Spain is back on the Property Map
One of the leading British Developers in Spain have reported a significant rise in interest from British buyers seeking second homes in Spain. Many developers are reporting an increase in the numbers of prospective purchasers now arriving along the Costa del Sol.
Despite the current exchange rate being unfavourable to Sterling, purchaser numbers have increased dramatically compared to the same period in 2009. The majority of purchasers at the moment coming from the Scandinavian countries and surprisingly the UK and Ireland. Following the recent Easter holiday period, the number of enquiries from Spanish purchasers has also increased dramatically.
Property Point Marbella have seen similar figures across the Costa del Sol in general. Since the recent approval of the latest PGOU (Urban Plan), visitor numbers to the coast, specifically seeking holiday homes has increased significantly.
It is widely recognised that Marbella’s property market experienced a downturn long before the credit crunch thanks primarily to the lack of a recognised Urban Plan and subsequent findings of corruption which put many developments into question. This in turn affected the mortgage market whereby banks were unwilling to lend against properties which had not received their final licence of occupation. Now that we have an approved Urban Plan, 16,000 properties are now receiving their licences which means the banks can start lending and property becomes affordable to the mass market again.
The property market in Marbella has always been different from traditional national property markets. The prime purchasing motive for most buyers being the climate and ease of access from all parts of Europe. Marbella does after all retain its exclusivity and is quickly returning to the top of wishlists for many buyers who have strayed to other far flung destinations only to find their options restricted by reductions in travel options and less favourable weather.
Marbellas mayor, Angeles Munoz has published figures which show that for the first time in 4 years, since the outbreak of scandals which hit the coast and property market, sales of property have increased. According to the figures published by Marbella Tax Office, 2,499 property sales were registered during the first quarter of 2010, a growth of 200% on the same period in 2009 and the highest number of sales recorded in the last 4 years.
