def major influx of Belgians, Dutch, Norwegians and Russians in Marbella – and they are buying up quality at half price. I think they are buying cause they have the cash; it’s not a big deal for them and a significant part of their net worth; and they think that at 50% + they probably can’t go wrong. Many are concerned about the banks, the economic situation and also are slowly taking their money out of off shore havens as the authorities tighten their grips.
Also, a huge influx of Moroccan “new rich” who have bought maybe 500 flats in the Marbella area – all you see are maroc reg cars; and only the top brands; same goes for Fuengirola and Torremolinos just with less cash!!! the Moroccans are scared of an Arab spring and are also delighted to have a “glitzy” European resort on their doorstep.