‘Marbella Property Market Report 2018’ signals a new Golden Age for the sector
- • This analysis, prepared by Christopher Clover, CEO of Panorama Properties, highlights that the price of housing in some areas of Marbella is still below the peaks of 2006 and 2007
- • In other ultra-prime areas, prices have even almost doubled since 2011
- • The new construction cycle is just beginning, reaching only 10.88% of projects approved in 2017 compared to the 2007 total
Marbella, April 12th 2018.- The number of residential property sales in Marbella and its immediate surroundings, accompanied by the ever-increasing number of tourists year on year, have lead experts from the real estate and banking sectors to predict the beginning of a new golden era for the real estate sector in the area for the coming years.
According to the ‘Marbella Property Market Report 2018’ prepared by Christopher Clover, CEO of Panorama Properties, the longest established real estate agency in Marbella, there are still some areas where the price of housing is below the peaks of 2006 and 2007. However, the demand in the most sought-after areas of the municipality is outstripping supply, which has driven up prices, even almost doubling in the most exclusive areas compared to 2011, when the market hit bottom. These kinds of increases are located in very specific places such as the beachside of The Golden Mile.
The Costa del Sol, and especially Marbella, is one of the locations that most drives the residential real estate market. In fact, the National Institute of Statistics (INE) confirms that Malaga is the fourth Spanish province, in which the most houses were sold during 2017 (30,064 compared to 15,917 in the Balearic Islands), surpassed only by Madrid, Barcelona and Alicante.
According to Panorama’s ‘Marbella Property Market Report 2018’, the recovery of the residential market in the Marbella area began in 2012, two years earlier than in the rest of Spain, hence it is more consolidated than in the rest of the country. Currently, the cycle of new construction is gradually beginning, as confirmed by the figures of projects approved in 2017 by the Professional Order of Architects of Malaga. A total of 4,895 living units that represents only 10.88% of the 45,000 units approved in 2007.
“The strength of the current residential market lies with properties between 200,000 and 1,500,000€ for apartments and between 700,000 and 2,500,000€ for villas. Many of the properties located in the best residential areas that are between 20 and 50 years old, are being bought and either torn down and rebuilt, or totally refurbished, some by end users, others by professional developers”, specifies expert, Christopher Clover, who has been analysing and writing about the luxury real estate sector on the Costa del Sol for 48 years. It also highlights how “The strength of the Marbella market differs from that of the rest of Spain due to the “multi-source market”, that is, the extraordinary diversity of nationalities of the buyers coming from all over Europe and the rest of the world”.
Investors in the area acknowledge
that the rental market in Marbella is experiencing a strong rebound, with increases in both demand and prices to unprecedented levels, especially for luxury and modern properties that also offer security. In addition, fixed and variable mortgages are offering interest rates at historic lows and tourism figures are breaking records year-on-year.
In an area well known for its “residential tourism”, real estate sales are closely related to the high number of tourists that visit Marbella, which is an added factor for positive analysis.
Christopher Clover concludes: ” For many, the hard evidence of the positive evolution of the Marbella property market, will no doubt lead them to conclude that 2018 and the coming years represent an outstanding time, perhaps even a historic opportunity, to purchase property in this area”.
Panorama Properties
Panorama, in the city since 1970, is the longest established real estate agency in Marbella and is the exclusive representative and international associate in the Greater Marbella area of the prestigious U.K. based global real estate agency Savills.
Panorama is one of the few residential real estate agencies in Spain that is regulated by the renowned British institution, Royal Institution of Chartered Surveyors (RICS). Panorama and its team of 27 professionals specialise in the sale and rental of high quality villas, townhouses and apartments in the Golden Mile area and its surroundings, including the municipalities of Benahavís and east of Estepona.
Website: www.panorama.es
Christopher Clover
Mr. Clover is an accredited Real Estate Consultant (Gestor Intermediario en Promociones de Edificaciones – GIPE and graduated with distinction in Economics, Commerce and French from the University of Virginia, USA. In 2015 he accepted the nomination to become an Eminent Fellow of the Royal Institution of Chartered Surveyors (FRICS). Christopher is trilingual in Spanish, English and French, and has over 48 years of professional experience in the sale and administration of Spanish properties and international real estate advice, working in England, France, Japan, Morocco and the United States where he obtained his first real estate license in 1968.
Email: comunicacion@mncomunicacion.com
Móvil: 626 681 308
