 Costa del Sol - Property on Marbella's Golden Mile
2007 report
This report was prepared by Engel & Völkers, a real estate agency with offices in many of Spain’s most popular destinations. It is reproduced here with permission. More information on Englel & Völkers
Marbella Golden Mile Property
Originally a small fishing village, it has
developed into a modern and cosmopolitan
“city”, since Alfonso de Hohenlohe founded the
world famous “Marbella Club” in the 1960´s,
making it a meeting point for the international
jet set. Marbella is offering a sophisticated
and diversified lifestyle with some of the best
facilities in Spain.There is wealth of different
restaurant and shopping facilities, exclusive
night clubs and established and elegant
beach clubs, such as in the “Marbella Club
Hotel” or the “Puente Romano”. Marbella´s
exceptionally beautiful “old town” attracts
tourist and residents alike.
The unique microclimate ensures sunshine and
favourable temperature all year round. The
area enjoys a continuous international demand
for luxury real estate, particularly for villas and
apartments with sea views. Popular locations
include the Sierra Blanca, Marbella Hill Club,
Camojän and areas which are close to the beach.
Marbella property prices have risen steadily with
an increase of 15-20%. However, the market it
is in a stage of healthy consolidation now. Local
politics and problems with planning permission
has served to strengthen the resale market
although, vendors today have to be more realistic
than in past years about asking prices.
The Buyer
The main markets here comprise British (32%)
followed by Spanish (20%) German (15%) and
Irish (14%). In the main they look for properties,
with the emphasis on location, quality, design
and excellent amenities. The average spend
can be anything from €500,000 to €2 million,
However there is international demand for
villas with prices up to €10 million or even
€12 million. Properties close to the sea along
the Golden Mile, or with sea views are among
the most requested. More and more couples
and families from all over the world move
here permanently, modern IT and proximity to
international airports make it possible to run
businesses in other countries while at the same
time enjoying the Mediterranean lifestyle.
Property Values
In 2006 prices were seen to stabilise. The
average price for a well located apartment is
now around €500,000 and approximately €2,7
million for a villa. The Engel & Völkers office
on the Golden Mile is now seeing an increased
demand from their clients for high quality
property in prime locations with sea views and
luxurious amenities. The demand for beachside
property exceeds supply.
Investor Tips
As prices have stabilised it is a good time to
pick up well located property here. Marbella’s
location, climate, facilities and infrastructure
will ensure its future for foreign buyers. |
