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Marbella is on the move; mayoress Muñoz is implementing major infrastructure works as well as general upkeep programmes with the aim of taking Marbella to where it’s never been; a rival to Cannes, St trop etc. This is a five year plan (she has three left of her mandate but plans to win again) and she knows how to get there.
The major luxury brands have been lining up to get into Puerto banus with Cartier the next to open its doors before the summer. The worlds luxury hotel chains are snooping around bidding to acquire some of the existing five star hotels that need to be brought up to date and are also considering building new hotels on prime sites.
The top residential areas (eg la Zagaleta) are booming like never before with the worlds rich paying on average €7,000,000 for a house.
Yes, Spain is about to go into a major downturn/recession with rising unemployment , an exploding property bubble similar in scale to the USA not to mention most of the world following suit but if you stay within the boundaries of Marbella and it’s wealthy neighbour benahavis you’ll be ahead of the curve.
ps i’m not an agent !!
Paul
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There is nothing in your statement which has not been touted out before. The question has been in recent years, what happens when the 25 year lease expires on Puerto Banus? It is officially owned by the Navy.
Do you think that with debacle of Banana Beach, and the Spanish government talking about bulldozing any property that has been built less than 106 metres (after 1988) to the shore line that a few alleged fancy shops will restore Marbella’s fallen image?
It reminds of Disney World all over again.
AP
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I agree with some of the statement. Many designers have opened up where before there were cheap T’shirt outlets. There is still a lot of money around, many Bentleys and ferraris etc. Don’t see how this will shift the thousands of 2bed/2bath boxes though. Benahavis is ruined, another charming village surrounded by boxes! Friend has been trying to sell for over a year in Zagaleta at no-where near 7 million!
Banus is still popular with the money people from madrid but they don’t “do” 2 bed units.
I do think that marbella will recover before all the other resorts though, could be biased though as I live there 😉
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Ok to add another side – I was in a meeting with sellers of land not far from Marbella. It has the interest of a worldwide market leader in luxury accomodation and the permission is in place to build a 6 star resort! They see potential and what the guys were speculating is that as the internet enables people to work from home, many more high worth individuals will buy here, be tax based offshore and fly into meetings. They will demand luxuy and the boutiques as you see openeing already, and meanwhile this will re generate a service industry for people to service them.
It was an interesting thought and it wont happen overnight of course, but there are more families moving out with the hubby working abroad.
But yes the 2 bed 2 bath standard builds wol still be in oversupply!
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Katy 🙂
I liked your posting up to the legal bit.
😥
Just have to hope that one day me and many others will have the bits of paper we need.
With licences to develop being strict and hopefully the legal corruption getting sorted while other areas will just be starting just hope that it will one day be deemed one of the safer places to buy.
Put it this way if I have to be stuck with a property on the Costa del Sol I am glad its in this area.Frank 8)
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Got to agree with the original poster and Inez comments about over supply.
The bottom line is stuff over 1m there is still a market for the problem is that everyone is waiting for the bargain and most people dont have to sell.
Ive been involved in two bargains this year one being a bank repossesion and the other a divorce but barring that most people can hold out
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Marbella is named as one of eight places on the CDS to receive money in a new ‘Qualifa’ plan involving 100 million €.
Just wish the regional councillor Sergio Moreno had not said the money would go on a series of “concrete projects” over the next four years. Reading the word concrete where CDS is concerned makes me shudder. 😯
And what about some green projects??
Hope they don’t do all this wrong….again.http://www.typicallyspanish.com/news/publish/article_15064.shtml
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Re. doing it all wrong…. again, have they already started?
The good news is the Junta de Andalucia have just approved their new Golf Decree which puts a stop to projects which link housing developments to golf courses.
The bad news is….the decree states “but with exceptions if the golf course is seen to be of tourist interest”.So all any developer has to do is state his new golf course project with proposed housing will be of ‘tourist interest’. 🙄
No wonder ‘the Greens’ say “this leaves the catflap open to unsustainable property speculation”.
Unsustainable property speculation…..now that rings a bell. -
It was reported this morning that the economic report given by the Governor of the Bank of England yesterday was the most pessimitic report for many years . I think this will put off many British people being lured into buying a property in Spain ( or anywhere else) as a holiday/investment option. The very top priced buyers will always be there though.
Increased fuel prices in the Uk affect pretty much everything in everyday living.
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