Demand is now outstripping Supply in Marbellas property market for this first time since before the Spanish property crisis, with an influx of Scandinavian buyers in the market for a holiday home or permanent residence.
Real estate agencies in the area have subsequently stepped up their efforts in the search for unique properties in sought after areas, within the limits of the highly glamorous and celebrated city of Marbella, located at the heart of the Costa del Sol.
Sigrid Jegleim ofScandinavian agency Fastighetsbryan told propertyshowrooms.com: “It’s getting harder and harder to find any good, quirky properties and we have so many clients looking to purchase a second home or permanent residence here right now.”
“I believe it is a wonderful time to buying,” she added, “the market is moving a lot. Properties are being sold, people are making a decisions a lot faster than previous years and prices are beginning to rise”.
According to Fastighetsbryan, Nueva Andalucia and San Pedro are the most popular areas, due to their close proximity to Marbella, great beaches, international golf courses, fantastic leisure facilities and Malaga airport.
Propertywire have recently reported that house prices in Spain are showing more and more signs of improvement, after years of accelerating declines. In the first quarter of this year, the average national house price rose by 0.84 per cent, year on year, a significant improvement on the double digit annual declines seen in previous years.
Sales and house prices are both improving simultaneously for the first time in over eight years and this is causing Spain’s property market to show clear signs of recovery, with Marbella very much in the focus of savvy, foreign investors.
The 2 per cent year on year increases in Q1 2014 in residential loan approvals, is a further sign of Spain’s improved economic health. According to statistics from the National Statistics institute, the total amount of mortgages has risen by 16 per cent, the first increase seen since 2008.
Data from Spain’s General Council of Notaries showed earlier this month that home sales jumped over 45 per cent in the first quarter from a year earlier with Marbella flaunting the highest transaction value.
Marbella is a leading light in the recovery of the Spanish property market, with the Ministry of Development finding that the number of sales increased by 23.6 per cent last year, more than any other region in Spain.
Ron Wilkinson, ofAlta Vista Property, said that he sees these revelations as a sign that the Spanish property revival is beginning to get into full swing.
“The increase of demand in Marbella is a fantastic sign for the Spanish property market as a whole. The increase in foreign investment shows that investors are finally beginning to shed their doubts about the state of the real estate market.
“The great thing about that is that it will encourage more people to invest, and to help change the stigma amongst foreign investors that the Spanish market has no value”.
Bradley Shore is an experienced travel and investment blogger, whose main interests are overseas property market, he writes for a number of online blogs and magazines such as Alta Vista property. His writing is to help build the knowledge of his readers. Check out his twitter to see more of his work.