It’s a New Year, and it’s a new Marbella property market. Truth be told, it’s not just the Marbella property market that has significantly improved, it’s the entire province of Malaga and all of Andalucia that should be thanked for the full recovery we are seeing taking place.
Record Breaking Tourism in Andalucia
Okay, maybe we should give some credit to the tourists! For a fifth straight year, and despite the nasty political uncertainty you might have heard about; government statistics are showing that tourism accounts for around 11% of the economy. Spain has seen a massive surge in international visitors – so besides the usual millions of European tourists who come knocking on the Costa del Sol’s door, we’ve got the likes of Canadian’s and American’s coming over too.
And we’re certainly not complaining!
The fact is the preliminary data cannot be denied. It shows the number of visitors arriving in Spain rose an incredible 8.9% year-on-year to 82 million tourists! You read that right…82 million! This makes Spain the world’s second most visited country after France, and pushes the United States into 3rd place.
British tourists remained Spain’s largest group of visitors by nationality, accounting for 18 millions tourists, up 7 percent from a year earlier. Figures also showed that tourist spending hit a new record in 2017, rising 12.4 percent in the year from 2016.
The Marbella Property Market – Still Standing Strong
Let’s talk about the ultimate success story with a trip down memory lane. Over the last decade, as most know, Spain has seen many ups and downs in the property market. Although some regions are recovering slower than others, the Marbella property market is still definitely on the up. So this means, despite the country’s slow recovery, the falling markets, an EU referendum and multiple general elections, Marbella and its property market are still standing strong.
“Prices in Marbella are back on the rise and attracting all sorts of different buyers”
There is no denying that the Brexit vote in mid-2016 gave the market a short wobble. For most potential buyers it became a time of “wait and see” before anyone made the decision to buy. However, this brings us to 2017, where the prices in Marbella are back on the rise and attracting all sorts of different buyers within a wide price range. One thing you must understand, especially if you are considering buying property in Marbella or anywhere on the Costa del Sol is that prime land prices are rising as the availability reduces.
We simply cannot express enough how NOW is the time to buy property in Marbella.
Although a few UK buyers are awaiting the outcome of leaving the EU, there are still a number of European cash buyers making an appearance with countries such as Holland, Belgium, France and Scandinavia with Norway leading the way.
Marbella Property – Luxury Reputation
Marbella is attracting sophisticated and demanding property hunters, but in a sense it always has. But here is the difference now as apposed to a few years ago:
We’ve got one Marbella property market share dominated by properties selling between 1 million and 5 million euros, making Marbella the ultimate hotspot for those prepared to pay premium prices for luxurious quality and of course, location.
However, top dollar is not the only option in Marbella and the surrounding towns. Properties are selling at all budgets from €100,000 and up.
What types of Marbella Property are selling?
We can’t deny that the Marbella property market is ever-changing; however, the majority of home buyers want modern and contemporary apartments and villas. Most wish for the typical white wash, open plan design and modern kitchens. In the past few years, we’ve seen home cinemas and games rooms becoming just as important as spas and gyms. There is also an increasingly high demand for technology such as home automation systems, modern lighting settings, security and alarm systems.
Best of all, with the Spanish property market in full recovery, new developments are being planned and designed to high standards unlike anytime before. These new developments or off plan projects sit in the perfect locations across the Costa del Sol. This includes the areas of Benahavis, Estepona, La Quinta, La Zagaleta and more.
Although frontline beach properties are still maintaining their popularity, the market will see a growth in properties on the outskirts of Marbella. Unlike developments in the past being built fast with its only aim being to sell as quickly as possible, developers today are adapting their properties to suit the emerging clientele with sophisticated, carefully executed new-builds including more “luxury” to please the market at all levels.