Marbella leads in the Spanish property market recovery.
19 August 2014
Spain’s economy has been looking up recently. The International Monetary Fund (IMF) have adjusted their growth forecast from 0.6% to 1.2% for 2014, demonstrating the country’s confidence in the property market.
James Daniel, head of the IMF’s mission to Spain, explained, “The economy has turned the corner, recovery is on the right track and the outlook is better than it was a year ago thanks to society’s efforts and adopted measures.”
It seems that it’s not just confidence from the locals either. According to recent figures released by the Spanish General Council of Notaries, demand from foreign buyers grew by 27.2% in the first quarter of 2014 compared to a year earlier, with international purchasers representing 19.4% of the total market. Not surprisingly, the biggest increase in demand was found in the coastal areas.
Marbella premium real estate market has seen a vast increase in the level of residential property sales recently. The trendy coastal town saw an increase of sales by 23% in 2013 compared to 2012 and is leading the housing market recovery across the country. Other nearby municipalities are also continuing this trend, with towns like Estepona increasing by 9.3%.
As a result of the revival, developers are also returning to new build projects in the area to meet the increasing demand for luxury property.
Recently renovated, Cosmo Beach Apartments is a boutique collection of luxury properties in the heart of a stylish and emerging area situated between Marbella and Estepona, known as the ‘New Golden Mile’. Surrounded by miles of stunning beaches and exquisite facilities the properties are situated in one of the most attractive and convenient parts of the coastline. The low density, residential retreat has sold 50% of all units and is expected to sell out rapidly, in line with the increased demand for property in the area.
Select Resorts Properties Sales & Marketing Director Michael Reilly states;
“It’s a really exciting time to purchase a holiday property at Cosmo Beach. Prices are still much lower than their 2006 peaks, and the region is emerging as a luxurious destination, with many five star hotels investing in the area. With excellent capital appreciation forecasts of 40% by 2019, the properties not only make exquisite holiday homes, but lucrative investments too.”
Spain, now ranked third in the world tourism rankings, has always been a popular holiday destination, so it’s not surprising that buyers are returning in their droves now the recession is over and the Spanish property market is recovering well.