With the news that bookings are up 18% from the UK for holidays in Benidorm compared to last year the question I pose today is if it is a good idea to have property in Benidorm in a portfolio?
Most people have a vision or opinion of Benidorm. From the New York style towerblocks, to the joy of the Terra Mítica theme park, to lager louts on stag dos, to "This is Spain" to any other number of stereotypes, nobody is really left untouched by opinions about Benidorm. However taking the emotion out of the equation we are left with the question, if there were a great deal on property in the area is it worth having one there for your own holidays and even more so to rent out to others?
The reason I ask of course is because we have just got two great deals in from banks which require just 3000 Euros down and the rest on mortgage over 40 years if required. For the first two years the payments go from just 210 Euros per month and after that they would rise to 400 Euros based on Euribor plus 0.3% which is the ongoing rate. Could you make that money back in a couple of months in the summer? Definitely, if you market the property correctly.
There are two types of property and they are both described in the attached PDF's.
The first is an apartment block just a couple of minutes walk from the Levante beach. 1 and 2 bedroom apartments from just 136k totally financed apart from that 3000 Euros deposit.
Benidorm Apartment Deals to download the PDF
The second properties are in Finestrat, just a couple of kilometres away from the beach but in a really nice area very close to the golf course. Again prices range from 135k for 2-3 bedroom properties dotted around the pool.
Benidorm Hills Presentation (Download the powerpoint presentation here)
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Take a look at the attached PDFs and get back to us to reserve or view. 3% commission applies as usual with our properties so your full cost of purchase is 3000 Euros plus the commission. Should be worth a look for you if you are looking at a property portfolio.
Related Reading
1) Audio Description of the Available Properties in Benidorm