The Marbella Property Market in Numbers
The Marbella property market in numbers.
Anyone would be forgiven for thinking that the Spanish property market might currently be struggling as a result of multiple financial issues in Europe and beyond. After all, following the infamous international “credit crunch” of 2008, the country went on to suffer its own internal struggles the next year, and its recovery for the following five years or so was quite a slow and difficult process. Now, with ongoing uncertainty surrounding the knock-on effects of the Brexit referendum result, the impact of this issue on the wider European market is still unclear. Despite all of these hurdles, however, the housing market in many areas of Spain, and in particular Marbella and the wider Costa Del Sol, is going from strength to strength.
Just prior to the credit crunch – otherwise known as the financial crisis or the 2008 recession – properties in southern Spain were at their highest value. A dramatic downward spiral resulted in prices hitting rock bottom in 2011, which, for many, meant that the time to buy their dream home in the sun at a cost that they could afford had come true. The sudden influx of buyers – both internally and from overseas – gave the market the push it needed to grow once again. In 2014, property sales in Marbella had risen by 28%, though that increase slowed throughout the following three years and was hindered still further by the UK’s decision to leave the European Union.
Now, though, four years later, the Marbella property industry has well and truly recovered – with buyers flooding in from all over the world to take advantage of the boom in construction of property in all areas of the market. In particular, demand has risen for housing sitting between one million and five million euros in value, with new builds, and off plan properties swiftly taking their places among the most popular options. Due to the combination of glorious weather, thrilling nightlife, superb culinary options and high-end shopping locations, properties on the southern Spanish seafront continue to enjoy exceptional popularity. However, more people from all walks of life and with a variety of tastes are choosing to make Spain their home year on year, so we can expect to see a greater take-up of houses in the more rural areas and outskirts of Marbella. According to BBC News, the UK alone – reportedly as a result of the Brexit vote – recorded the highest number of nationals emigrating abroad in ten years as of February 2018, and, figures published by the United Nations in the same year revealed that Spain is the most popular destination within which UK expats take up residence.
The favoured properties in the southern regions often reflect the style of local construction – featuring white walls, terraces, rooftop gardens and balconies – but with a modern, luxurious twist. Open plan layouts have been popular throughout Europe for many years, and in the hotter regions, such as the Costa del Sol, they provide an airiness and fresh feeling that adds to the sense of comfort. High tech features and fittings add to the contrast between tradition and up to the minute design. Options of villas, townhouses, and apartments give ex-pat buyers a range from which to select, and, with supply in an ongoing race to meet the almost unprecedented demand, new developments are springing up year on year. Due to these increases, the market is functioning at an almost unprecedented level, and is currently performing better than it was in its most recent heyday of 2006 and 2007.
Currently, interest rates in Marbella are still fairly low but are due to experience a steady rise over the next two years, meaning that now is a superb time to invest in property on the Costa del Sol. With these facts thrown into the mix, demand is at a considerable high and prospective buyers are encouraged to act as soon as possible as a result.
If you’d like to find out a little more information about the Marbella property market or begin a search for your dream home on the Costa del Sol, simply get in touch with Alta Vista Property today on +44 2036 954 027 or +34 952 799 360, or email them via email@example.com and their friendly team of property specialists will be more than happy to talk through your requirements with you and discuss your options. It’s the perfect time to buy in Marbella and the surrounding areas, so don’t let this opportunity slip away!