Property Prices at Lowest Level For 10 Years
Spain maybe out of recession but property prices still remain at their lowest level for the last 10 years making 2013 the perfect time for investors to snap up a bargain Marbella apartment or a reduced luxury Villa in one of the most desirable locations in Europe.
Over the last 2 years Russian buyers have been major players in the Marbella property market and have snapped up some incredible deals on both multi million euro properties and mid range apartments alike. However, agents and buyers are noticing that “times they are a changing”!
Statistics on major property portals are showing a huge surge in enquiries for Spanish properties from Scandinavian, Chinese, Indian, American and Middle Eastern investors. Completed sales are increasing month on month and prices are reported to have risen for the first time in 5 years.
Owners are no longer willing to accept low offers on already discounted property. Sales on good quality properties in prime locations, priced correctly for today’s market are now selling in weeks rather than months or years, with agents even reporting a shortage of quality listings in certain areas!
Russian buyers are now beginning to lose out on their dream homes by not acting quickly enough, not offering enough and failing to recognize that other buyers such as wealthy Chinese investors, Scandinavians, Middle Eastern, American and even the Brits are now returning to the Spanish property market as confidence returns.
After years of being able to shop around for the best deal in Marbella, Russian, British, Scandinavian and other investors are beginning to realize that in order to purchase the best properties in Marbella their offers must be realistic they can no longer afford to spend months looking for the perfect Villa, penthouse or apartment in Marbella, well priced properties in good residential areas are now selling. This is partly due to a correction in vendors’ perception of what is achievable in the current market and an increasing acceptance that in order to achieve a sale the price must be in line with the true market value today. The gap between asking prices and offers are becoming noticeably smaller which makes achieving a sale a much easier task than experienced by Agents, sellers and buyers over the last few years!
Rental properties in Marbella are also becoming harder to find with no new listing supplies coming onto the market but demand starting to rise, especially for quality rental Villas and luxury rental apartments in Marbella, monthly rental prices are also showing a recovery.
The announcement of the Spanish residence permit for non EU citizens is seen by most agents and developers as a massive boost to an industry that has been struggling for the last 6 years.
To qualify for a Spanish residence permit buyers most invest a minimum of 500,000 euros in a Spanish property – other requirements can be found on our news page.