Against the backdrop of four major Spanish banks offloading
some 40,000 bargain priced properties last year, Marbella’s luxury property
market has fared remarkably well thanks to new foreign buyers arriving from
countries such as Sweden, Iran, Russia, Vietnam, India and China.
High-end properties such as Marbella’s luxury apartments and
penthouses are increasingly sought after by wealthy Russian buyers, but middle-aged
Swedish couples looking for retirement properties are also increasingly looking
to purchase in Marbella, Torreveija and Fuengirola, said Daniel Nilsson, the
regional director for Spain of The Real Estate Agency recently.
While Spanish banks are selling off low-end homes with
around 60% of discounts in popular locations such as the Costa Blanca, in
Marbella bargain hunters can find high-end properties that once cost EUR
500,000 and have now been reduced by 50%.
Mallorca and Ibiza in the Balearics have also seen luxury
properties selling better than cheaper types of properties. In Ibiza the Spanish
national football team discovered a luxury apartment complex they particularly
liked and some 11 properties changed hands before the apartments had even been built.
In Mallorca historic mansions and palazzos are increasingly
sought out by wealthy buyers from Russia and the Middle East, who plan to
convert them into luxury accommodation such as exclusive boutique hotels.
Meanwhile, Spain’s largest property portal Kyero.com
revealed their data showed the Costa Blanca attracted 33% of all foreign buyer
enquiries last year, making it the most popular of all Spanish investment areas,
closely followed by the Costa del Sol with 15% of foreign buyer enquiries.
Traditionally, the Costa del Sol attracts a wealthier
clientele among foreign buyers, while cash buyers looking for investment often
head to the Costa Blanca to snap up bargains in the price band of EUR 50,000 to
EUR 150,000.
When it comes to Marbella’s property market, Russian buyers
are now the second largest foreign investment group after buyers from the UK
and Germany, according to data published by the Malaga Developer’s Association.
Increased interest for investment visits to Spain in general
and Marbella in particular has already resulted in Spanish consulates having to
take on more staff to deal with visa applications made in Moscow and St
Petersburg.
Meanwhile, one of Spain’s leading developers, Taylor Wimpey
España, have seen demand soar for their generously priced, well-built new
properties. They offer penthouses and 2 to 3 bedroom apartments with panoramic
forest and sea views for prices between EUR 178,000 and EUR 250,000, making
them very attractive to Russian and Chinese buyers looking to invest in golf
developments within a 5 minute drive to Puerto Banus.
International estate agents Engel & Volkers also
recorded 2012 as their best year in their 35-year history, with their Balearic
offices faring best among their 49 Spanish offices. Engel & Volkers believe
2013 will be an even better year in markets such as Spain, Florida, Germany,
Switzerland and Austria. Interestingly, the agency also deals in high-end
properties.
Marbella at the Costa del Sol is particularly attractive to
people who are looking for a certain lifestyle change and Marbella certainly
guarantees that. Yachting and golfing tourism accounts for a considerable
amount of revenue - the Costa del Sol stretches 160 km between Malaga and
Manilva, where yachting enthusiasts will find no fewer than eleven world-class
marinas with nearly 4,500 moorings and golfers can enjoy fantastic championship
golf courses to brighten up their retirement days.
For those whose finances won’t quite stretch to their own
super yacht, Marbella and other Costa del Sol resorts offer plenty of nautical
distractions and activities, too. There are cruises, shore excursions by boat
and sailing courses to consider - not to mention fishing trips and dolphin
watching boat rides!
Marbella boasts some of the finest hotels and restaurants
the Spanish coastline has to offer, making an investment in the high-end
property market a smart move. Luxury properties located along the Golden Mile,
Sierra Blanca or in Marbella Old Town can attract premium prices of EUR 3,000
and more per week during the peak months of the holiday lettings season.
Slightly less glamorous locations can command weekly
lettings of around EUR 1,000, making Marbella property a great investment
opportunity right now.