Although most property prices in Spain have fallen sharply in recent years, it seems the luxury market is staying strong. This, says the Wall Street Journal, makes Marbella a good option for people looking to buy a property in Spain.
The Wall Street Journal also noted that real estate values in Spain have fallen between 15% and 40% since the financial crisis began.
The article went on to say that there is “still a sense of long-term economic stability” in Spain, which could appeal to investors hoping to pick up a bargain.
On the appeal of Marbella, president of Sotheby’s International Realty, Philip White said “It has been a major destination for years. It is safe, international, the restaurants are excellent and it has a sense of vibrancy.”
Speaking to Bloomberg this week, Fernando Encinar, head of research at Idealista.com, claimed that Spanish real-estate agents are finding they have little choice but to reduce the asking prices in order to make sales. This is due, in part, to the lack of flexibility among mortgage lenders”, he added.