Marbella Property Market

Marbella-property-marketBeing one of the most exclusive areas of Spain, Marbella has a high-end property market with rising interest of overseas property purchasers. Although it had its share of anxiety during the recent financial meltdown after September 2008, as in case of Spain and the rest of the world, the local market is recovering well with the renew in tourist inflow and investment in infrastructure development and improved public service.

Marbella has been regarded as Europe’s most popular destination and one of preferred places among Britons. Years on, British residents love to make it their second home to live a luxury and relaxed life with over 320 days a year of warmth and sunshine. There has been always demand for well placed villas and apartments with exotic gardens, swimming pool along the Costa del Sol.

Besides, overseas travellers are also taking interest in investing on Spanish property market and especially in this Spain’s most important resort city. During 2004, the “off plan” property market in Marbella was in its peak with growing demand for rent and increasing number of expats into the city. In the last two to three years, prices have gone down from their peak values but still impressive for prospective investors.

At present, both buyers who want a better bargain and sellers who are ready to sell at a prices achieved between 2002 and 2004 have further facilitate the market recovery. However, it is the laid back life and lavishness attached that attracts wealthy individuals from all around the world to buy property in Marbella.

Of course, there are not a large number of villas or restaurants in some of the best areas available for sale but one can still find some nicest properties in immediate vicinity such as Nueva Andalucía and Puerto Banús. It is also very much likely that Marbella property market will grow stronger than the overall national rate, considering the increasing number of people living in off-season.

The rising number of floating population in terms of tourist gives huge boost to the local rental market. But considering the past few years when the number of foreigners, including UK, has taken up residency, it’s clear that property purchase in Costa del Sol has certainly increased. Furthermore, better public service initiative and infrastructure development by the local government will no doubt enhance the demand.

With a positive outlook, the market is expected to return to normalcy very soon with new property developments and increase in the volume of sales. This will then encourage price rise and great prospect for long-term profit both in case of new and resale property.

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