Iona Napier
HOUSE sales in Marbella, the property capital of the Costa del Sol, are going from strength to strength.
The town is settling into its fifth consecutive year of recovery after a successful 2015 when house sales increased almost 10% on the previous year, according to estate agent Panorama
In fact, the sales numbers are almost on a par with those in 2006, the year preceding the crisis when Spain’s market was at its strongest.
While prices in the most exclusive areas of Marbella are ‘on the rise’, Panorama confirms the number of sales completed, affordable prices appearing, and mortgage opportunities are spelling positive news for Spain’s property market.
“There is a similar recovery scenario throughout all of Spain, although recovery on a national level is a couple of years behind Marbella,” announced Panorama director Christopher Clover.
“Marbella’s ‘head start’ to recovery is a result of its multi-country source market – it’s safe to say that the property market recovery in Spain began here.”
Of course, most agents haven’t even told buyers that a massive chunk of the properties in Marbella are illegal due to the recent PGOU ruling. I even know of a couple who have completed on a property that fell in to that category and they were not even told. Needless to say, they now have a new lawyer.