Looking ahead, it seems that growth in the Marbella and Costa del Sol property sector is reaching a plateau. Demand from British buyers is understandably down surrounding the uncertainty of Brexit, however other regions, notably Belgium, the Middle East, the domestic Spanish market and new growth markets such as the Americas and Asia, compensate for this. While other important markets such as Scandinavia, the Netherlands and Russia are mostly consistent.
What about new builds versus resale properties in Marbella?
Many are taking advantage of new builds or new developments in the areas of Marbella, Estepona and Benahavis. We found that the trend for high-spec but conveniently compact villas sees itself reflected in the revival of semi-detached modern villas and luxurious townhouses that offer space, style, villa-like amenities and a family home in a price range set between apartments and villas. Penthouses, meanwhile, retain their appeal, and like villas their rooftop lifestyle terraces with lounging and dining areas, outdoor kitchen and BBQ, bar and pool or Jacuzzi, are very much in style.
Buying property in the areas between Marbella, Estepona, Benahavis, Ojén and La Cala de Mijas is enjoying high returns on investments, and we predict this trend will continue well into 2020. These areas in particular enjoy good access and views, and many new builds or urbanisations sit within gated communities with modern style amenities. The prices, right now on new builds Costa del Sol still offer major value, however, prices are of course set to go up in the next few months.
The year ahead…
What does 2020 have in store?
In the year ahead the Marbella property market will remain strong and steady mainly due to new changes in laws across Spain. This includes new lenient laws around owning and running a business in Spain, as well as, new lower costs for self-employment.
There will continue to be a strong intrinsic demand for Marbella real estate even in a more challenging global economic environment, which includes Brexit uncertainty. With elections set to take place as well across most of the world, and stock markets set to fluctuate, we know for absolute certain we won’t face any sort of bubble or crisis like in 2008. In fact, the Marbella property market will continue to stabilise as its done for the past 5 years.
We feel that further down the line those who have bought property in Marbellla including new builds are set to benefit, as property prices will continue to rise in the future.
In the meantime, the waters seem calm and strong, long and short-term rental income continues to drive up a little, particularly in the most desirable addresses on the Costa del Sol. Watch out for some exciting new projects being launched in the months to come and also consider older properties to renovate.