Hi Ramy
In the current climate you will have a great choice of apartments in Calahonda and will be able to do a deal at far less than your 220e budget..
In a nut shell you basically have two choices in Calahonda, new apartments up in the hills(0-5 years old, 5 mins drive to main shops and sea) or older properties in complexes doted in and around villas and townhouses, in mid to low Calahonda.
When you look up to the new developments they dont look particuarly atractive but when you get up there its much nicer with apartments having stunning sea and coastal views, 2 bed apts there tend to be around 80-100 sq mtrs built size where the older apts are generally a bit bigger.
There are a couple of agents that I would recomend however If you came over, hired a car and drove around Calahonda there are loads of private 'for sale' (Se Vende) boards up, it really is take your pick at the moment
Just done quick search, this looks like a bargain(no its not mine and no im not an agent)
http://www.infocasa.com/en/property/id/393294