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The Marbella Property Market Bounces Back!

It is official: The Marbella property market has begun a long road to recovery!

All major agents report that the spurt in market activity in April has continued unabated during the whole of spring  & throughout the summer months.

Properties are selling again, in all price categories.

Potential buyers were literally “frozen” with fear due to the world economic situation. However, during this period many potential buyers still went out to view properties, to identify what they would like to purchase whilst they waited for prices to drop further.

With confidence levels rising, we now see people who have been looking for months, even years, now actively buying properties at prices which, only a year ago, they never thought would be achievable. Other potential buyers, are still making offers of 50% on already severely reduced prices, and end up buying nothing.

There is not a frenzy of purchasing, nor do we anticipate one. But there is good market activity: properties are selling once again, and this trend will continue unless there are further world events, which change it.

As defined in the Marbella Property Market Report 2009, the beginning of a market recovery is described as “a significant perception by the market of an increase in the volume of sales”. Price levels of course depend on the level of both supply and demand, and as buyers come back into the market in significant numbers, prices will gradually increase. Although we predicted a beginning to recovery in the last half of this year, there is no question that it has already started & is well under way.

There will, however, be no rapid recovery in prices. What are selling are properties, which are perceived as excellent value for money. Without a doubt, prices achieved in 2006 and 2007 were unrealistically high, driven up by speculation in an over-heated market. We all believe that the market will take easily three years to achieve full recovery.

Sales prices being obtained today are similar to 2002-2004 price levels. The better-located properties in the most consolidated areas are achieving the best prices but, in all cases, they are below the price peaks of 2006-2007 by at least 15%, and rarely exceed 30%.

Negotiating the sale of a property, however, is far more difficult than in the past. Fiscal issues, checking of planning permissions, first occupancy certificates, market knowledge issues - (where both potential buyers and potential sellers must be shown comparatives of what is really selling today because, more often than not, the owner thinks he is selling for too little and the buyer thinks he is paying too much): all these factors require a highly experienced, quality agent, with full property documentation and excellent product knowledge, to bring the parties together in harmony.

We at Brecknell Properties remain dedicated to offering all of our clients a personal tailor made service to meet each individual’s personal needs & as always to find:

THE COMPLETE SOLUTION.

Marbella is a truly unique place with unique people an almost perfect all year round climate. Offering every amenity & attraction to suit all types of visitors, be they investors, or people simply looking for a better life style & wanting to relocate, or simply a peaceful luxury holiday in the sun surrounded by every possible attraction.