The bungalow is back - in Spanish style
By Kevin Barnett, 15 May 2010
They have been the bed-rock of British housing stock for decades and the favourite of retirees seeking one-level living and easy care. Swathes of them, with neat little gardens and space to park the car, have sprung up in coastal areas around Britain…
Now the ubiquitous bungalow is becoming just as popular in Costa Blanca, favourite retirement choice for 1,000s of British and northern European Over-50s, where the “Spanish” version comes with sunny patios, rooftop solariums, shady porches and a shared swimming pool closeby.
Hundreds of them were bought by younger first-time buyers when they were introduced nearly 10 years ago by Spanish builders. They wanted to get on the holiday property ladder, but now they are now ready to swap them for bigger homes that can be snapped up at the lowest prices for years due to recession.
Now resale Spanish bungalows in hillside and urban developments around Torrevieja, home to 1,000s of Brits with their own branch of Age Concern, are coming onto the market and finding ready buyers from a new wave of Over-50s seeking the Costa lifestyle. Many bungalows are close to the "healthy" saltwater lagoons, one of the areas biggest natural attractions.
Specialists, PropertyInSpain.Net have hundreds of Spanish bungalows for sale that come in three versions – single storey as their British counterpart; single storey with rooftop solarium and barbeque; two storey with garden bungalow topped by a separate solarium bungalow.
Prices range from EUR 40,000 for a 2-bed in need of refurbishment, to EUR 75,000 for a good condition, extended solarium version. They are in neat, orderly, tree-lined streets, with lots of local amenities like shops, bars and restaurants – and a good pharmacy for dispensing age-related prescriptions. Many potential buyers need less than £10,000 for deposit and buying costs with monthly mortgage repayment of EUR 240.
Property Manager, Mar Walcott said:” We are getting inquiries every day for bungalow bargains, some of which are Spanish bank repossessions. They are in good locations and ideal for fulltime or part-time retirement use. Some are such good value for money the buyers can get a 90% mortgage at around 2% interest rate.”