purchase procedure and is happy to represent us going forward, then potential buyers will know that they’re in safe trustworthy hands,’ said Mercers director Chris Mercer.
‘With Barry leading the team in Northern Ireland, not only are potential buyers talking to someone who has bought two properties but they’re also dealing with someone who has amassed six years of Spanish property ownership experience. Barry is very knowledgeable about the area and can advise based on genuine understanding,’ he added.