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News - Newsletter From The Director - Sandra G Brecknell

With all the bad news media press and hype I would like to present to my clients a clearer picture of the current situation on the Spanish property market front as seen by those of us who have lived and worked here for many years and survived such bad press before.

As we all know property prices in Spain have grown by over 300% in the past ten years and like all property markets this cannot be sustained, prices need to be regularised and adjustments need to take place and so the market has changed from being a sellers dream to a serious buyers market.

Southern Spain is an established market, with a sophisticated infrastructure, the warmest climate in Europe, close proximity to most north European countries, with very easy flight connections and cheap fights available. Even daily single flights from London to Gibraltar currently being advertised at 35€.

Elections have now taken place and the newly elected Marbella government, the Party Popular, under their enthusiastic and honourable leader Angeles Muñoz are taking every drastic measure necessary to clean up the illegal granting of building licences and permits that has happened during the last governmental period in Marbella.

Non-resident’s Capitol Gains tax has been reduced to 18% half of what it was in previous years thus making it a buyers market.

There are many luxury villas on the market but prices have now become far more realistic, sellers are being forced to reduce their prices to face the stiff competition. So excellent investment properties, well priced, are to be found. On the other hand unrealistically priced properties are taking two or three years to sell if they move at all.

Country Life reports that property prices around the world are continuing to rise despite a slowdown in America. People who are looking for a quick increase and have small budgets of say 250’000 euros are tending to go to the non-established high-risk new countries of the Eastern Block areas. But with cold winter climates, lack of infrastructure, language barriers and high risk, this is not what everyone is looking for and more and more of these clients are returning to Spain disillusioned with their eastern Block purchases.

'Despite recent negative press, the Spanish market continues to record growth, albeit this growth is slowing.'

The market has stabilised but there is absolutely no indication of a property crash.

In conclusion the property / land grab situation, which has been so highly publicised is only in Valencia, no other Spanish State has this law and Valencia is under severe pressure from the European Parliament to change this law immediately and MP’s from all over Europe are bringing this to their governments attention as an infringement of human rights.

So we in Spain and in Marbella in particular remain buoyant and positive that, the market will stabilise prices will be regularised and as always our wonderful climate with over 320 days of sunshine each year and all the wonderful holiday attractions of our beautiful area will prevail, and our property market will once again be successful if slightly more realistically priced!

Our luxury hotels, stunning new shopping areas such as Laguna Village, the old favourites such as Puerto Banus, the charm of the Old Town of Marbella, the mouth watering selection of sumptuous restaurants, sophisticated night life, glamorous stars and royal visitors, all help to make this an un equalled holiday and re-location destination.