Great news! After years of decline and stagnation, there is growing evidence of a resurgence in the Spanish property market – and Marbella is leading the way.
New data from the Spanish National Statistics Institute shows that real estate sales in the popular Costa del Sol resort were up an incredible 28% in 2014, as mortgage rates dropped and buyer confidence returned apace. According to Spain’s Ministry of Public Works, sales of Marbella properties have now surged 89% since the dark days of 2008 - and it’s a trend that shows no sign of slowing down.
Some of the best real estate agents in the area believe this is great news for everyone: investors, homeowners and even those looking to sell. Now that prices have hit their lowest point and are starting to creep back up, those looking to invest can take advantage of some great deals in Marbella and the wider Costa – with everything from small apartments to luxury villas for sale - while also taking confidence from the resurgent market that their capital will appreciate.
Similarly, for homeowners – both existing and potential. Those who saw the value of their property decline during ‘la crisis’ are now starting to see it recover, while new buyers share the same bargain/confidence perks as investors. Opportunities are available whatever the budget, from off-plan apartments in Marbella town centre to luxury villas along The Golden Mile. In this resurgent market, with current asking prices around half that of the pre-crisis days, bargains abound.
Yet even those looking to sell are now in a much stronger position. Gone are the days when the Costa del Sol real estate market was flooded with bank repossessions and supply exceeded demand. Marbella estate agents are now reporting near asking-price sales on a regular basis, and time spent on the market is dropping. Places like Marbella and San Pedro Alcantara beachfront property areas there is even a shortage of prime real estate for sale, complete with waiting lists – something considered unthinkable a few years ago.
Looking forward, the revival of the property market in Marbella and the wider Costa del Sol mirrors a revival in the region’s tourism industry. It is perhaps this fact that the best estate agents find the most encouraging. Marbella is a unique and special place, offering unrivalled natural beauty and a powerful energy that simply cannot be found elsewhere. For all of the temporary setbacks of recent years, it is clear from this revival that Marbella and the Costa offers an experience, a location and a lifestyle that continues to be desired across Europe.
Now that the local real estate market has stabilised and shaken off the effects of ‘la crisis’ once and for all, there has never been a better time to explore the region’s property market. With prices set to soar by up to 25% in the next 12 months alone, this could be the perfect time to finally invest in Marbella property.
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