July 5, 2008 at 11:40 am #54148angieBlocked
Following recent visits to these places several times, I can’t help thinking that the old blocks of apartments offices and shops probably built some time ago, along with pavements etc are looking rather scruffy now, whereas Malaga now seems to be much smarter.
Marbella especially doesn’t look as if it’s in the smart set unless you go to the better residential areas, and quite a few shops and offices are closed or clearly suffering from a downturn as is the Spanish economy based mainly on property construction and tourism.
Barclays Capital yesterday quoted that Spain’s GDP for 2nd quarter was nil, and their economy is either already in or about to enter recession and not a good place to invest in. 🙄
July 5, 2008 at 1:21 pm #85047katyBlocked
Is this the same Barclay’s who announced this week that they are opening 60 new branches in Spain 😯 Doesn’t seem they have any qualms about increasing their investment or maybe they dont talk to different depts!
Yes I agree about Banus off the front line it is tacky. Lots of the cheap t-shirt/candle shops have gone though. Burberry took over one. There is also Louis Viutton, Dior, Bulgari etc. The posh only mainly go there in the day for shopping, . Soon to be taken over by the rich Madrileños for the summer months.
Lots of prostitutes at night most East European (so I hear!)
July 5, 2008 at 3:01 pm #85049
katy, the image of P. Banus etc is summed up by Sur’s many sex ads. perhaps that’s the only business making money there, yet estate agents and TV progs. still try to portray this part of Spain as upmarket and fashionable which it’s not anymore.
A builder there recently told me that nearly all buildings use the same method of steel rods, concrete blocks and cement render which if not painted at least every 5 years can have major problems, even on expensive homes the same general build method. Many of the mass development in Spain doesn’t look capable of withstanding an earthquake heaven forbid, will all this build look good in another 10 or 20 years?
July 6, 2008 at 9:29 am #85057
Oh dear, more sour grapes about Marbella; well, went out last night – dinner on Golden mile (packed with chic people from around the world), drinks after on beach in front of five star hotel (chill type place) also packed –
yes, some parts are slightly down at heel but moving forward rapidly under the new mayor. Many of you outsiders just don’t like the fact that there is lots of money here, more flash cars than palm trees etc –
re: the port – well, Tom Ford (no relation to Ford cars) is the next to open putting front line Banus ahead of anywhere else in the world i know in terms of top labels on one street –
the back street has loads of ladies and boys of the night – only catering to the insatiable demand from the thousands of Northern European male golfers that roll in every week to Marbella. The town hall will soon be moving them back to their “houses and clubs” together with the immigrants peddling but they(authorities) can’t appear too right wing like the GIl regime when he had them all arrested and whipped black and blue.
Further to my recent posting re sales of houses +€5,000,000 well, i was told last night four houses sold last week on Los Arqueros golf course – so whilst we are also suffering from a major downturn Marbella still continues to attract the punters with big wallets!!!
July 6, 2008 at 11:33 am #85059
“Marbella still continues to attract the punters with big wallets!!!”
UBEDA, I would politely suggest that you are gullible if believe that 5 or so multi million euro villas are selling in Marbella every week. If on the other hand I am wrong and your information is correct, then it can only be one thing -money laundering. Marbella has been as popular as anywhere on the coast to wash the proceeds of drug, prostitution and people trafficking money.
July 6, 2008 at 12:05 pm #85060katyBlocked
“UBEDA, I would politely suggest that you are gullible if believe that 5 or so multi million euro villas are selling in Marbella every week. .
Especially in Los Arqueros 😆
July 6, 2008 at 12:12 pm #85061
“Los Arqueros” was bought by “Taylor Woodrow” during the recession of the 90’s. As most of the forum users may know that its built in a valley which gets very windy.
I, was surprised to read that Villas costing the price mentioned. I would have thought that what is left at “Los Arqueros” will be not worth €5M.
