New apartments “less than build cost” deal
Costa Blanca south
New apartments “less than build cost” deal :: Spain’s Sareb bank selling off unwanted residential block at €659 a square metre. Prices at Edificio Olympia, overlooking a leafy plaza at Real Spain town of Almoradi, are €62,000 for 3-bed 94m2 apartments and 5,000 extra with private garage.
Area (M 2)
These below cost apartments, in the low-rise block with lift, come with storage unit, fitted kitchens and bathrooms and utility room. They were built in 2007 and were subsequently acquired by Sareb at a massive discount from the original price-list after the local developer collapsed during the financial recession. Current asking price equates to €659 per square metres, which could be up to half the original cost of construction.
12 kilometres of unspoilt pinewoods beaches are just a 10 minute drive through the extensive orange groves of the Vega Baja de Segura. Almoradi is one of the best located inland towns in this part of Spain as the new motorway is minutes away and links to two international airports. Its 20,000 population includes 16% ex-pats from Northern Europe who love the mild year-round climate, local amenities that include many bars and restaurants, banks, post office and medical facilities.
Almoradi is a typical Spanish town, it offers all the necessary amenities like shops, bars, restaurants, banks and doctors. Everything you need for fulltime living or holidays. Foreign property buyers, seeking a Real Spain place in the sun, have now bought up 6% of recent offerings in Almoradi – much of it in small residential blocks like Ed. Olympia.
For buyers planning retirement in Spain, these apartments in this location will take some beating. Buy now and rent out until you need it fulltime? It is unlikely there will be anything else similar at these prices in the future – construction costs have risen dramatically since 2007. Investors can get a decent return with long-term rentals as Almoradi’s growing logistics sector is attracting high earning IT specialists.