Buying a home in Sierra Nevada
From cold ski resorts to warm Mediterranean sunshine
Sierra Nevada is a snowy mountain range in the province of Granada and Almería (Spain). It hosts the highest peaks of continental Spain and enjoys the beneficial influence of the Mediterranean Sea at the same time.
Buying a chalet, a detached or semi-detached house, an apartment or a condo there, seemed to be a profitable investment during the real estate boom; therefore, prices soared due to the race for the most advantageous purchase opportunity. Residents began buying with the aim of reselling their properties when quotation prices amounted to 6 000 euros per square metre. Unfortunately, the bursting of the housing bubble claimed the real estate market of Sierra Nevada as one of its victims.
The vast majority of apartments remained unsold and the value of the real estate properties bought before 2007 dropped to 3 000 euros; what’s more… experts expect further falls. That is the reason why many home owners have decided to convert their flats into holiday homes by renting them for 110-150 euros per night to ski-lovers. They are above all one-roomed flats and little apartments for a maximum of six guests, most of which come from Andalusia and Madrid , but also from Portugal and England.
The supply of newly-built homes is limited, as ski runs are located by the side of a national park that was declared Biosphere Reserve by UNESCO in 1999. Newly-built apartments were sold for 150 000 euros before the beginning of the crisis; today, they can be bought for less than 100 000 euros. The average price amounts to 1600-1900 euros per square metre, but it is necessary to assess the quality of buildings, the distance from ski runs and noise; indeed, one of the big problems affecting Spanish constructions is the complete absence of sound barriers to provide acoustic insulation.
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