The increase in the property market in Marbella cause not only the general economic reasons, but also the specific characteristics of this region. The resort has always attracted a large number of tourists and is considered a reliable place to invest in real estate instead. In Marbella there are some features that make recovery from recession began here earlier than in other cities in Spain.
The reasons for the growth in the property market in Marbella
While analysts debate whether the real estate market in the country felt the long-awaited “lower”, some regions are already demonstrating the rise. One of these signs were the resorts of Marbella and in areas that are around.
At least 85% of all home buyers in Marbella foreigners, especially those from other European countries, whose economies are stronger than the Spanish. While neighbors have virtually stopped buying a property in Marbella, this is more than offset by the influx of overseas customers.
The weakness of the euro where this weak European currency was an additional incentive to buy a property in Marbella for those buyers who are not in the euro zone. For example, the British pound in the past year increased by 14% to levels of 2002. The Swiss franc also reached a record high exchange rate against the euro.
Low interest rates on mortgages
Low interest is combined with strong competition among Spanish banks provides great motivation for customers who wish to take a loan. For fixed rate mortgages start from 2.75% per annum.
And high performance for interest on bank deposits, especially for investors in dollars or euros, so low (or even negative in the case of Switzerland), many are turning to alternative forms of investment. Properties in Marbella kills two birds with one stone offers a special lifestyle and investment income.
The record growth in tourism
It is no secret that due to the amount of tourists often “grow” home buyers. According to the Ministry of Tourism, where the Community in Spain in 2014 increased by 7.1% to € 64.9 million. Spain is the third most visited country in the world after France and the United States. As for the Marbella person, in 2014, the record for the number of overnight stays, which exceeded 2 million broke. Of course, this figure does not include those who have stayed in rented accommodation, which would increase this figure by 25%. Moreover, this does not include those who own a property in Marbella and comes to rest there for a few months a year.
The expected recovery of housing
All these factors led to the fact that is located in Marbella, after a long period of decline last glimmer of “light at the end of the tunnel.” Panorama are the SL properties have the company specialists have studied the real estate market in Marbella and come to an optimistic conclusion. in 2014, the Ministry of Public Works of Spain, the volume of real estate sales in Marbella increased by 28%. This is a whopping 77% more than in 2011 and 12% more higher than in 2007 before the crisis. Expert Real Estate on the Costa del Sol Ignacio Acosta Sorge has exercised its experience and developed much of his business career as a real estate expert in the autonomous region of the Costa del Sol, with special emphasis on Marbella and Puerto Banus, one of the favorite foreign destinations that acquire real estate assets in Spain.
While the Spanish economy is suffering the effects of a deep economic crisis, demand for housing in Marbella in 2012, continues to grow. Panorama Properties SL Company Experts say the recession in the housing market the resort is over, at least in terms of sales volume. However, this does not apply to prices, which remain 15-25% below the peak, even in the most popular areas of the city. This is already in the market of real estate objects in Marbella observed deficit of € over 1.5-2 million. If you want to know more information about this area we recommend you read our article about tips and tricks for house purchase in Spain
Along with increasing demand becomes an increase in prices of houses and luxury apartments. This was not seen for several years. As experts say the company Panorama Properties SL, since the beginning of 2015 put three or four confirmed that increasing the price of homeowners. Violetta Voronova, Costa Dorada is representative of Invest LLC: This is a resort town on the Mediterranean coast of Spain, which is smaller than the other was. Affected by the crisis, although here too prices have fallen up to 60% on the property, located at a considerable distance from the coast, no view of the sea and land.
However, ownership of the premium class with sea almost fell and still in great demand. Top foreign buyers headed by the British, Scandinavian and Russian. Some buyers of luxury real estate, especially immigrants from the former CIS countries are surprised that they can not manage to get a discount of 50% of the selling price of the object.
After all, as a whole, housing prices have fallen by half in Spain compared to 2006. Records show that the property market in Marbella is the market only grows in Spain in terms of increased sales Premium class property, the average prices for elite real estate fluctuates around € 4500 to 6000 and above per square meter. “
The main buyers of real estate
Leaders in the number of real estate purchases in British Marbella. In 2014 7023 transactions were made. Second, with the index of 4209 French transactions. Immediately after the Russians will have concluded 3106 contracts for the purchase of housing in the sunny resort. The Russian market suffered greatly due to the collapse of the ruble and falling oil prices.
