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Sotogrande, of course, has form for this kind of thing, going back to the very dawn of the transmogrification of the Costa del Sol into the Costa del Golf. There are more than 40 golf courses between Malaga and Gibraltar, where the climate means that a game in the sunshine is a possibility just about year-round, and at least half a dozen more are in the pipeline. Long a byword for upmarket golf and homes, Sotogrande already had the world-class courses of Valderrama and the Real Club de Golf Sotogrande, plus Almenara and La Cañada, when they started work on their latest project, La Reserva.

“The trick here was to make sure that the villa plots on the front line were 3,000 to 4,000sq m. The maximum ‘buildability’ allowed on the plots is 25%, so we won’t end up with big houses on small plots. The golf is not overpowered by the real estate, and the real estate is not dominated by the golf.”

A villa at La Reserva could cost up to €3m (£2m), once you’ve bought the plot and constructed your house, but you’d be into “gold taps” at that price level, says David Vaughan, of Sotogrande’s UK office. Although these days the ostentatious signs of wealth are more likely to be a home cinema and a walk-in fridge.

There is a cheaper option: Los Cortijos de la Reserva, an enclave of 30 villas and 46 town houses close to the opulent new clubhouse, where a two-bedder starts at about £340,000 and the priciest four-bed villa is about £930,000. It’s no accident that these properties have all been clustered together rather than dotted around the course: it gives seriously upmarket buyers a sense of space and exclusivity that translates into higher values.

All buyers at La Reserva have a guaranteed right to apply for golf club membership: up to €60,000 (about £41,000) for the one-off debenture and £1,700 a year in fees. The club allows the equivalent of two hours’ green fees a day for non-members (there’s a large non-members area of the clubhouse), which means anyone buying to let in Los Cortijos can offer golf on the doorstep, along with the Sotogrande central reservation system that can book slots at its other courses.

“Now that southern Spain is seeing a cooling in the market, the worst-hit will be unplanned developments with no facilities,” says Tim Hodges, of property finder County Homesearch International Spain. “Spanish property is still a good long-term investment, but you have to stick with quality. Golf is an investment bonus because it gives you winter rentals as well as summer.”

The La Cala Resort, three miles inland from Mijas Costa, has two golf courses and is building a third, along with surrounding properties — “That’s the downside,” says Hodges. “There’ll be building for a few years” — but the upside is that it’s an established venture with its infrastructure in place, and none of its 1,000 acres have been sold off to other developers. “It’s not a speculation,” says Hodges.

James Reid, a retired financial director with an enviably deep toffee-coloured tan, lives full-time at La Cala in a semi-detached four-bedroom villa with pool on the development’s south course. He paid £660,000 for the house — which came fully furnished, as it was the show home. “I never get tired of the scenery,” he says. “It’s like having your lawn mowed every day.” And he has found that his golf, for which he pays annual club fees of  £1,250, has improved since he moved to La Cala.

Reid already owned a three-bedroom penthouse on the development, which cost him about £250,000 two years ago, and he plans to rent it out through a golfing holiday company in Britain.

Hodges and I inspect the show home of Real Altavista apartments, one of the latest developments in the La Cala master plan for an eventual 2,000 properties, where the cheapest three-bed apartment sells for about £280,000. Hodges is impressed: “This is the middle market, but the middle market is moving up in standards and quality. It’s like a hotel fit-out” — he indicates the marble floors and well-crafted wardrobes — “and if you’re buying with rental in mind, that’s what you want. And there is stuff to do: golf, riding, tennis. A spa is being built. This will hold its value.”

Occupying a similar niche in the market to La Cala is La Quinta, established for 17 years, with three or more years of construction to go to complete the building programme before it moves on to the next-door tract of scrubby hillside overlooking Puerto Banus. It has 27 golf holes, a five-star hotel and services to suit residents and holiday renters — and five other golf courses are within five minutes’ drive. The resort markets golf holiday packages using owners’ apartments for accommodation.

As well as the resale market, new apartments are available in La Quinta Suites, 42 two-bedders scheduled for completion in November 2006, and in Buenavista, 52 two- and three-bedders that should be ready a few months earlier. Prices start at £254,000 at the Suites and £375,000 at the larger, more lavishly specced Buenavista (underfloor heat, “intelligent” wiring, a laundry room that sends a “flood alert” to your mobile phone).

