NOW is the
time to buy a property in Marbella, says Alan Wentworth-Harley the CEO of leading
luxury real estate company One Marbella.
Although it
is impossible to know if property prices will fall further, recent figures
suggest the decrease has slowed down nationwide.
Buyers have
seen prices drop substantially – in some cases up to 30-40% - since the
recession started to bite in 2008, bringing what many believe to be
over-inflated prices closer to what the real value of the properties are, and
in some cases being sold under their true value.
For decades
Marbella had a reputation of being the playground for the rich and famous.
Plush villas owned by Hollywood stars like Sean Connery or Arab royalty, and
super-yachts moored in Puerto
Banus raised the
profile of the city and surrounding areas to the world’s favourite spot for summer
sun.
This image
kept property prices sky-high as demand outstripped supply.
In the mid-1990s
however, a corrupt local authority opened the floodgates to developers keen to
cash in on the property boom at any cost, with no questions asked.
The Coast
and Marbella in particular was making headlines for all the wrong reasons:
crime and corruption. And somehow it lost it’s much of its international appeal
to the world’s elite.
“Since the
new council took over, under the leadership of Angeles Muñoz, the efforts to
remarket Marbella began in earnests to plant the seeds for a new era,” explains
One Marbella’s Alan Wentworth –Harley.
Sporting
events like the WTA Finals at the Puente Romano or the Davis Cup Quarter Finals
were widely publicized. So where a string of high profile concerts which have
brought the top names of entertainment to Marbella including living legends
such as Tom Jones, Sting, Bryan Ferry, or renowned Spanish operatic soprano
Dame Montserrat Caballe.
But
Marbella’s turning point was perhaps in 2010 with the visit of US First Lady
Michelle Obama, who stayed at the 5-star Hotel Villa Padierna in Benahavis
(Marbella) and was snapped by the global media enjoying a stroll in the old
town.
This served
as a reminder to millions worldwide that Marbella was still a top high end
destination. “It sent out the message that if Marbella is good enough for Obama
it’s good enough for them,” says Wentworth-Harley.
Soon news
that the town hall was actively promoting Marbella to the Arab and Russian
markets started to bear fruit.
Qatari
Sheikh Abdullah Bin Nasser Al-Thani – after buying Malaga FC in 2010– has spearheaded
a consortium to build a massive port in Marbella which will count with an
expected investment in excess of €400 million, creating thousands of direct and
indirect jobs as well as raise the profile of Marbella.
The Marina-La
Bajadilla port project, as it is known, will allow cruise ships of up to 175
metres to dock in Marbella, as well as a proposed luxury hotel (although there are issues with the building
license for this) and retail and leisure area covering 45,000 square metres.
“There are
plans afoot for an International Business School to be created in Marbella in a
campus covering 600,000 square metres in the Nueva Andalucia area, also funded
by Arab money via an agreement with Nest Investment Holding Limited,” adds One
Marbella’s Alan Wentworth-Harley.
Meanwhile,
recent figures show growing interest in luxury properties in Marbella from
Russian buyers and investors. These figures coincide with local and national
roadshows to promote Spain and Marbella to Russian markets. Even reports of
Russia’s President Vladimir Putin planning to purchase a villa in Marbella have
done no harm to interest in the local property market.
“The fact
the Kremlin’s spokesperson dismissed the Putin rumour makes no difference,”
explains Alan Wentworth-Harley of One Marbella. Whether it is the US First Lady visit: Putin buying a home here; or Arab money
flowing back into the city; this is increasing its appeal internationally, and
although the Spanish economy is still bleak,” says Wentworth-Harley, “the lower
prices and increased appeal is driving up interest in Marbella properties from
countries where the economic situation is vastly improved.”
And love it
or hate it,” he says, “even TV shows such as TOWIE focusing on Marbella and
with taglines such as ‘no carbs before Marbs’ is raising the profile with the
public at large. Although it is true Marbella has some amazing deals on luxury
properties at the moment, there are many at the cheaper end of the market at
the moment as banks try to offload overpriced properties sinking the balance
sheets,” explains One Marbella’s Wentworth-Harley.
There are
many other positive things happening in and around the Marbella area these
days, each one contributing to its appeal to property buyers.
“The recent
San Pedro bypass makes driving toward Gibraltar on the summer months much
easier, and with additional flights from Malaga-Costa del Sol Airport as well
as increasing number of cruise ships visiting the coast the appeal is growing,”
says Wentworth-Harley.
In 2011
Marbella saw an increase of 5% in tourist numbers, according to figures from
the National Statistics Institute (INE). The number of overnight stays in
Marbella hotels also saw an increase last year (+8%), and the average stays
rose from 3.4 days in 2010 to 4 days in 2011.
“We
recently listed a stunning villa in La Quinta with all the amenities you’d expect
from a property in this prestigious address which has seen the price reduced
from by €300,000 to €1.2 million,” says Wentworth-Harley. “But if this is still
outside someone’s budget there are deals like a large fully equipped studio we
have on the market at €58,000.”
About One Marbella Luxury Real Estate
With
thousands of properties to choose from and a range of dedicated property
services including property finance, valuation, insurance and interior
solutions, One Marbella can tailor their services to meet your needs.
Contact
One Marbella
One Marbella, Plaza de Marina Banus no.27,
Puerto Banus, Marbella 29660 Spain
Tel: (+34) 952 905 100
info@one-marbella.com
Photo credits: Puerto Banus by
Tomas Fano / Meeting - Marbella Town
Hall
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