for-saleThere was a time, not so very long ago, that the press spoke of little else than bank repossessions when it reported on Spain. That was during the height of the financial crisis and property crash, when many homeowners and developers defaulted and banks ended up with large chunks of what was then termed ‘toxic assets’. Soon after, investment-savvy buyers began scooping up the best of these bank repossessions, but where are they now, and is it still possible to find such bargains? The property market has changed since the dark days of 2010, when much of Spain’s real estate seemed unloved and unwanted. First came the cash buyers keen to grab a bargain in the form of unsold, usually attractively modernised properties, and they were followed by a gradual return to normality as the market began to recover and conventional buyers – albeit at first mostly cash ones – came back in growing numbers. What really rekindled the market was the strong demand among foreign buyers for new-build luxury homes featuring modern architectural styling and amenities. This spurred on a return to construction as the unsold stock gradually ran out. “We were among the first property companies on the Costa del Sol to specialise in the modernising and marketing of unsold projects, and we were also pioneers in creating the new, contemporary Marbella homes people wanted,” says Michael Liggan, CEO of Altavista Property. Today, the focus is on such new projects, as well as on resale homes, with the stock of unsold bank repossessions all but gone in the Marbella area. A few opportunities remain in areas such as Manilva and La Alcaidesa, but if it is this kind of real estate you are after the most promising areas are Almería, Murcia and the lower Costa Banca, where American funds have taken over much of the unsold properties formerly held by Spanish banks. In and around Marbella, however, the market has fully recovered from the financial crisis and has once more become a dynamic investment and home-buying environment. For more information about the best contemporary villas, townhouses and apartments for sale in Marbella, please contact the new-build property specialists Altavista Property.