‘I want a pad with budget airline access' The Independant 10/08/2005 The problem My criteria are that it should be afford able from the equity I can pull down from my north London home, should be at a des tination with relatively frequent cheap flights taking no longer than three hours from one or more London's airports, and be quite close to the airport at the far end. The property therefore needs to be in Europe, near budget airline routes, and cost no more than £200,000. It should also get a lot of sun and be large enough to ac commodate visiting friends - a major reason behind my plan. I will often fly from Stansted as it is quite convenient for my Enfield home, or from Gatwick if I go to an airport straight from my office in Victoria.
But because budget transport is by definition simple and cheap - I travelled from Budapest to Bristol for £8 last week on Easyjet - property prices in these most popular locations are already fetching premiums. It is easy to see why. Ryanair's daily service from Stansted to Newquay, challenging BA on a route that used to cost more than £100 return, now costs as little as 99p for a single ticket. In the first year after Ryanair arrived the average property price in the Newquay area jumped over 20% according to the Land Registry. Estate agents in those areas of Spain, France, Italy, Cyprus and Portugal with budget routes relate the same story. Mallorca has intentionally gone up-mar ket, with strict building controls making prices of existing properties rocket. "In 2004 increases averaged 15%. The Economist magazine put the Balearics third worldwide behind Hong Kong and South Africa for increases," according to a spokesman for estate agency Kuhn & Partner. At least 24 budget airlines fly to Mal- lorca's Palma airport including Easyjet from Gatwick, Stansted and Luton for as little as £19.99. Paphos prices have risen 30% since 2002 and this area remains Cyprus's best bet for rentals with returns averaging 5% to 8%. Most new homes being built there are for the British, with two-bedroom apart ments from £80,000, while a three-bedroom villa with pool will start from about £120,000. Older homes will be dearer. Most flights to Paphos are charters so usually involve booking returns for one week or more after flying out - but these can cost as little as £24 single. FlyThomasCook.com has more frequent flights from Gatwick to Paphos from £42. Pisa in Tuscany is another budget airline favourite although until now travellers have not been buying homes. But that is changing - the area has seen rises up to 10% rises in recent years as more buyers have stepped forwards. Ryanair has flights from Gatwick to Pisa for as little as £14.99.
Property one: Mediterranean villa in Geroskipou village, southern Cyprus. Price: £225,000 Agent's details: This second-hand two-storey villa on a development is within a five-minute walk of the beach and a selection of local tavernas, features a balcony and sea view, has a private garden and private pool, and even solar heating. The development is just 15 minutes from Paphos airport. Agent: Ultra Villas, 0800 180 4890. Fact file |
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