Long a firm favourite of the British, and TOWIE folk in particular, Marbella is on the up again after a brief respite, as buyers flock to the popular Spanish resort.
Following the global financial crisis in 2008 when property prices crashed in Spain, it took a few years for interest to build again from overseas property investors.
In 2011 when Spanish property values hit their lowest point, the pent up demand from international property investors began to be released, and nowhere more so than in Marbella.
Property sales began to rise in Marbella, reaching a peak in 2014 with a 28 per cent annual increase in real estate sales. The following years of 2015 and 2016 slowed down slightly, but still recorded annual property sales increases of 9.83 per cent and 8.97 per cent respectively.
After a ‘Brexit wobble’ in the second half of 2016, Marbella property sales and prices are on the up once again. Land prices are increasing and construction costs are up, confirming the full recovery of the property market in Marbella.
Although some British overseas property investors remain hesitant while they await the outcome of leaving the EU, the slack has been readily taken up by many other nationalities, with investors from Russia, France, Belgium, Holland and Scandinavia flocking to the fashionable resort, along with strong interest from affluent buyers in the Middle East.
Known for its luxury, prime Marbella real estate is now back to the price levels of the 2006-7 peak, with top end properties selling for between 1 million and 1.5 million euros.
However, top end luxury is not the only option in Marbella and surrounding towns, with properties available from 100,000 euros upwards there are properties available for every budget.
Apart from the ever popular seafront properties, new developments are growing on the outskirts of the resort.
Developing at a slower pace than in the heady days of 2006, more thought is being put into adapting the new properties to suit clients, with luxury available for all levels of the market.
New technologies are being included, such as automation, modern lighting, and security systems, along with open plan design and modern kitchens to ensure all tastes and needs are catered for.
It seems that Marbella is back at the top of its game. Overseas property investors had better lay off those carbs!
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