Marbella is a beautiful city in Spain’s Costa del Sol, which is a part of the Andalusia province. Marbella is one of the hottest overseas property destinations in the world and receives millions of tourists year after year. So, what should you do if you’ve got properties for sale in Marbella, Spain?
Well, this is a great time as any to sell your holiday villa in Marbella, Spain, as prices are on the up and things have never been better. Plus, the euro has appreciated against the sterling following Brexit. So, you stand to make a lot of money from the sale.
The property market here remains healthy in spite of the Brexit referendum, falling markets across Europe, and the political limbo in Spain. Spain, shockingly, is poised for a third successive general election in just 12 months, with acting Prime Minister Mariano Rajoy failing to win enough support to form the government.
We have already had two elections in Spain that threw up completely muddled mandates, giving no political formation the power to form the government. Nobody knows whether the third election will throw up a convincing result either. Who knows, as the joke goes, it might take as long as the Tokyo Olympics in 2020 till we finally have a government in Spain!
But that hasn’t affected the Spanish economy or the property market at all. In fact, not having a government in place has probably freed up the economy from political influence. The Spanish economy grew by 3.2% this year, the fastest in the Eurozone. The property market is flying too, especially in Costa del Sol.
Marbella, in particular, is red hot! As Pia Arrieta, Partner of Diana Morales Properties says, “Marbella is a market one unto its own. We have gone through ups and downs before and compared to other coastal resorts Marbella has always fared well. This year is no different.”
“The Brexit vote wobbled the market, there is no escaping that. The lack of a government in Spain also added to buyer’s uncertainty. “But things look to be on the up now. Even with the political uncertainty lingering, buyers are coming back,” Ms. Arrieta adds.
In fact, experts predict 2017 to be a great year for the property market in Marbella. Beachfront villas here remain hugely popular with international buyers. The outskirts of Marbella such as the Golden Mile in Estepona, Benahavis and areas to the east of Marbella till Cabopino have been experiencing an incredible real estate boom.
It hasn’t always been perfect. 2011 was a particularly bad year for the housing market here, but the recovery over the last couple of years has been fast and comprehensive. Properties that cost between €1 million and €5 million are in big demand from foreign buyers.
Russians are the biggest buyers of luxury properties in Marbella. The mid to high level homes find a plenty of buyers from the UK, France, Belgium, the Middle East and most of all, from Scandinavia. Indeed, Scandinavians are major buyers of properties in Marbella with Norway leading the way.