Although the Costa del Sol’s golfing bonanza has been driven by northern Europeans’ apparently insatiable appetite for the game, the sport is popular with the local people, too. Compared with the subdued atmosphere of some palatial Costa clubhouses, the 19th hole at Antequera Golf has the hallmarks of “real Spain”: garrulous members comparing scorecards in an atmosphere thick with tobacco smoke and the smell of good, strong coffee. SOURCE:- The Times Online

A survey of 1,000 people aged between 18 and 29 found that half were turning to a foreign country to get their feet on the property ladder.

Most of these plan to let out their new home for part of the year, forming part of a growing group of so-called "jet-to-let" investors.

An average of £101,000 will be spent on a home overseas, compared with £160,000 needed to buy a first home in the UK , according to the research for Oceanico Developments.

The company's Simon Burgess said: "As property prices in the UK remain prohibitively high and the rental market approaches saturation, it's only natural that investors turn to foreign shores to make their pound travel further."

Spain is the most popular destination for Britons looking to buy abroad, followed closely by France , the US , Italy and Portugal .

A second survey covering more than 2,000 adults showed that Britons buying houses abroad wanted better weather or lower living costs.

Oceanico. which deals with property developments in Portugal , said it believed the trend to buy abroad would increase.
SOURCE skynews

For half a century, Cadiz, the Andalusian port pounded on three sides by the Atlantic, was a largely neglected, poverty-stricken outpost living on its romantic maritime history. Renowned for its liberal intellectuals, it was left to rot under General Franco's regime and remained forgotten after democracy was established in Spain in the mid-1970s. The gaditanos - as the people of Cadiz are known, after the Roman name for the city - could only look on with envy at the rising fortunes of the neighbouring Costa del Sol.

Now, however, the tables are turned. The Costa del Sol is blighted by over-development, while Cadiz's rakish charm has suddenly become greatly valued. The Spanish stars of television, film and sport flock to the Playa de la Caleta, the city's answer to Brighton beach, but with golden sand and sun. And now a smattering of northern Europeans are following suit.

Few of the agents in Cadiz speak English, however, and the English agents have yet to move in to this area, so it is worth considering employing a property buyer. The locals, alternatively, often use corredores, or runners, to find houses. Corredores are well-known figures in the community and are often the preferred choice over estate agents (who generally command even less respect than they do in England).

Pepe, one of the best-known corredores in Cadiz, is a sea captain in the mornings but patrols the streets and bars of Cadiz in the afternoon and is constantly approached by people wanting to buy or sell. He also charges less than an agent - typically two per cent rather than three. Such is his eminent position, that he carries in his pocket a enormous ring of keys to most of the properties that are on sale in the town.

There is scarcely an ugly building in the enchanting narrow streets of the old town, the casco antiguo (modern development is confined to the strip of land outside the city walls, where the peninsula is joined to the mainland). A mix of private and EU money has paid for a masterful facelift of these old streets, which has preserved their evocative elegance.

"The council decided against making the place too prettified." Some of the old Moorish houses are painted in a jazzy mixture of bright oranges, yellows and blues; others are adorned with frescoes, now carefully restored. "Much of Havana was modelled on Cadiz," explains Robert. "Here you can get some of the character of Cuba - the look, the old-fashioned bars, the climate - but only two hours on a plane from London."

Once hampered by its location on what is virtually an island, Cadiz is now far easier to reach. The low-cost airlines are piling into Jerez airport, while a station is being built for the high-speed AVE train, which will cut journey times to Madrid to three hours. Improved roads lead to the unspoilt beaches of the Costa de la Luz and the windsurfing resort of Tarifa.

The result has been a surge of interest in property in Cadiz and a doubling of prices over the past five years - although from a very low base. Particularly appealing places have gone up by a third in the past year alone. Yet it is still possible to pick up a well-restored two-bedroom apartment on Calle Ancha - a grand, pedestrianised shopping street and one of the best addresses in town - for £135,000. Another £60,000 will buy a very large flat. One of 200sq m, which needs work but has bags of character, is for sale at £190,000 . Other good areas include the quiet streets running down to the sea in Alameda, to the north of the city; around the elegant Plaza de Candelaria to the east; and near Plaza San Francisco in the centre.

In a less smart street, even a good two-bedroom flat can cost as little as £90,000. Most will look over an internal courtyard - known locally as a patio - and have high, beamed ceilings as well as the characteristic Moorish-style glazed balconies overlooking the street.

Another characteristic of Cadiz is its 100 or so roof-towers. These two-storey rooftop buildings give panoramic views out to sea and were once used by merchants to watch their ships coming in to port. "There is one for sale, with one tiny bedroom but a good-sized living room, for £260,000. That is a lot, but it also has a 160sq m roof terrace, which is very unusual," says Matt Robert. "Usually they fetch about £180,000 and make the most fantastic holiday homes.

