EXPERTS predicted it would be one of Spain’s speediest post-crisis recoveries and Marbella has not disappointed.
ON THE UP: Property sales increased by 30% at the end of 2014
The jewel in the Costa property market’s crown is seeing the signs of recovery align and investors and construction companies are back in town.
With luxury homes in Marbella and Puerto Banus at around 50% of their original value, it is no surprise the buyers are flooding back.
Sales increased by 30% at the end of 2014 and the latest Eurostat figures show construction is up by an unexpected 16% in the first few months of this year.
In fact, Marbella’s property sales are soaring near pre-crisis levels, up 89% since 2008.
As tourism increases, more people are opting to purchase a holiday pad for regular getaways.
And things are set to get better, particularly with British buyers currently seeing the best exchange rate in a decade, meaning an investment in Spanish property is now great value.
Britons are, once again, the leading purchasers in the Costa del Sol, followed by Scandinavians, Belgians, French, Dutch and Germans.
Leading agent Christopher Clover of Panorama Properties, explains: “It is clear that the market touched bottom in 2011 and has been improving unquestionably yearly since then – last year an impressive 28,31% over 2013 sales volume.
“Those who have been waiting for years for the ‘right moment’ to buy, creating a pent-up demand, have finally realised that the crisis is over and prices are on the move upwards.
This realisation creates a confidence with buyers that we have not seen during the crisis years.”
Fellow agent Ulf Hessedahl, of Andalucia Development, adds: “More houses are being renovated and built and there has definitely been an increase year-on-year on properties sold.
“There is more confidence, more sales are coming through and in some areas prices have even gone up!”