The sunshine, great water sports, golf and tennis facilities and the many other amenities Marbella and the Costa del Sol have to offer continue to attract real estate buyers from around the world. Excellent access by air, cruise ship and train make this part of Southern Spain a favourite with holidaymakers throughout the year, which offers investors good yields on their property investment and eventual capital gains when the market picks up again.
Asking prices differ greatly according to district and proximity to either beach or golf courses. In developments located in Elviria Alta, a district in the east of Marbella, key-ready 2-bed apartments with spacious terraces or gardens can cost as little as EUR 178,000. Two bedroomed apartments near Los Arqueros Golf start at EUR 240,000, but offer communal swimming pool, storage rooms and garages as well as choice of apartments with terraces or gardens and penthouses with their own private solarium.
Even 2-bed town houses in Marbella’s Capobino district, where stunning sea views are part of the bargain, can be purchased for around EUR 255,000, while 2-bed, 2-bath villas in tranquil district El Rosario are on the market for around EUR 250,000, which includes a sizeable plot. El Rosario sits just on the outskirts of sought-after residential district Elviria.
Resales are still good value for money, as many are less than 3 years old. While resales in some parts of Marbella, notably in the well-to-do Bahia de Banus or Puerto Banus Marina complex, can cost as much as EUR 1.6 million for a 2-bed apartment, there are still many bargains to be had that cost less than the average home in the UK or Germany. Many bank-owned second-hand properties are offered with 40% to 70% discounts and 75% to 100% loan-to-value mortgages.
Some developers are so cash-strapped they are offering their apartments and penthouses with the promise that buyers won’t have to pay the first 3 years of community fees and no utility bills. Others offer properties without the need to pay for household insurance and property management fees and even promise to take on local property taxes for the first few years. In such cases, it is advisable to read the fine print with particular attention – this generous offer might hide extraordinary charges that fall due after the initial payment holiday is over.
Marbella’s various districts are well connected to the airport at Malaga. From Puerto Banus it’s just an hour’s drive to Malaga Airport. Gibraltar Airport is even closer with a 50 minute car journey from urban developments at Residencial Duquesa, itself just a 35 minute drive from Marbella’s city centre.
Close proximity to some spectacular water and amusement parks, golf courses, fine golden beaches, amazing mountain trails through evergreen pine forests make Marbella are sought after destination for property buyers and holidaymakers alike. On some gated golf developments, one bedroom apartments start at just EUR 150,000, perfect as a first-time investment, since golf tourism continues to thrive in Spain. Some banks offer such brand new apartments with up to 107% finance.
Located within a few minutes’ walking distance of the fairways and offering tropical gardens, four communal swimming pools, a golf club house, restaurants and bars on site, most of these apartments don’t stay on the market for long. More than 1 million golf tourists visited Spain last year and with at least 7 golf courses situated within a short drive of the city centre, an investment property in golf developments will pay for itself over a very short space of time.
All manner of sports can be enjoyed at the Costa del Sol. From yachting and windsurfing, to paragliding and scuba diving, there will be a school offering tuition and a shop offering equipment hire and sales. Also popular with the international tennis set, Marbella regularly hosts the Andalucía Tennis Experience, a professional women’s tennis tournament that is played on outdoor clay courts and forms part of the Women’s Tennis Association (WTA) Tour.
With such fantastic amenities and facilities is it any wonder, Marbella continues to attract large number of visitors every year? It’s the perfect place to start a property portfolio.