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Interesting read…although obviously a Marbella ramping exercise. Marbella has it all? Well, it certainly doesn’t have a fast train link. 😉 Although I suppose it’s all folk with private jets and yachts…
http://elpais.com/elpais/2013/06/02/inenglish/1370196345_512439.html
The British market – traditionally Britons were the lead buyers on the Costa del Sol – has “fallen to the point of being virtually at a standstill,” Adams says, confirming that the boom in demand is coming from Scandinavia, whose citizens bring their own financing. Major investment trends are also being seen among the Qataris and Kuwaitis while buyers are also coming from Colombia, Venezuela and the Asian nations, even if they prefer properties in larger urban areas.
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Usual quotes from estate agents…Gilmar was owned by the GIL family, don’t know if it still is. Then one of the most mentioned on this forum over the years who seems to be attempting a relaunch (remember him quoting last week)
Leonardo Cromstedt, a broker at Eralia Remaxr, said there are people who fled the Costa del Sol years ago because of the exorbitant prices and are now returning. “The market is not as bad as some pessimists suggest, but then again it is not all that good.”
I do believe Marbella will come out of the crisis better than those dead end urbanisations in the middle of nowhere like Murcia but it still has a long way to go.
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Yes, Marbella is a bellwether for the Spanish coast. But how long has it been in crisis now? 10 years? Agents say the market peaked in 2003, then began all the corruption scandals and police operations. The market turned down and they stopped building in Marbella long before other places, and long before the national bubble popped.
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The clan will be a few sort after this
http://www.diariosur.es/20130604/local/malaga/varios-detenidos-costa-operacion-201306041012.html
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A little story. Some years ago we lived next door to an Italian couple in Marbella. perfect neighbours and the icing on the cake was he was very good looking and courteous. My OH and he often helped each other with DIY shopping etc. I did worry about his dogs, they were the silent Dobermann type and were once accused of killing a neighbours Peacocks. Their look was deadly but they did tolerate us when we were invited for a drink. 🙂 One day the Italian was quietly circling the roundabout in his car which led out of our Urbanisation and he was arrested by a dozen civil Guards. he was extradited to Italy as he was implicated in 40 murders 😯
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Perhaps those 40 murders were caused by dangerous motoring katy and this was just another motoring offence 😉
Year ago I met one of Naples’ most ‘important’ men in the North End of Boston in an Italian restaurant of all places. I was with family in Boston who knew various people. He was absolutely charming, had a charity in Naples for underprivileged children, raised huge funds in the US, yet was very powerful in other things and not to be crossed, ah family! 😛 Turned out he also had interests in Southern Spain and not holiday business 😉
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