Central to this activity is Benidorm. As the major holiday destination of the region Benidorm is the site of numerous property developments and high rise blocks built to house an estimated 5,000,000 people visiting every year. The busy resort has a buzzing night life, catering for all tastes and preferences, including a Vegas style 'Palace Show', live entertainment, clubs, 'Medieval Tournaments' and an out of town casino. The Sierra Helada mountain range, above Benidorm, offers a break from the beach resorts with beautiful views and an extensive network of hiking trails.

Among the corporate ventures making the most of the region's history and natural attributes is Terra Mitica, a theme park managed by Paramount Parks, opened in Benidorm in 1999. One of the largest of its kind in Europe it takes its theme from the myths and legends of Egypt, Greece, Rome, Iberia and The Islands. The project represented an investment in the region of 270 million euros. 2.9 million visitors are expected each year, with the entire project to be concluded by 2009. Direct motorway access will be available and the road network around Benidorm will be overhauled to manage the large numbers of additional visitors expected. In the coming years it is hoped that the theme park will be worth millions of euros to the economy of the Community of Valencia.

Alicante is the next city travelling southwards and has a thriving port and the major airport in Costa Blanca. Despite its popularity with European tourists, the area has held on to many of its charming Mediterranean features, particularly in the old town, including esplanades and seafront paseos (walks). The most popular attraction of Alicante is the 16th Century Castillo de Santa Barbara fortress, with views across the city and the beach. The best beach in the area, San Juan de Alicante is approximately 6 kilometres to the north of the city.

Although tourism constitutes the major source of income for Alicante, the town is an important business centre with a wide range of commercial activities. The surrounding areas of Alicante are known for the manufacture of toys, textiles and footware. As part of the European Union's attempt to bring about greater involvement between the cities of Europe, Alicante recently became one of the administrative seats of the Union when the headquarters of the International Market Harmonization Office (IMHO) was established within its limits.

Amongst the smaller coastal settlements are Moraira-Telada, Calpe, Altea, Torrevieja in the South and Javea, Gandia, Oliva and Denia in the north.

Moraira-Teulada is a joint municipality comprising of Teulada, approximately 5km inland and the small coastal town of Moraira, with a combined population of 8,600. Moraira has 8 kilometres of coastline offering long fine sandy beaches and secluded rocky coves. The town offers excellent tourist facilities including a marina and a golf course, over 80 restaurants, fiestas, shops and a small market. This area is also a famous wine region offering the award winning "Mistela".

Calpe, at the centre of the Costa Blanca, was once a fishing village but it now relies on the tourist market as its main source of income. Its many attractive features include five beaches, a golf course, traditional fiestas (for example the Moors and Christians, Carnival or Fallas), plus a variety of bars and restaurants. It also has the most characteristic symbol of the Costa Blanca: the National Park Pe�on de Ifach, a rock which rises some 232m from the sea. Attracting thousands of sea birds, the rock is the smallest nature park in Europe. To this is situated the fish market and the Royal yacht harbour, where a great variety of water sports can be enjoyed at three watersport marinas.

Altea is built along the beach and is sheltered by steep hills and cliffs. It has a population of approximately 13,500 and was originally a Roman settlement that became very popular with artists during the 1950s. Because of this popularity the town has now become a centre for arts and crafts with a reputation for being an artists valley, Hemmingway once being an inhabitant. The town has five beaches, two marinas and also offers facilities for riding, tennis and Pelota.

Torrevieja is approximately 30 miles south of Alicante with a population of around 44,000. It has beautiful beaches, as in much of the Costa Blanca they have been awarded Blue Flags for cleanliness. Torrevieja also offers coastal walks, a marina, golf courses and a good variety of night life featuring a good selection of bars and restaurants and a casino.

Javea has a long sweeping beach, plenty of cost effective restaurants to choose from and a well known local market that takes place every Thursday. There are also two marinas and a golf course. The local population is approximately 21,000.

