The Property Market in Marbella

Over the past 10 years the property market in Marbella has seen a massive change due to the obvious recession which affected most of the world. The knock on affect from the UK hit the construction and building markets leaving many of the projects along the Costa del Sol incomplete.

There has been much speculation as to the actual recovery of the property market in Marbella however recently released figures from the Ministry of Building are very promising.

The high property prices from 2004 to 2010 are finally levelling out and stabilising and there are also signs of a gradual increase which is great news for potential vendors.

 

 

 

 

As for the amount of properties sold, these figures too are encouraging as figures from the Ministry also indicate a rise in 2014 of properties sold in Marbella. All indicators are that this trend is positive for 2015 and highly likely to continue.

Housing in 2014 continued rising

HOUSING sales in Spain have again for the third consecutive quarter risen, as 13.5% more houses were sold in the third quarter of the same period last year.

Sources in the Ministry of Development stated that the amount of sales completed before a notary between the months of July and September was 80,136. January to March also saw a rise of 48.5% in sales, with an additional 12% increase in the second quarter.

These are indeed encouraging statistics, especially when viewed with latest figures from the Institute of National Statistics (INE) which showed a 16% increase in October compared with the same month last year.

There`s still a way to go before reaching the same figures prior to the housing crash. The record remains for houses sold in a single at 251,649 homes, which was set in the second quarter of 2006.

Whilst 95% of transactions were for private houses, a majority of the resale market, just 15.1% of sales were for new homes. Even though signs of recovery are encouraging for the new homes market, a huge repository of houses still remain that need to also be sold. Slightly surprising is the fact that new housing sales are not rising quicker as stated recently in another report that new houses are being sold for less than the construction cost, enabling house buyers a unique opportunity which may not return for many years.

At the top the sales chart in the third quarter was Andalucia (16,360 transactions); that was followed by Valencia (12,116); then closely by Catalonia (11,983) and finally Madrid (10,272).

A major contributor to slaes figures were foreign residents of Spain. In the third quarter their purchases accounted for 12,764 transactions, which is an increase of 17.2%, the 13th quarterly rise.

Total number of sales to foreigners which also includes non-residents reached 13,789, or 17.2% of the total house purchases in that quarter.

The most popular areas were Alicante (3,323) Malaga (1,918), Barcelona (1,103), Madrid (839) and Tenerife (721).

Foreigner Property Sales Exceed All Expectations

Residential tourist industry on the Costa del Sol is recouperating from the crisis that hit when the property estate bubble burst in 2008. The rise in sales of properties to foreign consumers is now a reality. Figures for 1st six months of this year show that the amount of transactions administrated by non residents has exceeded those in 2007, the year prior to the property market went into depression. The president of the Costa del Sol Tourism Board, Elías Bendodo, and José Prado of the Association of Constructors and Developers of Malaga, report that between the start of the year and June 4,739 properties within the province were bought by foreigners. This is significantly more than the 3,506 throughout the same period of 2007 and is even forty five per cent more than the same amount of last year.
One outcome of the positive news is that the Tourism Board and Constructors’ Association continue to move forward with their ‘Living Costa del Sol’ project that aims to cut back the stock of unsold housing on the Costa del Sol, because it is believed to have significantly contributed to the positive figures.
Elías Bendodo describes the state of residential tourism on the Costa del Sol as “excellent”, saying that trailing Alicante, Malaga is the next province in España with the second best amount of property sales to foreigners. “Now we can speak of a real recovery” he also insisted.

The International Recovery.

José Prado additionally points out that at the moment one out of each 2 properties sold in Malaga province is purchased by a foreigner.
The British market is especially robust, as also is the Scandinavian market, however it’s unlikely that there’ll be a recovery in demand by Spanish consumers within the short term which is why estate agencies on the Costa del Sol tend to search abroad for purchasers nowadays.
Before the property bubble burst, in 2007, developers and constructors shifted 30,665 properties on the Costa, of that solely 5,095 were bought by foreigners. Now, the figures have altered, with 6,389 properties bought by Spanish consumers and 4,739 by foreigners.
Things are fluid within the foreign markets. Even though the bulk of consumers are still British, Scandinavians and people from Benelux countries are also buying a lot of properties here currently.
The Russian market, that was booming, has lost momentum currently as a consequence of Vladimir Putin’s call to veto certain merchandise from Europe restrict Russians from taking capital out of the country. Affects are not solely on Russians who were going to purchase a property in España however additionally those that have started the proceedings and currently realize that they can’t continue with the payments. A number of those that have recently completed a sale additionally find themselves unable to access additional funds from their home country.

Marbella Ranks in Top Ten most Expensive Places for Property

A recent property review highlights the location of some of the most expensive and the cheapest property in Spain.

The most sought after property on the list is the elegant street in Madrid known as Calle Serrano, the very hub of all the top designer shops and luxury goods stores. A residence or commercial premises along this street will put you back 10,900 € per m². which equates to, approx. 1,000,000 €, for a small 96.8 m² house.

