Underpass to bring new life to Costa del Sol

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A new underpass in the Costa del Sol is expected to attract overseas property investors to this specific part of the Spanish Coast, according to property specialists.

It has taken almost five years to complete the new highway that is set to open in June this year, which will be in time for the summer tourism period. However, it was meant to have been completed in 2009.

Adam Cornwell, MD of estate agent Feltrim International in the Costa del Sol, said: “The San Pedro underpass saga has been nothing short of an embarrassment and thorn in the side for residents and tourists alike.

“A project that was conceived to ease traffic and be finished in 2009 has dragged on almost five years and created the congestion blackspot from hell.

The kilometre-long tunnel is built on the main coastal A7 motorway and aims to relieve traffic between Marbella and the western Costa del Sol.

The highway, which will be used by more than 65,000 drivers, is said to have cost approximately €85 million.

Mr Cornwell added: “When the ribbon is cut in June we’ll all breathe a sigh of relief and journeying to the ‘west’ and towns such as Estepona, Manilva and Duquesa will become a swift pleasure rather than a time-consuming chore.

“Right now we can offer premium two bedroom apartments in Duquesa for just over €100,000 – ridiculously cheap for the Costa del Sol.”

Some developments in the area have been repossessed by the bank and are now on offer for just €106,700, which is expected to be very attractive to overseas property investors.

Transferring money to Spain

If you are looking to invest in Spain, think carefully about how you will be transferring money to Spain. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Spain – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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