Torremolinos Property Market and Real Estate Guide
(Torremolinos, Costa del Sol, Spain)
The famous Andalusian tourist resort of Torremolinos lies just west of the city of Malaga
, on Spain's Costa del Sol. A poverty-stricken fishing village until the 1950s, the arrival of hordes of mostly British tourists in Torremolinos resulted in a massive construction boom. By the late 1990s, high-rise hotels and apartment blocks dominated a vast tourist maze with a poor reputation.
However, during the last ten years, the local authorities, recognising an impending disaster, have cleaned up the resort and provided new facilities throughout. As a result, Torremolinos now seems more 'Spanish', particularly in its Old Quarter, with many of the original fishermen's cottages still homes rather than
Bars. Torremolinos is a popular retirement destination and has a large expat community.
Downtown Torremolinos, around the main shopping area of Calle San Miguel, was developed first, and contains mostly high-rise apartment blocks and hotels, as well as excellent local amenities. Prices are reasonable in comparison to northern Europe, although beachfront apartments are on average twice as expensive as those in town. Many apartment complexes provide swimming pools, communal gardens, restaurants and sea views.
West of the city centre is La Carihuela district with its pretty homes. Montemar, close to the marina, and Montemar Alto with its spectacular views, are both especially popular areas. Prices in these districts are considerably higher, although still comparatively inexpensive in European terms. On the outskirts of the city are a number of new developments. However, caution should be exercised, particularly when buying off-plan.
Renting Serviced Apartments
Most rental apartments here are aimed at short-stay holiday lets, but aparthotels do provide serviced apartments from basic to upscale with full facilities, including swimming pools and fitness centres. Prices are reasonable in comparison with upscale hotels. Long-term rental contracts are for one year minimum and give more tenant protection than short-term lets.
Buying Apartments and Houses
Due to the ongoing financial crisis and an over-supply of homes, the Spanish property market has experienced a sharp and continuing fall in achieved prices. There are no restrictions on foreign purchase of homes, although 'let the buyer beware' is a useful soundbite. In Spain, personal debt is linked to property - your lawyer needs to check that the seller's debts are cleared by inspecting all relevant receipts.
Once a Torremolinos property is found, your realtor will negotiate a price with the seller. On written acceptance of an offer, the deposit is lodged with your lawyer or a local bank. To complete the sale, transfer title deeds are signed and full payment made. The deeds are then logged with the Land Registry and full transfer taxes paid. Extra charges depend on the size of land purchased and the property price paid.
Real Estate Agents
Many real estate agents in the city speak English. Unlike in the UK, any agent can show properties on other agents' books, giving buyers a wider choice with less hassle.
Check out the following Torremolinos realtors and real estate agents:
Casterson Group S.L.
Address: Calle Campillos 2, Local 16, Torremolinos, Malaga, 29620, Spain
Tel: +34 952 374 093
This realtor has a good selection of properties across the Costa del Sol.
Address: Calle Las Mercedes 13, Torremolinos, Malaga, 29620, Spain
Tel: +34 600 653 590
McMillan Alexander offers full services for purchase, rental and maintenance of properties in the area.
Address: Calle Cristo NA1, Sayalonga, 29752, Spain
Tel: +34 952 535 256
This agency has traditional Andalusian country properties, as well as apartments and homes in Torremolinos.