An area of Southern Spain could prove a shrewd long-term investment as property values in other areas of the country undergo painful corrections, agents have said.
According to Mercers, property in Jerez has considerable potential compared to other areas, with figures from property portal Fotocasa showing the 2007 price per square metre in the city was 46 per cent cheaper than the national Spanish average.
The firm added the area was experiencing a “steady flow” of domestic and overseas property buyers, and still had undervalued prices.
The company also pointed to the upcoming expansion of the international Airport at Jerez and said there were off plan and resale investment deals to be had.
Mercers said: “Most famous for being the spiritual home of flamenco, the birthplace of sherry and centre for Andalucian dancing horses, Jerez has many more aces up its sleeve for a dynamic future.”
Jerez Airport is also set to become the only Spanish airport bar Barcelona which has its own AVE or ‘bullet train’ station, which will open it up to commuters from the city of Sevilla.
Among off plan investment opportunities is the Plaza Mirabal 3, a “bijou project” of eight apartments in a tucked-away plaza in Jerez’s Casco Histórico.
According to Mercers, prices for the property start at 117,344 Euros ($152,352) for a one bedroom apartment, with terms 15 per cent deposit, 15 per cent on contract and 70 per cent upon completion, due later this spring. Property in Spain could be bought particularly cheaply in 2009 as prices continue to fall, according to predictions from Torcal Estates.
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