{"id":6359,"date":"2014-05-12T10:46:34","date_gmt":"2014-05-12T10:46:34","guid":{"rendered":"http:\/\/taylorwimpeyspain.com\/blog\/?p=6359"},"modified":"2014-05-12T10:53:21","modified_gmt":"2014-05-12T10:53:21","slug":"bull-market-urban-hotspot","status":"publish","type":"post","link":"https:\/\/taylorwimpeyspain.com\/blog\/bull-market-urban-hotspot\/","title":{"rendered":"Bull market : Urban hotspot"},"content":{"rendered":"

As prices pick up from rock bottom, Spanish cities are attracting second-homers who want more than the beaches and golf courses of the costas. Ready to enter the ring?<\/p>\n

\"\"<\/a>

Cafe society in Palma (Klaus Vedfelt)<\/p><\/div>\n

When thoughts turn to property in Spain, they usually drift to a sun-bleached villa on the coast, with views of boats bobbing on a sparkling azure sea, or to an identikit flat in a golf complex that has seen its value plummet in the crash \u2014 and its pastel-coloured paint start to peel. Until now, the market for second homes in Spanish cities has always been a niche one.<\/p>\n

Yet ma\u00f1ana may have come. A growing band of buyers are turning their attention to concrete, rather than costas \u2014 attracted by vibrant street life, culture, gastronomy and history. There\u2019s another key reason to consider looking at urban Spain in today\u2019s market: investment potential.<\/p>\n

Spain\u2019s GDP was growing at its fastest rate in six years in the final quarter of 2013, and seven of its cities rank in the top 10 in southern Europe in the fDi European Cities of the Future 2014-15 report, based on the continent\u2019smost promising investment locations.<\/p>\n

Property prices have fallen dramatically \u2014 as they have throughout Spain \u2014 but cities offer the highest rental potential, according to Barbara Wood, director of The Property Finders Andalucia, a buying agency. \u201cThe market is wide open for cash buyers, and most of those will be foreigners, who head for the coasts,\u201d she says. \u201cSo the cities, which still suffer from domestic economic problems such as high unemployment and lack of mortgage availability, are ready to welcome foreign buyers with open arms.\u201d<\/p>\n

\"\"<\/a>

Edificio Alber - Calle Arag\u00f3n - Palma<\/p><\/div>\n

Palma<\/h1>\n

With the cathedral dominating the skyline, a historic core of narrow streets, trendy bars, fantastic beaches and a glamorous Mediterranean marina scene, the Mallorcan capital tends to attract those who also love Barcelona.<\/p>\n

Historic palacios in vibrant areas such as La Lonja and Santa Catalina are popular with British buyers, says Daniel Chavarria Waschke, managing director of Mallorca Sotheby\u2019s International Realty. He is marketing a five-bedroom penthouse in one of these palaces for \u20ac2.5m (00 34 971 721000, mallorca-sothebysrealty.com). \u201cBuying here means that you are close to the seafront, yet surrounded by top-class restaurants, cafes, boutiques and indoor markets.\u201d<\/p>\n

Also in an impeccable, but pricey, location is beachfront Portixol, where refurbished front-line fishermen\u2019s houses cost \u20ac1m or more. For smaller budgets, Taylor Wimpey is selling one-bedroom flats in Edifici Alber, on the city\u2019s main artery, Calle Aragon, from \u20ac122,000 (0800 012 1020, taylorwimpeyspain.com).<\/p>\n

Mallorca\u2019s property prices didn\u2019t hit the doldrums the way they did on the mainland, so expect to pay \u20ac5,000-\u20ac6,000 per sq metre (about \u00a3500 per sq ft) in the city centre. \u201cPalma is a city on the up \u2014 plenty of refurbishment is happening in the old town and super-high-speed fibreoptic internet is being installed, increasing buildings\u2019 quality and price points,\u201d Chavarria Waschke says.<\/p>\n

Zoe Dare Hall Published: 11 May 2014<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As prices pick up from rock bottom, Spanish cities are attracting second-homers who want more than the beaches and golf courses of the costas. Ready to enter the ring? When thoughts turn to property in Spain, they usually drift to a sun-bleached villa on the coast, with views of boats bobbing on a sparkling azure […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[12,15,4],"tags":[],"class_list":["post-6359","post","type-post","status-publish","format-standard","hentry","category-mallorca","category-palma","category-spain"],"yoast_head":"\nBull market : Urban hotspot -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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