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Castellón set for 'Ryanair effect' property boom

Jessica Jones · 7 Apr 2015, 11:30

Published: 07 Apr 2015 11:30 GMT+02:00

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The picturesque Spanish province of Castellón was poised to welcome hordes of tourists when the city’s airport opened in 2011, but with no commercial flights, it stood empty for years, a symbol of Spain’s wasteful building spree in the run up to the 2008 financial crisis.

Now, Irish budget airline Ryanair has announced new routes between Castellón and the UK, finally opening up the quaint Spanish city to British tourists, who are already making enquiries into properties in the area, according to Martin Dell, Director of Kyero.com which lists over 175,000 Spanish properties from 2,500 estate agents.

GALLERY: Top Ten things to do in Castellón

"Castellon is one of Valencia's most interesting cities and largely unknown up until now. The opening of the Castellon airport is likely to see a localised property boom, with prices rising and international interest in the area really taking off,” said Dell.

"As well as the city of Castellon itself, nearby Peniscola, Vinaros and San Jorge also look set to benefit from Spain's ghost airport finally gearing up to receive the international jets for which it was built."

Kyero's buyer enquiries certainly support the idea and reveal precisely what it is buyers are looking for in Castellón. Interestingly, it is the French who seem most interested in Castellon at this early stage in its entrance onto the global stage. Enquiries from French buyers account for 48 percent of the total, followed by English buyers at 30 percent.

When it comes to property type, homes in the €50k-€100k price range attract some 36 percent of enquiries, followed by homes under €50k (with 30 percent of enquiries). 61 percent of buyers are looking for apartments and 39 percent want three bedrooms, closely followed by 34 percent wanting two bedrooms.

Mark Stucklin, head of Spanish Property Insight, a property information site explains why the Costa Azahar is one of the most interesting property markets in Spain at the moment.
"Of all coastal areas, the province of Castellón, home to the Costa Azahar, has taken the biggest hit to its housing market, largely because it was so reliant on Spanish demand," he explains.
"Peak to present, asking prices are down almost 50 percent and still falling, according to the Idealista database, whilst in Ibiza, in contrast, house prices are down just 4 percent and now rising."
Stucklin believes Castellon may suit buyers looking for a taste of authentic Spain at a bargain price.
"The Costa Azahar is now one of the cheapest places on the coast to buy a holiday-home, and still is one of the few places that can be described as the "real Spain", which many holiday-makers value," he told The Local.
But he warns that the market is not about to change overnight.
"The problem is, the Costa Azahar isn't really on the radar for foreign buyers. The new airport with Ryanair flights will help, but it will take a long time to build up foreign demand and an effective sales channel. I fear the Costa Azahar will remain a bargain for some time to come," said Stucklin.
The rise of Castellón is certainly bound to pique the interest of property investors looking for Spain's hottest investment location in 2015. Many will want to act quickly, before Castellón is 'discovered' by too many more people.

The province recently hit headlines when a house worth €90,000 ($99,256) was won with a €10 lottery ticket. 

Castellón's best property buys

Rustic country house

This traditional country house with three bedrooms and generous plot of land, just 24km from the coast, costs just €160,000 ($174,000). 

Photo courtesy of Albert-Villas Sl/Kyero.com

Modern penthouse with pool

This duplex penthouse, located in Peniscola, on the Costa del Azahar, has incredible sea views as well as three bedrooms and two bathrooms. It could be yours for €199,950. 

Photo courtesy of Carobtree/Kyero.com

Golf course apartment 

This two bedroom apartment is located on the pretty Golf course panorama in San Jordi. The apartment complex boasts a communal garden and two pools and the apartment is on the market for €68,000. 

Story continues below…

Photo: Inmobiliaria IK-Consulta/Kyero.com

Beach front apartment

This one bedroom, one bathroom apartment, along Peniscola's beach front, boasts incredible sea views for a very reasonable €85,000. 

Photo: Fincas Beltrán/Kyero.com

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Jessica Jones (jessica.jones@thelocal.com)

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