Marbella, always Marbella!
For foreigners who are not willing to spend less than two million euros, the Costa del Sol resort has not lost its appeal
Seven years after the town was rocked by the property permit corruption scandal known as Operation Malaya, which led to the arrests of the mayor, her deputy and a host of other well-known figures, the situation in Marbella has not only returned to normal but there are also now signs of optimism that demonstrate the strength of “a first-class international brand” resort.
And real estate agents harbor no doubts.
"Marbella is known worldwide as a top-class destination, and its consolidated and quality markets have weathered the crisis better than in other places across Spain and other countries, in the sense that there have been fewer price reductions and more movement of properties,"
And the press are agreeing:
The combination of a superb microclimate, a dash of designer brands and a constant stream of celebrities, from Hollywood A-listers to reality show wannabes, means that Marbella can pretty much ignore the political bun fighting that is going on in Spain and get on with the serious business of having a good time and making money.
Marbella: Welcome to the good life!
It’s not all tourists and celebs, however. The past 12 months have seen the luxury residential property market show real growth.
The sector expects more than two million overnight stays in Costa hotels this month, a record for June and an increase of 4.3 per cent compared with the same month in 2014. June no longer has any reason to be seen as the poor relative of the peak months of the summer. The forecast for tourism figures on the Costa del Sol this month show that it is becoming almost as popular for holidays as July and August.
According to the regional government’s Tourism Department, tourists are expected to spend 2,040,000 nights in hotels in Malaga province this month. This is not only the first time the two million barrier has been broken in June but it is also an increase of 4.3 per cent on the same month last year. Property sales on the Costa particulary Marbella looks like hitting all time highs since the recession back 2007/8.
Seven years after the town was hit by the property permit corruption scandal known as Operation Malaya, which led to the arrests of the mayor, her deputy and a host of other well-known figures, the situation in Marbella has not only returned to normal but there are also now signs that Marbella is once again becoming a first class international resort.
Marbella is attracting hundreds of wealthy Russians, Qataris and Kuwaitis who are not willing to pay less than €2 million for a house. There are opportunities for middle-class Spaniards in residential areas such as Nueva Andalucia, near Puerto Banus.
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