So what’s is the good news ?
Marbella is ahead of all other cities in Spain in recovery with its fifth straight year of recovery, after the bubble burst at the end 2007 and 2008. The number of property sales in 2015 increased by 9.83 % over the sales volume of 2014 and has almost achieved the volume of the pre-crisis year of 2006, and prices are starting to climb once again in Marbella's most in-demand residential areas.
What about Prices? Well that’s the not so good news for some buyers. Prices are showing strengths and since 2013 have been going up (last year 4.2%). Property prices as predicted last few years they were low, low enough that basically they could not go any lower. Some people chose to buy a property, and for them they already see a nice increase in the price of their properties. For many of those, making profit on their property was not the most important factor, however changing their life style and living the Marbella lifestyle was the main objective. As for those buyers who bought to make profit, some already have sold at a profit; we have seen in Marbella. For those who will be able to afford the increase in price, it will not be a concern, but for those who will have more of a strict budget, interesting properties for affordable prices are drying up fairly fast.
The market analysis showed the most popular search was for apartments in prime locations of Marbella or near Marbella. While in 2012 you could get your hands on a new property, 2 bedrooms, 2 bathrooms, with good sea views for approx. 220,000 Euros, now it is valued at 350,000 Euros. New Developments: The market strength and high demand for properties with quality and good views has fuelled new projects with latest facilities on the market available off-plan. The advantage of these projects were paying a lower price for the property as it's not built yet, plus latest EU standards applied, and also latest trends, large windows, modern kitchens, energy efficient, ... Tourism straight linked with property sales, and Marbella tourism is still growing strongly, at a rate of 68.1 Million for 2015. The increase in tourism is mainly due to conflict and wars in other countries that attracted a lot of tourists. For some tourists who were in Marbella for first time, they were so much interested in the lifestyle and charm of the place that some even decided to buy a property.
So Why Marbella Now?
- Marbella microclimate , 320 sunny days a year
- 12 months season and never so quiet like other coastal areas like Mallorca or Almeria.
- Different level of residents: Marbella with its high price tag remains popular amongst rich, celebrities, businessmen, and educated people from many countries.
- Low interest rate for mortgages.
- Safe city.
- Prices rising but still lower than last peak, making it great potential investment.
- In Marbella there are still some fantastic properties at reasonable prices to buy.
- land prices soaring in Marbella due to lack of inventory and high demand, this will lead to rising prices of properties.
- Enviable lifestyle of Marbella.
Past, Present and Future of Marbella: Marbella in past was for the fortunate few. Over the last few years some opportunities were there for lower budgets and in the future will be out of reach again for many. With prices going up, 2017 will be a crucial year for those buyers with limited budget and time to act.
I hope you liked this post and be sure to keep up to date with our blog for all the latest news. To book an appointment or for more information on our properties contact us now.
