Marbella Property on a EUR 300k Budget

Property prices across most parts of Spain are still declining, despite a surge in foreign buyer interest and international investment in the first six months of this year. There’s plenty of choice in the resale market for buyers looking for “character” and traditional Andalusia features rather than a sleek modern look of brand new properties. The Costa del Sol still ranks high among top European holiday destinations. Marbella with its glamour appeal and plethora of amenities is the first port of call for many would-be buyers.

So what can you get for a budget of EUR 300,000?
Apartment Heaven

For a budget of ca. EUR 300,000 buyers can expect plenty of choice among 2 and 3-bed resale apartments, but there are also a substantial number of newly built developments that offer golf or sea view apartments with starting prices of around EUR 178,000 to EUR 250,000.

A typical 3-bed golf apartment with fantastic sea views and boasting close proximity to the beach can be purchased for EUR 295,000 in many parts of Marbella. If you’re happy to be 3 km out of town but within a 5 minutes’ walk of the beach, you’ll be spoiled for choice.

Look out for “quick sale” signs: many buyers are drastically reducing their resale prices, enabling buyers to pick up 3-bed luxury bargains that were originally priced at EUR 500,000, now on the market for around EUR 265,000, even within the centre of Marbella. Many expats have adjusted their expectations of what they can realistically achieve for their properties. Others have failed businesses and must depart back home in a hurry.
 
Most of these resales will throw in the furniture for good measure, so you have a ready made starter home or holiday home. You can always buy your own furniture and decorate to your own taste when you start using your Marbella property.

If you want to purchase a 2-bed apartment set in tropical gardens with communal pool and underground parking and within close proximity to schools, shops, bars and restaurants, you’ll have to spend around EUR 253,000 when properties are located within a 10 minute driving distance of Marbella centre. Some even offer communal areas with gym, solarium and Jacuzzi, sauna and concierge service at that price!

With a little perseverance it is sometimes possible to find a 2-bed apartment in the exclusive Lomas de Marbella Club development on the prestigious Golden Mile for a mere EUR 230,000. Apartments in this development typically boast fantastic mountain and sea views.

Semi-permanent in a Marbella Town House

While apartments are the typical holiday home purchase for buyers investing in Marbella for the first time, the next step up is to buy a small villa or town house for the purpose of living at least part of the year at the Costa del Sol.

Many resales have been significantly reduced and it is possible to buy a Marbella town house for EUR 249,000. Most of these types of smaller town houses feature 3 bedrooms and 2 bathrooms, a guest toilet, living-dining room and kitchen as well as a large sun terrace.

All year round there are exciting things to see and do at the Costa del Sol - this year the town hosts the eagerly anticipated 2013 Marbella International Film Festival, where stars of film and TV will meet at the exclusive Gala Awards Dinner Event at the H10 Andalucía Plaza on 6th October. The guests will have been exclusively invited by the Film Festival Board. Talented artists and film makers from around the world are expected to attend. It will be a great opportunity to play paparazzi for the day and snap a few celebrities on the red carpet!

Foreign demand for Spanish property rose significantly in the second quarter of 2013, especially in coastal areas like the Costa del Sol. Total purchases made by foreign buyers increased by 49% in a quarter and by 29% in the 12 month period ending July 2013. In the Malaga province, which is home to favourites like Marbella, Fuengirola and Estepona, buyer demand surged with a 61% increase over the 12 month period and an 80% gain in the quarter.