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May 14

Written by: International Marbella
Thursday, May 14, 2015  RssIcon

Although main players in the real estate sector would rather talk about prudence than euphoria, stabilisation than recovery, the outlook is very encouraging. Has the old days come back? Once more one can see cranes and bulldozers on the horizon and each residential street in Marbella’s thought-after areas has an abundance of skips and builder’s vans as prime residences are being refurbished.

Developers are again constructing new homes on previously large empty plots. Land in desired locations have become almost scarce so old houses are being purchased to be either completely reformed or demolished allowing for new build. The second-hand market is beginning to lack product thus, purchasing a home off-plan, a practice that became almost anecdotal during the crisis, is returning to the fore once again, 10 years after the real estate bubble burst.

There are several advantages to purchasing off-plan. You buy a new home that, for the most part, does not need any work doing to it. Some developers even allow future owners to adapt homes to their needs and likes – to convert a 4-bedroom home into a 3-bedroom property with a larger living room, for example – but, undoubtedly, the main advantage is that purchasers are not obliged to make a major outlay (of cash) in one go, but rather, they make small contributions until the keys are handed over, and those amounts are then deducted from the final price of the home. The main drawback is that new builds are not yet finished, which means they are not available immediately. And construction work can last for between 10 and 15 months.



The Golden Mile area of Altos de Puente Romano is a prime example, over the last 18 months 12 turn-keys villas have been sold ranging from € 2.1 – 5 million euros leaving only 6 remaining villas which has just been released to the market and of the first phase of Los Olivos in the Golf Valley all 7 off-plan villas have been sold except for one which we currently are marketing at a price of € 1.800.000 euros

The Wall Street Journal article of last March says it all, it refers to Marbella as the new Southern California, attracting a new generation of high-end buyers due to its climate and reputation for luxury and glamour. The journalist highlights that the market is bouncing back due to renewed interest from Middle Eastern and Scandinavian second-home buyers, but also from a new generation of young homeowners commuting to Central and Northern Europe during the week and spending long weekends in the sun.

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