Luxury Lifestyle in Marbella… at Bargain Global Property Prices
What is the most expensive residential street on the Costa del Sol? No surprise really. According to a study by Precioviviendas.com, apartments in Avenida Ramón Areces in Puerto Banús cost an average of €5,262 per square metre.
The digital platform analysed market values for all apartments in Málaga province municipalities with at least 25,000 inhabitants (not only those being offered for sale but existing properties), and determined that the entire top-10 were in Marbella. In fact, it wasn’t until position 18 that another municipality got a look in: Mijas’s Calle Cedro.
The fact that Marbella is one of the most exclusive addresses in Spain (and, indeed, Europe) is common knowledge. What is perhaps less known, however, is that the area offers exceptional value when compared to the world’s other major luxury destinations.
The newly released “Marbella Real Estate Market Report 2017” by Diana Morales Properties / Knight Frank included an intriguing comparative graph indicating the number of square metres US$1 million would buy in the world’s top cities. Based on prime residential rates as at December 2016, Monaco led the (expensive) way with 17 square metres, followed by Hong Kong (20), New York (26), London (30), Geneva (42), Singapore (43), Shanghai (46), Paris (55), Beijing (58) and Sydney (59) – to round out the top-10.
The report offered authoritative insight into several other aspects of the Marbella property market. For example, in reference to Brexit, the authors noted, “The statistics show a decline in sales to British homebuyers last year both in our region and in other parts of Spain. The fact that it was met with a strong increase in sales to Scandinavian, Dutch, Belgian, French, German, Middle Eastern and also Moroccan buyers cancelled out any negative impact on overall sales in 2016, but it also denied the year a chance to rather spectacularly beat the previous record set in 2007.”
They added that, while it was important to be realistic about the impact of Brexit on the Costa del Sol, “there is no need for despair”, as it would be felt mostly in the short term. “As the British love affair with Marbella is far from over the effect will be relative, not absolute. Demand from other countries continues to grow.”
The DM Properties sales team concluded that, “Adjustments to overpriced properties continue to take place, making the property market a more competitive one. Prices have been mainly stable with buyers submitting offers around 10 per cent below asking price. Land available in prime areas of Marbella is practically all gone, although strong interest remains from buyers who are having to look beyond Marbella in Benahavís or Estepona.
“We see the trend among clients (end users and investors) taking longer to decide on a purchase continuing in 2017, yet the popularity of the new developments is reminiscent of the pre-recession years.”
Meanwhile, when it comes to investors seeking rental income, the latest news is encouraging. According to research by valuations company TecniTasa, holiday home rentals on the beach in Spain have risen an average of 10 per cent in a year.
One project that showcases the finest in exclusive Costa del Sol living is a new 64-home estate in the heart of the “Golden Triangle” of Marbella, Benahavís and Estepona, with the apartment featured here priced at an excellent €345,000.
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