Why the Costa Calida?
It offers the best value property in Spain. The weather is warmer, homes are cheaper and you can swim in the sea year-round. Close to Murcia's San Javier airport (most budget airlines fly there) a 40 minute drive south of Alicante on the new coastal motorway. Prices are rising fast, but you can still buy a new two bedroom flat for less than £90,000, close to several new golf courses. Murcia was recently declared the cleanest area in Spain by the World Health Organisation, with the least industrial pollution.
How hot?
The average annual temperature is 20C, with less than 40 days of rain a year and a sea temperature that rarely falls below 18C.
Who else goes?
Golfers looking to play in the sun year-round and investors buying to let. Also, Spanish holidaymakers and Britons seeking low-cost second homes.
Where does the smart set live?
The 1,400-acre La Manga Club, 25 minutes' drive from Murcia airport. Sumptous villas with views to the Mar Menor, Spain's largest inland sea, fetch up to £2.5 million. You'll need £500,000 for a three bedroom villa with a pool.
Out to lunch
Navegante, a fish restaurant at Cabo de Palos, with a jaw-dropping view across the Mediterranean. Eat grilled prawns, sea bream and garlicky, lemon-garnished seafood paella. Inland, The Village restaurant at Los Belones, for a party atmosphere and a great pepper steak. The Piano Bar in the Hyatt Regency Hotel, at La Manga Club, hots up after 11pm (as do the celebs).
Where's the catch?
It's not the most fashionable part of Spain, and might be too quiet for some in winter. New homes in the Costa Calida sell from plan, and you may have to wait until 2005 to move in. If buying an existing property, check there are no outstanding debts, any debts outstanding on Spanish property are inherited by the new owner. Unless these are revealed before you buy, you could end up paying the previous owner's unpaid taxes, building costs or community fees.
Getting there
There are daily flights year-round to Murcia's San Javier airport from all over the UK. Alicante airport (a 40 minute drive from the Costa Calida) has regular flights from most UK airports.
Hidden extras
Use a Spanish lawyer - an abogado - a member of one of the Spanish Bars. After searches, your lawyer will draw up a contract, which is signed by both parties and is legally binding on both sides. You will pay a deposit (usually 10 per cent) which you will forfeit if you back out. If the seller defaults, they will have to pay you double the value of your deposit.
To complete the sale, the deeds are signed in front of the notary, and the balance of the purchase price paid. The notary or your lawyer will arrange for the relevant taxes to be paid and for the deeds to be sent to the local land registry. All taxes and fees must be paid before the property can be registered in your name. The transfer costs for buying new or resale property usually add up to about 10 per cent of the purchase price, including taxes, land registry and notary fees, plus your lawyer's fee.
The capital gains tax rate is 35 per cent of the gain (consult a specialist tax advisor before selling, there may be savings!). Always declare the full purchase price when you buy Spanish property, to reduce tax liabilities when you sell.
