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Nov 3

Written by: International Marbella
Monday, November 3, 2014  RssIcon

Although the sun has been shining from a clear blue sky nearly every day since 2006 Marbella have been struggling through a dark period where property prices rapidly dropped and transactions nearly went to a standstill. However  the jewel in the crown of Spain's Costa del Sol is back with demand for property outstripping supply in the most desirable of addresses, to the extend that The Telegraph journalist Zoe Dare Hall decided to let her readers be aware that Marbella rocks again..... 

According to her “The story of how the Spanish resort town of Marbella came to be goes something like this. In the late 1940s, the prince and playboy Alfonso von Hohenlohe broke down in his Rolls Royce in what was then a small, struggling fishing village. But he was so struck by the beauty of the place, framed by the sea and mountains and by the incredible weather, that he began to buy land there, including an 18-acre parcel of coastline with the intention of creating an Utopia style resort for his Jet-set friends. Now 60 years later the Marbella Club can be credited with putting Marbella on the map for European and Arab royalty, Hollywood stars and ensuing decades of holiday home buyers.

After a tourism and investment boom in the 1970s and 1980s came bust, thanks to a succession of corrupt mayors who left Marbella near bankrupt by 2006. But today, as mayor Angeles Muñoz busies herself with restoring its reputation and glitz – her current focus is turning the rundown Bajadilla Port into the new Puerto Banus, bringing cruise liners and luxury yachts into the centre of town – Marbella is on the up again, its property market among the first to appear, bleary-eyed, from Spain’s hard-hit recession.”

This summer we experienced that the short term rental market was not able to satisfy the enormous demand for luxury homes to rent with prices ranging from €10.000 to €30.000 per week for prime locations and many disappointed potential visitors were not able to find accommodation. A prime example is our stunning contemporary listing in La Zagaleta which was rented to Royalty all summer and now listed with us for sale.

Despite price drops of up to 60 per cent for non-prime locations since the 2006 crash properties in key locations are again commanding premium prices with a continuos growing demand dominated by British, Scandinavian and Russian buyers to the level at which competing bids are offered on the same units marketed for sale. 

The lack of land available is now also creating a situation where demand is outstripping supply and prices of plots for development are starting to increase. Spain’s new "golden visa" program for non-EU residents is also drawing wealthy buyers, mainly from the Middle and Far East to Marbella in search of property investments that will entitle them to citizenship. 

The Telegraph also confirms that reports suggest that Marbella is the fasting-growing market in Spain in terms of increase in number of sales, with average prices of luxury property at around €4,500-€7,000-plus per square meter.

Even Hollywood is reportedly back, with George Clooney said to have bought a house in Marbella’s upmarket Sierra Blanca last year. Prince Alfonso certainly struck on something all those years ago. And it seems a bit of Marbella’s magic may be starting to reappear.

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