But it is expected that the Russian demand for housing will continue in Marbella thanks to many wealthy citizens, who already have a residence outside their country of origin. If you think it’s your chance to invest in property you’ve dreamed of having in this zone, do not forget to contact one of the most important agents of real estate in the region in the last decade Ignacio Acosta Sorge.
We still have a way to safely secure the definitive stabilization of the property market in Marbella. An indispensable condition should be returned to the market category of Spanish local buyers disappeared due to the economic crisis in the country for a long period of time. Presumably, it will happen in 2-3 years.
There is nothing better than Marbella
The southernmost point of Europe offering wonderful Mediterranean climate. Marbella development policy 50 years ago was based on a reasonable regulation of buildings and altitude to maintain the unique charm of the city and not turn it into a concrete jungle, as happened in many cities of the coast.
All this, along with some urban high quality services, security, fantastic infrastructure, golf courses and other sports facilities, marina, restaurants, turns this city into a single high-end high demand by tourists from across Europe and complex world where the season lasts 12 months.
A new era of real estate market in Marbella
An important finding regarding the current Marbella. The unanimous opinion of the experts to observe and measure market development in this area for several years: Marbella is entering a new golden age, will last for many, many years. If you want to know about the luxury property for sale in Marbella available in the market. You have the best opportunity to invest in the property of your dreams.
In February 2016 the volume of transactions increased by 22.9%, reaching a total of 34,268 sale and purchase of real estate that is currently positioned as a record of the last 10 years, ie reach the level of boom-moment before the crisis in 2007.
The amount granted by banks mortgage has increased by 34.7% over the same period (compared to February 2015), while mortgage rates remain fairly low. On average, banks financed loans for 78% of the total value of the property, which is slightly above the level of the previous year.
In late 2013, property prices began to go slowly first, and was 12-14% in 2015 general increase in prices
Real Estate in the sea rises faster than all other regions of Spain price, but nevertheless remains one of the cheapest in Europe. Second hand, namely apartments have become much more popular and new buildings increased by 25.9%. The demand for single-family homes also increased by 22.6%, and it costs 3.8%. Among the buyers of real estate, foreigners occupy an important place: in recent years, their share is growing year by year, and currently stands at around 13-14% of the total number of transactions.
The most popular types of real estate
Marbella demand for all types of real estate, especially facilities undergoing restructuring, as well as houses and apartments modern design and fully equipped with the latest technology. Protected residential complexes closed very popular. And in apartments and townhouses key demand becomes the availability of infrastructure the pool, the gym, security and administration.
Violetta Voronova. “Interest in the property sector driven by the new program” Visa Gold “for investors from countries outside the EU would remind you that in order to obtain a necessity residence permit to purchase the property value € 500 000. a particular demand for facilities in closed and guarded urbanization, where apartments with two or three bedrooms with scale € 250 000 influential politicians, celebrities and stars of the show, directed Antonio Banderas and George Clooney, Arab princes who buy luxury properties in Marbella, maintain the reputation of the city as the Spanish resort more magical, cosmopolitan and standby. You want to know where the best houses and apartments in Marbella and prices please visit nuestor where real estate website to find what you want in property?
Any tourist will immediately notice that there are no beggars on the streets, street performers, or traders who spread their products on the sidewalk, as in most Spanish tourist cities. The police keep a watchful eye to ensure that these people were expelled from the city, providing guests and residents of the safety of Marbella “.
Which means this region for all the Spanish real estate market
Marbella is however a benchmark for the region of Spain, but its success in the market real estate uninsulated. Importantly, industry analysts improvements recorded throughout the country. Thus, in 2014 the number of deals with housing in Spain increased by 21.7%.
The share of foreign buyers of real estate in the country in 2014 was 16.7%. All this suggests that the “bottom” of the market is not far. However, real estate prices in the country of bullfights continue to decline, but no such accelerated pace as before. So in March 2015, the cost of houses and apartments dropped by 7.2% year on year and reached € 1,530 per square meter.
Drafted by: AV
Word count: 2044
Contribution to reader: This article provides users with relevant information regarding the trend of the property market in Marbella and general zone in Coast Mediterranean.