Managing Director Smadar Kahana of Engel & Völkers Marbella Shops has told the Prestige Magazine (luxury magazine in Dubai) about the current property market situation in Marbella!
“The property market in Marbella has been going through many changes in the past years. Marbella was the first place in Spain to recover from the recession and since 2010 the market is growing. In 2013 and 2014, prices have reached the bottom and we have seen many investors and private buyers buying properties at best prices. Meanwhile the market cleaned itself from the properties that have been for sale through the recession, also the banks have sold most of their repossessions and we are facing a completely new market, from a buyer’s market it is now a seller’s market as the demand is much higher than the supply.
Since the lowest prices for properties in 2013 prices in prime locations have risen by up to 30%. We have recently discovered a new tendency of developers to reform older houses in best location with fantastic views and turn these into new contemporary houses and to find a buyer within a short period of time.
Two tips we have for potential buyers:
1. Only buy with competent real estate agency – they are always informed about the current market situation and will support you withprofessional advice.
2. Only buy in prime location – if a re-sale is required, properties in best locations sell easier and faster because the demand in prime locations is always high.
In the following years Spain will see a vast increase of tourism resulting in a higher demand for second home properties. Countries like Spain will be first-choice countries for buyers as the economy is growing and the democracy is transparent.”