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The Marbella Property market is rebounding from its depressed state of recent years, much to the relief of Marbella Real Estate agents and the overall economy of the Costa del Sol.
Marbella did not escape the crash in property prices in the aftermath of the worldwide banking crisis. Freely available mortgages suddenly dried up, Marbella saw a flood of new properties coming onto the market as developments started in the boom times were being completed. The 25% appreciation in the euro against sterling also made Spanish properties a lot more expensive for those back in the UK and the appetite of overseas buyers was soured by the widely broadcast news of massive corruption around the grant of illegal planning permits in Southern Spain. One thing that did not change was the sun, with Marbella boasting over 350 days of sunshine a year.
Today the Marbella property market is a very different story. The mortgage market has opened up again, the slack has been taken from the over supply of what were new properties, the banks are rapidly clearing their stock of re-possessions. Business is starting to flourish and glum faces have been replaced with those radiating newfound optimism.
Although winter is now upon us, the weather is still glorious and recent tourist statistics evidence a large increase in the number of tourists and potential property buyers escaping from Wet ‘N Wild Northern Europe in the search for the blue skies and warmth of the Costa del Sol. The area continues to grow as an attractive, must go destination. New motorways and the ever expanding Malaga international airport, that now handles many new routes, has opened up easy access to the Costa Del Sol for tourists and potential property purchasers who hitherto found Southern Spain beyond easy reach. The new Gibraltar airport, an hours’ drive from Marbella, adds to the story. Those from Northern Spain are also attracted to the warmth and colour of Marbella that they can now reach easily and comfortably by way of a rapidly expanding network of high-speed trains.
Marbella is now back on the map of top European tourist destinations and also offers compelling reasons for a place to retire for those wishing to enjoy the later part of their life to the full. The beaches are clean and well maintained. Sophisticated beach clubs line the coast and there is an abundance of restaurants from the ‘posh, must be seen’ to the chiringuitos (typical Spanish beach bars) and ventas serving locally caught fish and beautiful tapas. The ‘old town’ is full of alfresco bars and is absolutely charming and Marbella’s night-life is never ending. On the other extreme, all sorts of sport facilities are on your doorstep. The coast has not been nicknamed the ‘Costa Del Golf’ for nothing.
In August 2014, Hello Magazine stated that ‘Marbella has been voted the top destination for celebrities and the jet set and is now being labeled as Spain’s Beverly Hills.’ It even has its own annual ‘Marbella International Film Festival’ that has been a roaring success and is expanding its international recognition. As the Wall Street Journal recently quoted The ritzy, sun-soaked Spanish coastal city of Marbella is beginning to resemble Southern California more than Southern Spain’. Visit Puerto Banus, where some of the largest yachts in the world are moored, feel the ambience and you cannot fail to be impressed.
So, a solid platform for the inevitable return to boom times in the Marbella property market is almost complete. With property prices still below 2006 levels a substantial increase in residential property prices across the board is expected in the coming years. Although the recovery is already in full swing and some new developments are selling off-plan, there is still an abundance of attractive, competitively priced properties for sale in all price brackets. Bargains can still be found. For those interested in investment, the prospect of capital appreciation is supplemented by a strong rental market offering high returns on investment.