Specially as” Taylor Woodrow ” are offering discounts of 25%.
July 7, 2008 at 1:22 pm #85066
It’s not sour grapes Ubeda, it’s a fact and even you admit parts of Marbella are down at heel.
Lots of money there true, where did it all come from, it’s not known as the Costa del Crime for nothing, not all dishonest though but a fair bit.
Chic people, or Marbella babes, there is a difference, yes there are chic people but many more of the latter, as for chic, chic is Costa Smeralda Sardinia, Nice, Cannes, Italian chic, Barcelona and now Malaga?
5 mill euro props. selling on Los Arqueros, I don’t think so. There have been quite a few distressed sales there over the last year or so.
Taylor Woodrow, part of Taylor Wimpey, now in severe financial difficulty and can’t raise funding and may breach their Banking covenants.
Sorry to say, but both Marbella and Banus are definitely loking a bit tacky in many areas, more prone to muggings and theft too than Malaga because of the bling on show, and lets not forget the prostitutes and trannys. Chic?????
July 7, 2008 at 2:00 pm #85068Fuengi (Andrew)Participant
was at the notary the other day in marbella on ricardo soriano (main street).
it was actually very busy, which suprised me a bit. a few shops were closed down and even a tobacconist, which was very suprising.
The notario was telling about how sales were done and even the 2 lawyers present were saying how bad things were in the area.
On an interesting note, they commented on how tough the town halls from marbella to estepona have really cracked down on giving licences (building/conversions/etc)
And personally, to date, i’ve met very few ‘chic’ people in Puerto Banus. Spoilt brats & ponces by the boat load though. Hell I’ve more respect for the prozzies, and least they work for their money!
July 7, 2008 at 3:02 pm #85069
The €5,000,000 sales do exist; and following a posting of mine two weeks ago these sales took place in La Zagaleta; five of them and only one was under €5,000,000 at €4,6m- the vendors are all high profile people with high profile lawyers so money laundering is certainly not the case – CEO of big international companies don’t take “black money” in brief cases – they have “legal” ways of avoiding tax by selling the company owning the property, receiving bank drafts in Switzerland etc etc etc.
At the moment I understand another three or so are under offer up there!! a €12,000,000 (Marbella hill club) is also under offer with deposit paid.
The Los Arqueros houses are in the €1,000,000 to €2,500,000 range; it is poor man’s La Zagaleta!!!…………..
July 7, 2008 at 3:17 pm #85070
UBEDA, with all due respect La Zagaleta is not Los Arqueros, in fact La Zagaleta is probably the best address on the Costa del Sol so sales will still take place there even footballers and WAGS (blingy) buy there.
A note of caution though in Southern Spain, what is the true current value of these homes bearing in mind many are overpriced by as much as 30%, most will have included in the price an extortionate commission maybe 10% or more, and then there is approx. 11% buying costs to add on? Whilst wealthy people can buy them, they could well be having their legs lifted all the same.
This and one or two other developments are not reflective of the true state of the Spanish property market which appears to be in free-fall, and as kingy says, may not bottom out until 2012.
Unfortunately to reach La Zagaleta and some more expensive places you still have to pass a lot of overbuilt grot along the Coast etc, there are much more chic and attractive areas in the South of France etc.
July 10, 2008 at 12:43 pm #85143angieBlocked
Having been to Marbella and P. Banus yesterday on business, I have to say, I couldn’t wait to leave them. IMHO, neither are chic anymore, they definitely look rough around the edges, rather dirty, buildings in dire need of renovation and painting, certainly neither look luxurious and well kept. Many of the restaurants were touting for lunchtime business with no-one in them, even shops on the Golden Mile had closed down near the Marbella Club. Still a certain amount of ostentatious bling and people watching those with it, all a bit sad really. 😥
Also, so overbuilt on that awful coast road with generally ugly concrete apartment blocks, lots of estate agents though closed now, not a place to invest in anymore methinks. 😉
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