The Need to sell more Marbella Property means changing with the Times

For many years Spanish resorts rested on their laurels knowing tourists and property buyers alike would come even if some resorts were beginning to look a little frayed at the edges. With the property market crash and recession came at last a subtle change of tactics. Now Marbella Town Hall can’t do enough to attract different types of holidaymakers and property investors.

Going upmarket

While in Mallorca the demand for 4 and 5 start hotels is growing and in Ibiza luxury property is pretty much the only market segment that’s selling, Marbella has always been a cut above the rest and attracted wealthier clientele. However, the need to get away from the package holiday tourist image has increased – the luxury market is where properties are selling across the board. With a more discerning property buyer comes the need to adjust the amenities and cultural offerings to a more upmarket taste. Out with the amusement arcades and in with art galleries?

Already some resorts are cashing in on the gentrification of the Costa del Sol. In Mijas the brand new Contemporary Art Centre welcomed more than 1,000 culturally astute visitors on its first weekend alone.

Exhibiting works by Picasso, Joan Miro, George Braque, Salvador Dali and Japanese artist Tsauguharu Foujita, this latest arts venue promises to become a great local attraction, bringing much needed tourist dollars to Mijas. The Art Centre can house up to 550 pieces of art and with a new exhibition on the horizon every 3 months, the area should never be out of art lovers’ diaries.

The Marbella hotel sector is also changing in the light of wealthier clientele arriving from Russia, China and other emerging markets. For a decade Marbella’s Don Miguel Hotel languished forlorn and forgotten, but now an Arab investment group has purchased the hotel and wants to reopen it as a luxury 5-star resort hotel in 2015 after a EUR 50 million investment.

The new resort hotel will be known as the Magna Palace Marbella, after the Arabic Magna Investment Foundation that is putting a great deal of faith and money into Marbella’s hotel sector.

With 73 suites and 300 deluxe rooms, 12 restaurants, a shopping centre, spa and gym, disco, cinema and business centre, the Magna Palace Marbella will be a great new addition to the town’s amenities, if the hotel is to open its facilities to the general public not just hotel guests.

The Tide is turning

Now is a good time to consider making a property purchase in Marbella – positive official figures have emerged that show the Malaga province is doing far better with regard to property sales. The ministry of Public works has published statistics that reveal the Malaga province sold more properties in the third quarter of this year than any other province in the country.
 
In total, Malaga province saw a 25.4% increase in sales, compared to 2012, and sold 5,059 properties in resorts like Marbella, Mijas, Benehavis and Estepona.

Prices are still low but this is set to change in the foreseeable future.

Alberto García, the president of Agrupación de Inmobiliarias, the association of estate agencies in Malaga, recently stated foreign demand for Costa del Sol homes is rising. As a result, surplus stock of new properties that had remained unsold since the property market crashed is now steadily declining.

He explained:  “Recently, we have been seeing more French and Belgian clients, as well as the traditional British and German purchasers. The past few months have been very positive in terms of sales.”

As a result, Mr Garcia was able to employ 3 more staff in his office, now greeting clients with a team of seven.

With prices starting at around EUR 100,000 for a one-bed resale apartment and EUR 178,000 for an off-plan 2-bed apartment in golf developments in Marbella there is every chance investors will snap up whatever bargains are left on the market.
 
The town’s residential holiday lettings market is thriving once more, so it’s a good investment for buyers looking to turn existing Marbella properties into something that will appeal to discerning tourists intent on a luxury holiday experience.