Be warned though, they get snapped up quickly."

Indeed, purchasers do need to move quickly, since good properties are being pounced on by buyers from Madrid or Barcelona who have recognised the investment potential of Cadiz, as well as its unique climate. The city is warmer in winter than inland Granada and Seville, yet does not suffer from their searing summer temperatures.

'We always have the lovely Atlantic breezes'

"We chose Cadiz for its buzzy atmosphere, the wonderful apartments on offer and probably most of all its climate," says Siobean McLintock, 43, a British translator who has lived with her husband and two daughters in the city for the past two years.

"We looked at Seville, but were turned off by the summer heat - the temperatures got up to 50C. Here, we always have the lovely Atlantic breezes."

The McLintocks live on an elegant car-free shopping street in an apartment that occupies an entire floor. Such spacious properties - often with four large bedrooms - now fetch up to £300,000, particularly if they are on the second floor (the grandest). Some, like the McLintocks', have the original Andalusian beamed ceilings, colourful antique floor-tiles and polished, solid-wood doors.

"Unrestored, an apartment like that would probably cost £190,000 - we have one on the market at the moment," says Matt Robert, the buying agent. "It would cost about £50,000 to do up. The Spanish are not as keen on original features as we are, and sometimes rip them out." - Supplied by The Daily Telegraph

As a direct result investors in their thousands turned their backs on the rollercoaster stock markets and sought alternative asset classes in which to invest their hard earned money. This has led to a global boom in real estate markets and property prices, and it has spawned a generation of budding real estate investors.

For those of you wondering whether it’s too late to venture into real estate investing or considering how best to make the most significant returns from property investment, here are 5 hot tips for successful real estate investment to set you on the path to potential profits!

1) Consider Investment Property Abroad

There are many relatively untapped property markets in countries around the world that offer the real estate investor greater return on investment in the form of rental yields or short to medium term capital growth.

While major markets in the USA, UK, Australia and Europe are slowing down, there are emerging property markets globally that are hungry for investment and are proving to be highly profitable.

For example, in 2007 a number of countries are already aligned for accession into the European Union and as a result property markets in these countries are likely to benefit from greater numbers of visitors, more trade, increased investment into infrastructure and more stable economies. The likes of Hungary, Slovakia, Bulgaria, Croatia, Turkey and even Northern Cyprus are just a few examples of overseas destinations with emerging real estate markets that may be worthy of your consideration.

2) Make Sure Your Plans Are Profitable

This sounds ridiculously simple right? Well, you’d be surprised how few people actually make sure their plans are actually sustainable and as profitable as they hope.

Examine any real estate market that you’re about to enter by firstly comparing property values across the city, state or region and making sure you know what your money will buy you. Then ensure that the rental yield you intend to obtain from your property is actually realistic or that the asking price you intend to set once you’ve renovated the property will be offered.

3) Never Assume Anything

This goes from assuming a house is structurally sound to accepting that tax laws won’t change – from believing your tenants when they tell you that they are house proud and honest to accepting the first builder’s quotation!

Do your due diligence on every single aspect of the process from ensuring the asking price for a property is fair to checking your tax returns before your accountant submits them for you. This is your investment, your future, your potential profit and therefore it is ultimately your responsibility.

4) Employ An Expert When In Doubt

Few people are a master of all trades therefore be prepared to acknowledge areas where you are far from being an expert and at least consider courting a second opinion. Again, this goes from checking out the structural soundness of a property to understanding the legal ramifications of letting out your property. If in doubt always double check – and if this means you have to call in an expert, make sure you call in an expert!

5) Set A Realistic Budget And Stick To It

Whether you’re purchasing property to let out or buying real estate to renovate you need to sit down and add up every single area of projected expenditure to enable you to set a realistic budget with which to work.

Make sure you add in everything from having searches and surveys conducted, legal fees, accountancy fees, insurance costs, likely interest payments on any finance required, taxation, connection of utilities, marketing for tenants or buyers, real estate agency fees, and of course don’t forget to add on the cost of the property and the price of any renovation and refurnishing and decorating work required.

Spend time considering every single area where a cost will be incurred and detail every likely payment that will have to be made and you will arm yourself with a bullet proof budget and do all you can to ensure you encounter no nasty surprises along the way.

Rhiannon Williamson is an offshore investment, overseas living and international property expert and publisher of http://www.shelteroffshore.com