(07-25) 11:30 PDT NEW YORK, (AP) — Stocks recoiled Wednesday as signs of a tougher lending climate mounted, prompting investors to give back gains fueled by strong profits from Amazon.com Inc. and Boeing Co. Wall Street was still jittery after Tuesday’s 226-point tumble in the Dow Jones industrial average, triggered in part when mortgage lender Countrywide Financial Corp. posted a disappointing profit and forecast. Some market watchers worry that deteriorating...
Northern soul: Bilbao, Pamplona and Gijon offer the highest quality of life in Spain
July 26th, 2007
Southern Spain may get all the sun, but a recent survey of quality of life in Spanish cities found the top three are in the north. It put Bilbao, Pamplona and Gijon above Seville, Barcelona and Madrid on the basis that residents there are more satisfied with their quality of life than anywhere else. Personal safety, housing, culture and public services were just some of the criteria measured. These issues don’t just affect the locals – they improve life for holiday home-owners, too.
The fact that Gijon locals are among the happiest in Spain is no surprise to Miriam Malga-Smith, an agent in the pretty Asturian port. “Residents of Gijon have everything they need: a beautiful beach, an elegant shopping centre, museums, and excellent restaurants and bars.”
Malga-Smith says Gijon is not only great for holidays, it offers a good environment for relocation. Even so, it won’t suit those who want the Costa-style vibe, she says.
“Asturias is very different from the rest of Spain, and British people who buy in this area want to mix with the Spanish, learn the language and are also interested in nature and outdoor activities. Residents are very friendly towards people from other countries and really make them feel at home.”
Property in Asturias ranges from rural estates to stone houses and timber-framed cottages, costing from 35,000 to more than 545,000 for an old palace. Properties in Gijon’s historic centre are often in renovated buildings and start from 100,000 for a studio. Malga-Smith says that magnificent villas are available in the suburb of Somio but in this district “there is nothing for less than 350,000″.
High prices are also a factor when buying in Bilbao. The city is highly industrial, and offers good employment prospects and infrastructure.
London builder Anthony Bourne, who has relocated there with his family, says prices have increased 400 per cent in the past 10 years, since the city was earmarked for regeneration. “It used to be not pretty at all,” he explains, “but they’ve redeveloped the harbour and there are designer shops and good restaurants.”
Agent Anton Ortuondo says you should expect to pay between 218,000 and 680,000 for an apartment in Bilbao itself. There is a mix of dated apartment buildings across the city, competing with gleaming new property. The Gran Via 22 project is one such development, where chic apartments are being built inside a historic building on one of Bilbao’s central boulevards. Properties are likely to cost from 3,400 per sqm, the smallest one being around 82 sqm.
One factor in the quality of life survey was healthcare. Pamplona needs good doctors more than most because it is the site of the San Fermin festival, otherwise known as the Running of the Bulls. This is the city’s best claim to fame, but it’s also worth visiting for its historic centre and beautiful location in the mountainous Navarra region.
Apartments range from one-bedroom flats measuring 48 sqm (from 136,000) to central properties costing over 300,000. Even at the higher prices, decor is often dated and buildings are unlikely to offer pools or gyms.
Mark Stucklin, of Spanish Property Insight, believes Pamplona hasn’t yet caught on as a destination for British buyers because it’s rather inaccessible. “It’s not an easy city to get to for a weekend,” he says. “You have to travel about two hours from Bilbao or Zaragoza airports.”
He doesn’t think Pamplona will attract many overseas buyers, even with it’s new-found, “best-city” status, but admits that the town may appeal to those who really want to get away from their British roots. “It definitely offers an authentic taste of Spain and, as the market grows and access gets better, inevitably you’ll see more Brits heading to these areas.”
www.spanishpropertyinsight.comwww.asturian-property.com; 0034 63 91 70 320www.ortuondo.com; 0034 94 44 22 058
Buyer’s guide
* English-speaking agents are rare in these areas. Although there are now a few in Asturias, most don’t have a website.
* If you’re keen on buying in Bilbao or Pamplona, you will have to work harder for it and visit agents in person.
* If you buy a property in Spain and plan to renovate or extend it, you must first get official permission and a licence from the local planning authority.
* If you’re buying land for building on, make sure it has legal permission to build first. Check the details for yourself with the local planning authority.
« Buy To Let: Landlords are now making tenants play the lottery of sealed bids
Central London landlords are boosting rents by as much as 20 per cent by requiring applicants to make sealed bids for tenancies. Competition for rented accommodation has intensified in the past few months as many buy-to-let investors have sold out to owner-occupiers, and a large number of overseas executives have arrived to work in the capital. Many landlords have responded by borrowing a trick used before in selling properties – demanding that applicants make sealed offers in writing...