Denia, Oliva and Gandia lie at the south end of the Gulf of Valencia. Denia is a busy port town lying to the north of the Montgo National Park. The town is named after the Roman goddess Diana, reflecting its multicultural history. Today it has a population of approximately 27,500, including many British and German expatriates. It is also a popular holiday destination and boasts over 16km of Blue Flag beaches stretching northwards. It is rich in history, including a 16th century castle, a town hall constructed in the 17th century and two churches from the 18the century. There are boat trips available to Ibiza and to the south of Denia is a set of cliffs, well known for its scuba diving.

Gandia is situated 65km to the south of Valencia in between the mountains and the sea with a local population of approximately 68,000. There are many major festivals celebrated in the region throughout the year including the Holy Week festival (April/May) recognised as a national tourist attraction and the area around Gandia is rumoured to have some of the best beaches in Europe.

Economy:
The Costa Blanca economy revolves around the tourist sector, with property development making a significant contribution. Improved European transport infrastructure and a proliferation of cost-effective air travel providers have made frequent access to the region, convenient and inexpensive. This has all been to the significant benefit of the tourist and property sectors since for many, enjoying frequent visits to a holiday home in Spain is now possible.

Over recent years, the Costa Blanca region has become a magnet for the increased disposable income of the inhabitants of surrounding healthy European economies. Individuals seeking early retirement or investment opportunities are increasingly looking towards Spain attracted by its standard of living, climate and property investment opportunities. The strong pound and high house prices in the UK are encouraging the British in particular to invest in property in Spain. Rocketing house prices naturally prompt many to consider releasing some of the equity in their existing property to fund a second purchase for investment purposes. Increasingly in the UK, such individuals are looking abroad, and to Spain in particular. However, investors hoping to pick up a bargain and make a large sum of money from their investment have missed recent increases in property values with some coastal property prices having doubled in the past four years. However, despite these recent increases Spanish coastal property is still generally better value than similar property in France on the Cote D'Azur for example, which can be as much as three times more expensive.

It is generally thought that recent increases were the result of the introduction of the euro encouraging Germans and Spaniards to put large quantities of undeclared cash into property investment in Spain before their home currencies ceased to be legal tender. Since that period estate agents in the region estimate that German purchases have dropped by 75 per cent. The Spanish property market, although appearing strong at present may not be immune to price drops. Prices crashed in Spain along with the British property market in the late eighties. At that time some British owned Spanish properties were being sold at a 50 per cent loss. However, underlying factors suggest that this not likely to happen again and that property prices will continue to rise, particularly if Britain joins the Euro whereupon, it is assumed, a similar rush to spend cash will take place as was witnessed at the beginning of 2001.

It is generally felt that the Costa Blanca still offers some of the best value property available in Spain and property can still be found for as little as 62,000 euros. According to online magazine 123propertynews, 150,000 Britons bought homes in Spain and France lin 2001 and it has been estimated further 200,000 did so last year. 240,000 homes in the region are said to be owned by foreign nationals already and according to local forecasts another 600,000 properties will be built in the coming years. A new survey published by Alliance and Leicester in July reports that one in 20 people in Britain who intend to buy a home wish to do so abroad, more than double the figure at the beginning of the year.

In addition to the attraction of investment profits, the Spanish standard of living and well-established expatriate communities provide significant incentive for this shift towards overseas purchases. However, buyers used to their home property market may be surprised by mechanics of the Spanish counterparts and local expertise is a must. Buying property in Spain can be expensive as the various buying costs can add up to more than 10 per cent of the purchase price. When purchasing a new property VAT, property transfer tax, stamp duty, lawyers fees and notarial costs all need to be accounted for in the transaction. Another charge to be aware of is the local municipal tax known as "plus valia" which particularly applies to property not sold for many years and it can amount to several hundred pounds. This tax is an additional cost based on the increase in the value of the land since the last sale. By law the seller should pay the tax although it is common for the contract to stipulate that the buyer pays, it is therefore open to negotiation. A non- refundable 10 per cent deposit is required once a property is chosen, and is matched by the seller, thus preventing 'gazumping'.

If the buyer cannot be present to sign the final completion contract the lawyer may be granted power of attorney to complete the purchase. The lawyer can also help to arrange residency applications and the NIE (fiscal identity) number, a necessity for registering a new property. The notary witnesses the signing of the transfer deed between the buyer and the seller at which time the purchase money will be paid to the seller and any remaining fees paid. Until the formal deeds arrive from the land registry a copy of the tile deed (copia simple) is provided. The transfer deed must be registered with the Spanish property registry to make it 'Escritura Publica' and fully install the buyer's title to the property.