Next on this list is Barcelona, the bustling street of Paseo de Gracia, designed by the famous  Antoni Gaudí will cost 8,450 € per m².

Bizarrely, at number 3, Calle Hernani in San Sebastian, close to the world famous La Concha beach would be 6,400 € per m².

As for Marbella, Puerto Banus ranked at 6th on the overall pricey places to purchase a residence, where a property in the area will set you back 5.450 € per m².

However on the flip side of the scale, the least pricey neighbourhood to purchase a property currently in Spain is around Castellón in Valencia, where prices have dropped to 300 € per m², equivalent to 36 times cheaper than in Madrid’s Calle Serrano.

Top 10 Priciest List 2014 (per m²)

1. Calle Serrano, Madrid (€10,900)

2. Catalonia: Passeig de Gràcia, Barcelona (€8,450)

3. Area surrounding Calle Hernani (Hernani Kalea), San Sebastian (€6,400)

4. El Sardinero neighbourhood, Santander (€6,350)

5. Abandoibarra Etorbidea/Plaza de Eusaki, Bilbao (€5,500)

6. Puerto Banús, Marbella (5.450 )

7. Paseo Sarasate/Primer Ensanche, Pamplona (€4,950)

8. Area around Calle Santigo, Plaza Universidad and Plaza España, Valladolid (€4,700)

9. Paseo de los Fueros, Megapark and Bec, Barakaldo (€4,500)

10. Paseo Maritimo, Cádiz (€4,500)

Renovated Homes & Farmhouses – Selling/Buying Property in Oxford

Have you ever considered buying a cheaper property that you can later renovate and live in a luxury new home? There are plenty of beautiful farm houses in Spain and the UK. While renovated farm houses in Spain look spectacular, and interior design has characteristics such as tall walls and open style interior design, farm houses in the UK are quite similar apart despite of the size of the property. Oxford City in UK is a perfect location where you can find renovated homes or find a house that can be renovated. If you need help in finding a property like this, estate agents can easily guide you through the process of finding the perfect structure to meet your needs.

What Styles of Older Homes Are For Sale in Oxford?

The area has several different styled homes. You can find a wealth of buildings from the Victorian Era. These massive structures are all brick and full of romantic looking rooms. Another style you will find is the classic Georgian facade with beautiful eaves.

Many of the homes have detached buildings that give you greater functionality. These rooms can be rented out or used as guest houses.

What Has Been Done to Renovate These Houses For Modern Day Luxuries?

Some of the houses in the area date as far back as the early 1800’s. These incredible buildings have been standing for hundreds of years. You will find that most owners have taken care of the structures and made necessary updates.

Depending on the home, different things will have been updated. Most owners strive to keep the original feel of the period in which the building was constructed. Bathrooms, kitchens, and other living spaces are brought up to code with modern appliances for a cozier feel.

How Can an Estate Agent Guide Me in the Process?

An estate agent can help you in finding the right residence for you whether old or new. Especially in the process of purchasing older homes, we can make certain you are purchasing the best property. Older buildings need additional care over the years.

Estate agents work to find you a property that has been kept up like it should. If there are repairs that need to be made, we can be sure you are informed of such. It is a great idea to use someone who is experienced in home buying to help you make such an important decision.

Although there are many estate agents available on the market, it might be difficult to find the best one. Here’s some useful tips to find a reputable estate agents.

1. Pay attention at the properties that are for sale in your area and estate agents that are selling the property.
2. Find estate agents that have most experience selling property similar to yours.
3. Get a free market appraisal from at least three different estate agents. This will provide you with an estimate of what your property is worth. However, do not rush to start business with estate agents that evaluate your property with the highest price as estate agents aim to get a business with you.
4. Ask for a list of houses that were sold by each estate agent so you can see if property evaluation has realistic numbers.

Estate agents Chancellors Oxford has properties for sale in Oxfordshire. Locations covered
New Hinksey, Littlemore, Cowley, Iffley, Iffley Village and St Clements and many of the smaller locations in between for your solution to find an Oxfordshire property. Please visit Chancellors website for more details. While Anscombes Finchley estate agents is a part of Chancellors Estate Agents Group and has properties for sale in Finchley, London, UK.

Property in Spain Costs Less than other areas of the EU

BUYING a place Spain is cheaper than elsewhere within the EU.

As published by the annual analysis on Spain’s real estate market conducted by Deloitte, the proportion of finance spent by households on mortgage payments – rate of effort – has been constantly falling in recent years and it now stands at thirty three per cent, as a consequence of the decline in house costs registered since the start of the recession.

Moreover, the typical home value in Spain is 4.4 times the individual gross wage, compared to most other countries within the European Economic Community where the value is on average 6.1 times the individual gross wage and United Kingdom and France, whereby the amount is 8.5 and 7.9 times the individual average earnings.

For the fourth year and compared to the remainder of the country, property owners in Barcelona and Guipuzcoa have had to pay a bigger proportion of their earnings on mortgage payments, given the high value of housing in those provinces.

In contrast, purchasing properties in La Rioja, Lleida and Pontevedra is more accessible, since the speed of effort is less than thirty per cent.

