It is fascinating and inspiring to observe how the property market in such a special resort city as Marbella has evolved in recent years, to such an extent that it has become an even more enticing prospect as a home for top-end buyers.
Whilst the last eight years in Marbella have not seen a huge number of new construction projects, up until recently, a wealth of statistics indicate a market gradually returning to pre-crisis health. The total number of residential sales transactions in the resort was 4,390 in 2015, just less than one per cent less than the 4,432 property sales seen in 2006, the year immediately before the Marbella property market came crashing to a halt.
The Marbella Property Market Makes A Gradual Return To Health
Those observing the latest Marbella property sales figures from the Spanish Ministry of Public Works, will have noticed that the sales increase seen in 2015 compared to the previous year was not as high as the staggering 28.3% rise recorded in 2014 from 2013.
This could be deemed a symptom of a strong suppressed demand for Marbella properties – with buyers waiting for the market to hit rock bottom before investing in the Marbella property market – having been largely satisfied in 2012 and 2013, when it became clear that house prices in the area were on the rise again.
Despite this, almost 10% more residential properties were still sold in Marbella during 2015 than in 2014, suggesting sustained healthy growth. Over the last few years, Marbella – particularly at the highest end of the market – has led the recovery of the Spanish property market, but the evidence reflects a gradual restoration of positive market conditions rather than another ‘boom’.
Especially Encouraging Signs For Top-End Buyers
As we mentioned earlier in this article, the construction of new properties in Marbella has happened at a sluggish pace, but investment groups from all around the world have paid more attention to the local market in recent years, resulting in the purchase of many of the best plots in the Marbella area, especially The New Golden Mile.
With about 20 new projects already underway and nearing completion in Marbella and several more on the horizon, there could hardly be a better time for the sufficiently flush investor to bet on the higher end of the market. We could be on the verge of a new and exciting era in property development in Marbella, characterised by internationally renowned and eye-catching architectural designs.
Now Is The Time To Invest In The Marbella Property Market
The overview given by the statistics and trends is of a Marbella property market which is right in the middle of a buyer’s and seller’s market, dependent on certain factors such as price, category and location. It is a market in which even the most desirable properties remain competitively priced.
Newly build properties are now selling out in a matter of weeks, although prospective sellers are still advised to embark on the buying and selling process with a reputable real estate agent, who is experienced and competent with regards to setting appropriate asking prices and quickly getting properties onto the market.
The Marbella property market is expected to maintain it’s gradual property price increase, particularly in the €1,000,000-plus category, where demand is forecast to be greater than supply. 2016 represents the perfect time for high net worth individuals to invest and take advantage of excellent capital appreciation over the course of the coming years.