Costa del Sol - Property In Puerto Banus Marbella

2008 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 Puerto Banus Property

As in the case of the Golden Mile, this area has been long established with top end international buyers and is synonymous with the rich and famous international “jet set”. Buyers are attracted by its’ sophisticated infrastructure, easy access by air or motorway, top sports facilities, including 10 golf courses with a new course opening at La Zagaleta, the famous Puerto Banús, and the renowned cultural and cosmopolitan social life.

Today’s market is hard going but strong and our local office summarises the situation that serious buyers who want to sell have to accept that the market can not yield what it did two years ago. Therefore realistic pricing, which might mean a decrease of up to 25% over prices in 2006, combined with the efforts and expertise of an international real estate team, will sell their property within 12 months depending on price, quality, age of the property and location.

Today’s market is not for the inexperienced, and the local Engel & Völkers office stresses that in the current climate agents really have to work hard to sell and that is why so many “overnight” opportunist agents have completely disappeared from the scene.

Here an average price for an apartment is around € 350,000 rising to € 3,5 million plus for a villa and the most requested properties are villas, penthouses and terraced houses. The main buyers are made up of British (35 %), German (20%), Spanish (5%), followed by Scandinavian , Swiss, Dutch & Belgian, French and a small percentage of Arab and Russians.

The average spend is around € 450,000 to over €1 million and most clients are buying a second home (if not one of many). The majority (approximately 60%) tend to fall into the 40-50 age group. Clients generally buy without a mortgage so financing is rarely an issue. However, the strength of the euro against sterling will no doubt have some impact with the top British buyers.

Our local office highlights that sea front or golf properties are the most requested in the areas of Nueva Andalucía, Puerto Banús, and La Zagaleta, last being one of Europe’s most prestigious Golf & Country Clubs in a unique location with elite properties.