Costa del Sol Property Selling Surprisingly Fast
27 Sep 2012
Whilst most media focus is on the glut of up to two million unsold properties in Spain, the Costa del Sol paints quite a different picture. On this coastline homes of all qualities and price ranges are selling – and selling fast.
Nick Stuart, Director of Marbella-based estate agent Spanish Hot Properties, explains, “We are now in a situation where the best bank-owned developments are selling out within weeks. If they tick the right boxes on location, views and price, these homes are simply not hanging around and we have a genuine shortage in some areas. Take Bahia de Plata on the New Golden Mile, a beachside development next to the five star Kempinski Hotel, all 130 apartments priced between 164,000 and 260,000 euros sold out within a fortnight of release by Banco Sabadell. Local and international buyers couldn’t resist the incredible value for money.”
It’s not just the bargains that are selling out at lightning speed. Tee 6, a contemporary frontline golf development overlooking the fairways of Los Flamingos and within walking distance of the now six-star Villa Padierna Palace Hotel, is also completely sold by the bank. Prices here ranged between 330,000 and 451,000 euros proving that clients wanted the best and most luxurious property rather than simply the cheapest.
Nick believes that Santa Maria Village in Elviria, a sought-after residential area in Marbella, is headed the same way. “This bank-owned project has been discounted by up to 60% and 85% finance is available making it a very attractive prospect. What’s interesting here is that, despite prices starting from 179,000 euros, it is the most expensive penthouses at 360,000 euros that are selling like hot cakes. The reason is they’re at least 250,000 euros cheaper than any comparable penthouse in the area and an unmissable opportunity.”
Official figures out in September corroborate this surge in foreign buying interest. As property prices collapse, overseas buyers are swooping and transactions in Q2 2012 were up 12% on the previous year. 9,502 properties were purchased by foreigners from May to July which is the highest seen in Spain for four years.
Bank Repossession - Santa Maria Village, Elviria
A typical Mediterranean village-style development with large terraces, cool and comfortable interiors and several swimming pools set in extensive gardens. Set in a quiet part of Elviria, one of Marbella’s most sought after residential areas, the development has stunning views down the valley to the Mediterranean and is within five minutes drive of the Club House at Santa Maria Golf Club as well as all amenities such as bars, restaurants and supermarkets. The beach is also within easy reach.
Santa Maria Village is now in the hands of the bank and each of the two or three bedroom apartments alongside three and four bedroom luxurious penthouses have been discounted between 49% and 54% off peak prices in 2008. The adjacent development still prices comparable product at twice the value. Up to 85% finance is available.
Prices from 179,978 euros (approx 143,234 GBP) for a two bedroom two bathroom apartment of 100m² built area plus a 35m² terrace (2008 price 350,000 euros).
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