MARBELLA is definitely springboarding its way out of the crisis, as its property market gathers a healthy pace, according to market experts.
Sales have been increasing dramatically year-on-year, and the town is now the leading property hotspot in Spain in terms of sales volume growth.
“The reason for this is clear,” explains Chris Clover, managing director of Marbella-based Panorama Properties.
“The area is simply not dependent on the national economy with 85% of the buyers being foreign.”
Indeed, between 2012 and 2013, sales in Marbella increased from 2,519 to 3,115 – a 22% increase.
And 2014 is looking even more positive, with the yearly total likely to reach more than 4,000 if sales continue on the same path.
“Marbella attracts quality people from all over Europe and the rest of the world,” added American Clover, who has been based in Marbella for 44 years.
“The town has a no-nonsense approach to development, and as the southernmost point in Europe it provides the best climate in the whole Mediterranean Basin.”
The market hit bottom in Marbella about two years ago, according to Clover, whereas the rest of Spain only hit bottom in the first few months of this year.
“This means that Marbella’s recovery is already well ahead of the rest of Spain and the property crisis is finally over here,” he explained.
However he added that prices were still 15 to 25% below market highs, even in the most consolidated areas.
“This means there will still be good deals for some time to come, particularly in the less consolidated areas and lower price ranges.”
For the market to completely recover, however, it means a return of the Spanish buyers – clearly absent due to the recession.
Clover is predicting that this won’t happen for another two-and-a-half to three years.
“But undoubtedly, Marbella is, right at this moment, at the dawn of a new Golden Age.”