According to recent data by the National Statistics
Institute, housing sales in Spain rose by 18.9% in January compared to the same
month in 2011. A total of 39,670 homes were sold. Encouraging news for homeowners
in Marbella and other Costa del Sol resorts, where owners have been waiting to
sell their homes. For people just beginning their house hunt for a Marbella holiday
home, price rises are a long way off, but it pays to do some research where the
best bargains can be found.
The National Statistics Institute also revealed sales of
existing homes fared better than sales of brand new homes. In January 2013
sales transactions for existing homes rose by 25.1% compared to the same month
in 2012, while sales transactions of new homes increased by just 13.5% during
that time.
Owners of holiday and permanent homes at the Costa del Sol
have of late been far more realistic in their expectations when it comes to
asking prices. Many have adjusted their asking price downwards to allow for the
VAT increase on home purchases that came into force on 1st January
this year. This has allowed the market to finally move forward after several
years of downward spiralling prices and little movement in Marbella’s
residential property sector at all.
According to data revealed by Tinsa, the valuation
organisation, prices have slowed down their descent and are finally showing
signs of stabilising in some areas, albeit not in capitals and major cities,
where home values experienced the worst decline in February this year with a
14.2% drop. At the Costas house prices declined by 12.2%, showing there is
still room for negotiation for house hunters looking for their Marbella dream
home.
It is quite possible in the current economic climate to
purchase a resale one bedroom flat with sea views, access to communal swimming
pool and private sun terrace for EUR 100,000 or less. Brand new luxury golf and
seafront apartments with two bedrooms and two bathrooms can also be bought
off-plan from around EUR 180,000 upwards with a typical luxury apartment in a
small development costing around EUR 250,000.
Living at the Costa del Sol may not be quite as cheap as it
once was, but the weekly grocery bill is still less than it is in the UK and
there are far less heating costs in winter. For those about to retire or those
who work online and are therefore not tied to a specific location, buying a
home in sunny Marbella at the present time will prove to be a good investment.
Seen on a peak to trough basis, house prices have declined
by 35.6% since home values last peaked at the end of 2007. Admittedly, prices
are still falling, but at a much reduced rate and with more Russian, Chinese
and Scandinavian buyers discovering the delights of a Marbella holiday home,
over the next few years home values are set to level out and eventually rise
again.
Investors looking for buy-to-let homes are also heading to
resorts like Marbella at the Costa del Sol. Easy access thanks to Malaga and Gibraltar
Airports being so close means sun-hungry holidaymakers can visit a preferred
location more than once a year.
Letting out a quality two bedroom apartment in a prime
location with either sea or golf front views can achieve some EUR 1,500 per
week in high season, thus repaying the investment quite quickly over a number
of years, once running and maintenance costs have been deducted.
There have been recent worries over effects by the
Eurozone’s economic difficulties on the Spanish tourism sector, however,
destinations like the Costa del Sol, the Canaries and the Balearics have seen a
surge of last minute Easter holiday bookings, indicating tourists are looking
for real value for money – something Marbella holiday homes can deliver on all
fronts.
When people can only afford one holiday a year rather than
two, they want to receive the best possible holiday experience for their money.
Staying in a luxury Marbella apartment designed and furnished with attention to
detail promises just that – and 300 days of sunshine are guaranteed as a matter
of course!