How to play the current Spanish property marketWednesday, January 14, 2009
The Spanish property market isn’t particularly conducive to moving right now, but it is to improving. With plenty of tradesmen twiddling their thumbs you can drive a hard bargain, take advantage of the downturn, do some serious renovations and reap the rewards when the market picks up. And what better project to tackle than a 300-year old bakery in the Andalucian village of Medina Sidonia? Beats a loft conversion in Merthyr Tydfil…
Just 100 metres from the delightful main square of Medina Sidonia sits the former bakery now known as ‘Casa Ganado’. With many quirky original features in place, including the ancient bread oven, this property requires Renovation with a capital ‘R’ but the Rewards will undoubtedly deserve the same capitalisation. Covering a generous 400m² of living space over two storeys and with a Moorish-feel interior courtyard plus bright rear patio and scope for roof terrace, this project has ‘boutique hotel’ written all over it for an adventurous investor.
With a population of just 10,000 the elevated town of Medina Sidonia, considered to be one of the oldest in Europe, sits at the heart of Cádiz province and entices visitors from all around with its shabby grandeur. It offers medieval walls, labyrinthine cobbled streets, fragrant blossom-filled plazas with pavement eateries and some incredible views across the patchwork countryside down to the sea. Furthermore the fine-sand near-deserted beaches of the Costa de la Luz, several elite golf courses and Jerez, the birthplace of sherry, are all within 40 minutes’ drive. It is little coincidence that the local bed and breakfast market is expanding nicely and Casa Ganado could get in on the spoils.
However there is no glory without graft. Although structurally sound, it’s been standing for 300 years and has no plans to budge, Casa Ganado is essentially a blank canvas for a stunning renovation. Digital architect plans have been drawn up (at a cost of over 10,000 euros) for four en-suite bedrooms, kitchen and living areas, a suntrap roof terrace, swimming pool on the patio, plus a self-contained apartment with separate access. This set-up would lend itself perfectly to a Riad-style guest house with the owners on-hand upstairs or simply a spacious imposing family home. A pedestrianised street ensures both safety and tranquility.
So whilst the world continues its financial wobble, put the next few months to good use restoring a slice of Andalucian history to its former glory. And, by the time you’re done, the cogs will have started turning on the Spanish property market again and you’ll have a much-appreciated asset on your hands – and who knows, you may even be the proprietor of a new boutique hotel bathed in the endless Spanish sunshine.Source: [Easier Property News]