Why Chinese property investors choose to buy property in the UK?

UK and China has an improved trade relations. A rising number of Chinese children are now being admitted in top schools along, which is among the key factors that drive Chinese investment in properties at prime central London.

W.A. Ellis, an agency in prime central London, made a research that stated the liberalization of China’s currency, the Renminbi (RMB), has created a rising price of newly constructed residential properties in China’s first tier regions and an increasing number of Chinese high net worth personas seek offshore investments. This adds attraction to London’s real estate.

The agency’s recent research pointed out that about £3.5B was spent exclusively on UK properties made by Chinese investors in 2013. The current Chinese currency strength means that the price of buying properties as assets in London is around 8% cheaper than it was a few years back.

The research done by Hong Kong-based property firm – Centaline – on the first quarter of the year 2013 emphasized the impact of around 15% tax introduced on foreigners that invest in Hong Kong. This resulted to four-year low decrease in the sales of luxury houses to mainland Chinese investors.

Lucy Morton – a senior partner and head of lettings at W.A. Ellis has returned from a trip to Hong Kong – said that there is confidence in the real estate market in London. Investors have become frantic to buy and the liberalization of RMB has immensely helped, which is partly the responsible for widening the profile of buyers.

She also stated that around 20 years before buying London properties are exclusive to the rich. Today, there are high net worth personas, in large numbers, who are interested in investing within the capital.

She highlighted the interest of buying through exhibitions. People are interested looking at exhibitions considering that they have researched about the area where they want to buy as well as the schemes and developers of the property they are going to buy. Deposits are made ready and so they leave right after making their purchase.

Morton also pointed that South East Asian investors have purchased new luxury property developments within central London, which are usually one or two bedroom apartment. There are majority, however, that are buying just one apartment but other high net worth families can spend millions.

Apart from the ones mentioned, she also explained that there has been an increase in property portals such as Juwai.com and search engines that are in Chinese dialect such as Baidu. She added that this has helped the marked and will play a major role in the near future.

According to Morton, education has prompted this residential investment. There are children who attend private schools in London and they are in greater numbers. Mandarin is currently becoming part of the curriculum in a lot of schools. When they reach university age, a lot of students arrive and because of this their families seek private rented sectors. The steady growth of South East Asian students’ number has been seen, which also increased the rental numbers of centrally located properties.

Costa del Sol leading the way for Property Recovery

A recent study has provided evidence that there has been an increase in house prices in Marbella and Manilva. Off-plan new developments seem to have reached their minimum prices and indications are now showing a rise due to foreigners.

Two areas in Spain are showing definite signs of property recovery, Costa del Sol and Costa Blanca. The study that was undertaken gathered information from 60 coastal regions of Southern Spain and demonstrated due to financial establishments lowering prices that property was now selling faster.

Its still early days in respect of the Spanish construction industry however areas in the Costa del Sol and Costa Blanca are showing very positive signs. New constructions in the Estepona and Marbella area, which have been built with the foreign market in mind are building good interest.

The general consensus is that property prices are now slowing however this is only in certain areas of Southern Spain. Prices on the Costa del Sol for example have dropped to their lowest averaging a 1.1% drop in the first quarter of 2013 and 2014.

It is thought that property sales may increase as much as 25% this year in Marbella due to demand by foreigners.

Taylor Wimpey´s New Apartments Horizon Beach La Galera

AWARD WINNING UK property developer Taylor Wimpey is launching a fresh £10 million project on the Costa del Sol this month.

The La Galera development, in Estepona, is going to consist of thirty six luxury homes and is due to be formally launched with an opening on April 30th. Taylor Wimpey has constructed over two, 500 homes in España over the last fifteen years, as well as Los Arqueros Golf, in near  Benahavis.

“Estepona is a perfect location for further investment,” stated Ignacio Oslé, regional director in Andalucia. “We want to thank Estepona town hall for their support in getting planning permission last October.”

A SPACIOUS APARTMENT IN A BEACH FRONT URBANISATION IN ELVIRIA, MARBELLA

A SPACIOUS APARTMENT IN A BEACH FRONT URBANISATION IN ELVIRIA – Ref: MFSA869

Price: 315,000€
A spacious 3 bedroom east facing ground floor garden apartment in a beach front urbanisation in Elviria. The apartment is in a block closest to the sea. The third bedroom and bathroom were converted out of storage areas, making this one of the biggest in the complex. The property has been updated recently except for the bathrooms. Offers a very nice outside terrace area, perfect for outside living during the hot summers. The lounge has a fireplace and the master bedroom a little wood burner. AC throughout. The complex has 24 hour security, lovely gardens and pools for the residents use. The beach is just a few steps away.

Ground Floor Apartment, Elviria, Costa del Sol.
3 Bedrooms, 2.5 Bathrooms, Built 209 m², Terrace 50 m².

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For more information or to arrange a viewing of this property please contact us using the details below.

Tel: +34 952 907 386 | Mov: 690 937 587
Property For Sale in Marbella
info@marbella-resales.com