21st century homes in Marbella.
After a hiatus of several years, during which very few new homes were built, the construction sector on the Costa del Sol has bounced back strongly with the release of a broad range of contemporary new villas and apartment developments offering today’s buyers the architectural styles, interior layouts and amenities they are after.
Marbella (along with Ibiza and Mallorca) was the first part of Spain to bounce back economically from the financial crisis of 2008. As a result, it was also the first area in the country where new construction began after keen demand had absorbed all previously unfinished properties. Scope for new development is more limited in the Balearic Islands, so it is the Costa del Sol that can boast the most dynamic new-build market in Spain right now. Other areas are or have already followed the same path, most notably Madrid and Barcelona, but once again Southern Spain’s coastal region shows its resilience as strong international demand for its properties and lifestyle fuels the development of a new generation of homes.
When the market first returned to strength there was a notable shortage of modern properties featuring the kind of modern architecture, open-plan layouts, 21st century technology and amenities that are so in demand with a new generation of buyers. “There has been a real ‘before and after’ watershed, with tastes and styles changing significantly after 2010,” says Michael Liggan, CEO of Marbella real estate agency, Altavista Property. “The properties being designed and developed right now are responding to this demand, with a good range of apartments and villas in medium to high-end price ranges being offered in locations such as La Cala de Mijas, Elviria, Río Real, Nueva Andalucía, Nueva Alcántara, Atalaya Alta, El Paraíso, Cancelada/Bel Air and Estepona’s New Golden Mile.”
Indeed, according to the Sociedad de Tasación (ST) the total number of new properties across the Costa del Sol has reached some 2,428 units. This number indicates the strength of demand – as the new developments are generally selling out before completion of construction – and the health of the Marbella property market, but it is important to remember that it represents a far more sustainable level than during the height of the boom years. “The demand for modern homes still outstrips supply in Marbella, so at the present rate of construction and price rises there is little danger of a property bubble occurring in the near to mid-term.” Altavista Property is a specialist agent in the field of modern Marbella property, so please contact us if you would like to know more about the finest new Costa del Sol apartments and villas.