Annual taxes on a Spanish property will vary according to the property, however they are not prohibitively expensive. For example, a typical two bedroom apartment will usually have total annual costs of between 1,600 and 2,400 euros and this includes water, electricity, waste disposal, community charges, insurance and annual property tax.

In all cases it is advisable to contact a mortgage broker who specialises in overseas mortgages. However, with the lifting of almost all exchange controls, residents and non-residents alike may now take advantage of loans and mortgages against their property in any currency from any bank in the world providing the bank is willing to lend. Spanish inflation and interest rates are low at present with a prime-lending rate of only 5.25 per cent. Similarly low rates are also being offered by the Gibraltar based subsidiaries of major UK building societies.

Many non-Spanish European high street banks have branches on the Costa Blanca offering a full range of banking services including deposit, current and savings accounts, mortgages etc. It is usual for at least one member of staff to be English speaking.

There are plenty of opportunities to establish a successful business in the Costa Blanca area, aided by the large increase in residential tourism in the region.

Limited companies can have many hidden liabilities and should be checked thoroughly by a professional prior to purchase. Taxes for a limited company are higher than a "sole proprietor" (34 per cent compared with 25 per cent) and formation costs are comparatively high at around 1,800 - 2,000 euros. The appointment of an administrator is mandatory and the provision of annual audited accounts is necessary in order to comply with all the statutory obligations of a limited company.

Local Infrastructure:
The main roads are well maintained with the major motorway in the region being the A7 Mediterranean motorway, running from North to South along the coast, via all the major resorts. There is also a toll free main road that runs parallel to the A7 along the coast.

There is a bus route servicing the Costa Blanca that runs along the whole coast and inland. A rail network exists with stops at all the main towns along the coast, there is also a rail route called the "Lemon Express" which travels between Benidorm and Gata de Gorgos.

The port of Alicante is just one night's sail from Spain's main Mediterranean ports, Barcelona is 228 miles away, Málaga 247 miles and the Balearic Islands 166 miles away.

El Altet airport is 12 kilometres to the south of Alicante and is easily accessible from the A7 motorway. Although a rail link is planned for the future, current transport is provided by taxis, a city shuttle bus and a regular bus service with stops in all of the Costa Blanca towns. The airport offers direct flights to all the main Spanish and European cities.

Standard of Living:
The buoyant residential property market in the region is testament to its attractive standard of living. Much of its attraction lies in its climate, which not only invites relaxation but also tends to hinder any effort towards stressful living. Whilst the former can be readily welcomed as a blessing, the latter, characterised by the typical "mañana" attitude can take some getting used to.

The inhabitants of the region are used to welcoming foreigners thanks in part to its long-standing relationship with the British and the Germans, both of which are well represented in established expatriate communities. There are a number of international fee paying schools along the coast, which are run in a similar way to British public schools. The none fee paying state schools in Spain are known for a high standard of education.

The University of Alicante is one of the best universities in Spain, ranked sixth in the country for its research standards. The campus is built on one million square metres of land, 30 per cent of which is a green area. There are over 60 departments and 2,000 staff, both teaching and administrative to manage the university for approximately 33,000 students. It is divided into 5 faculties including Arts, Economics and Business Studies, Education, Law and Science. There is one polytechnic, the Polytechnic University School of Labour Relations and 5 university schools including the University School of Nursing, University School of Optometry, University School of Social Work and the German Bernacer Business School. The majority of degrees offered are three and four year degrees but there are also several five-year degrees offered.

The University of Alicante is attempting to establish a science park in the region to enhance its own research potential and encourage national and international development in the region as unemployment is high at just over 20 per cent, although still a few points under the national rate. They are also looking to promote relations between the university and the business community and to facilitate the technology transfer from the private sector to universities. The university has recognised the importance of being connected to the labour market by offering support and advice services to small and medium sized companies, encouraging students to acquire the skills and knowledge to develop their business ideas and create new businesses.