Charming little Nerja which is being discovered by more and more Scandinavians, currently has a very affordable housing market. This is due to several factors, including the high unemployment in the area. However, there is a lot happening in Nerja that will provide jobs and strengthen the area's economic appeal.

Among other things, another golf course is being built, there are plans for a new marina, a state-of-the-art sewage treatment plant and, not least, the construction of Spain's first seven-star hotel! That's the group Banyan Tree Hotels & Resort who plan to have the facility ready as early as 2013 if everything goes as planned.

The seven-star hotel that will be called Phoenicia Bay is estimated to cost 230 million Euros to build. But then it also involves 13,000 square meters of mindless luxury.

The hotel's location will be the scenic Paraje Natural de los Acantilados de Maro-Cerro GordoThe business community in Nerja is overjoyed about the construction of the luxury hotel, and believes that it is the biggest thing that has happened to the town since it was discovered world famous caves or filmed the blockbuster movie “Verano Azul”.

Nerja overall offers many unique experiences with its proximity to the sea, clean beaches and skiing in Sierra Nevada just an hour's drive up into the mountains. In addition, the area is considered to have the best climate in Europe, and is known for having managed to preserve the genuine Spain in its cityscape.

For those who have just bought, or are in the process of buying, a property in Nerja, this is very good news. An apartment or house in Nerja is probably one of the best future investments you can make on Costa Del Sol . Overall, there will be a lot of positive things happening to the eastern parts of Costa Del Sol in the near future.

For those of us who have been thinking about buying in the area in a few years, like the author of the article, it does create some concern about what the prices will look like in the future. The risk is that the housing market in Nerja will become too expensive for the average person. But we are not quite there yet. Here and now, the prices of apartments and houses are, as I said, very good in Nerja.
Read also: Guide to Nerja. How to book holiday rentals through us in Nerja. Here you can book cheap hotels in the area. Cheap flights to nearby Malaga.