International Investment Spotlight on Marbella
Marbella mayor José Bernal travelled to Hong Kong this week to attend the official presentation of one of the municipality’s most ambitious new hotel property projects in decades. The Starwood-Marriott corporation has signed an agreement with investment group Platinum Estates to manage its €300 million luxury hotel and residential complex in a frontline beach location in the Real Zaragoza area east of Marbella city.
To include hotel rooms, apartments and villas, the complex will be known as “W Marbella & The Residences” and is due to be completed in early 2021, although there are also plans for a beach club to open in summer 2018.
Meanwhile… The potential of buy-to-rent real estate investments on the Costa del Sol has been highlighted by latest figures released in relation to the tourist-home market. According to the Andalucía Tourism Register, 10 months after the implementation of new regulations for houses and apartments earmarked for rental to tourists, the number of beds offered is now over 103,000. They are made up of 48,881 that have been legalised under the new rules, and 55,000 provided at existing tourist-apartments.
These properties now offer more beds than the total available at Costa del Sol hotels, although the latter still easily lead the way in overall stays, with more than 20 million in 2016 compared with just over one million for apartments and houses.
The figures were reinforced by global accommodation giant Airbnb, who told the Sur daily newspaper that the number of advertisements for home rentals for tourism purposes grew by 50 per cent on the Costa del Sol in 2016.
And in other good news…
- A report by BNP Paribas Wealth Management in Spain predicts an end to the current period of low inflation in Spain and advises investors to opt for real estate as a sound investment to protect returns from inflation. According to the global banking and financial services company, direct exposure to “real assets” (such as direct investment in real estate) guarantees attractive long-term returns, improves a portfolio’s protection from inflation, and reduces the risk of declines.
- An article by Bankinter analyst Jesús Amador notes that the Spanish real estate market remains attractive for investment, and predicts that residential demand in Spain will increase to a threshold of 500,000 homes during 2018, thanks to an expanding economic cycle, improving employment opportunities and low financing costs. Amador added that the average price of a home would rise by around four per cent, boosted by the limited housing stock and an increase in rentals in the more well established areas (such as the Costa del Sol).
- Latest figures released by Spain’s Land Registrars Association indicate that home purchases by foreigners rose by 16 per cent last year (13.6 per cent of total market share). British demand decreased due to – presumably – uncertainty over Brexit and the decline in the value of the pound but still represented around one-fifth of the total. The overall market, including Spanish buyers, increased by 14 per cent; and house prices rose by 5.67 per cent (based on the registrars’ “repeat sale methodology”).
For our featured property this week, we visit a popular residential area near the site of the “W Marbella” project, Costabella, home to this magnificent modern villa priced at €1.8 million.
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