Unique Investment Opportunities
Unique times for investment in Sax (Alicante) (Update)
The town of Sax in Alicante is where we chose to live 17 years ago, little did we know how things were going to turn out, we saw the castle from the Autovia A31 and made the decision there and then that this was the town for us. We knew absolutely nothing about the town.
In the time we have lived here Sax has changed but not in character, it is still a traditional Spanish town only 30 minutes from Alicante Airport and 35 minutes to some of the most beautiful beaches on the Costa Blanca. The industry here has been dependent upon shoe manufacturing along with persianas (blinds) and toldos (canopies). As the shoe manufacturing industry began to spiral downwards the business people of Sax invested heavily in persianas and toldos and Sax has now four very big factories producing excellent quality products that sell practically all over the world. So, what has this meant for Sax? Well, there is hardly a single person unemployed in the town and workers are coming here from other towns and as the Spanish are not typical commuters the rental market is amazing and has been for a number of years and it shows no signs whatsoever of slowing down.
There is a rental ceiling of around 400€ per month but we confidently expect that to rise to 500€ this year. With apartments available at less than 40,000€ in walk-in condition one can easily recognise the investment opportunities.
One large first-floor apartment sold for 40k in December and was rented out at 320€ per month the very next day, another studio apartment in a block with a communal swimming pool and lifts has just sold at 34,000€ and a renter has taken it on at 285€ per month. We have clients with four and five apartments who are adding to their portfolios every year and reaping the benefits meanwhile the price of the apartments is increasing, a win-win situation.
An apartment in good condition, 3 Bed 1 Bath has sold for 31,500€ and with a further 800€ for painting and decorating and 1,000€ for furniture it is now renting at 350€ per month