In Marbella at the present time, beginning of 2016, there is a series of reasons that explain the growth and thrive the local property market is undergoing, which incites optimism.
The first one is the general frame of mind. There is the feeling that we are exiting from the financial crisis that has hit us in the last few years. It has been said that Marbella was the first one in and the first one out such crisis. Today pessimism is fading away and trust is progressively coming back. All this is causing a large number of buyers –who held themselves back during the crisis- to take the first step to acquire a property in this paradise.
In Marbella, the demand for properties is strongly based on foreign purchasers -around 85%. Indeed countries that have practically exited from the economic crisis –mainly northern European ones-, together with traditional buyers which are back on the scene –Russians, Arabs, particularly Iranians after the block relief-, are making the market not depending on the national demand –still weak- and reaching fast recovery similar to that before the 2007 crisis.
A few years ago the Euro contributed to a large mass of potential British buyers withdrawing from the property market, as it was strong against the Pound Sterling. Now the situation is quite the opposite. Last year, the Pound gained 15% against the Euro, and therefore prices have enormously decreased for British people. The same applies to the Dollar, which is also very strong, which makes non-European buyers see a yet more attractive investment opportunity.
With the low price of money and interest rates close to 0%, fund and deposit investments are now less attractive, and real estate investment is gaining terrain as a result. Low interest rates make mortgages more accessible and therefore favor the purchase of properties for a larger number of potential clients.
In addition to this, the stability, security, modernity and infrastructure of Marbella – and the Costa del Sol- make the town outstand as a leading tourist resort worldwide, far from the political instability and insecurity of other destinations we all have in mind. Besides, the wonderful climate of Marbella, its leisure, sport, food, entertainment offer all year round make of Marbella one of the best places to live and enjoy an exceptional lifestyle.
We can certainly guarantee that this is the right time to buy a property in Marbella, before prices go up to the levels they had a few years ago, and while there is still a wide choice of properties available. At Magna Estates we have a vast selection of properties for sale and we are sure that we have your dream house. Let us advise you and help you find what you are looking for … before it is too late.
