Latest figures from the Spanish Registrars Association show property prices in Spain rose 6.6 per cent in the 12 months up to the end of September. That is the biggest rise registered since September 2007—before the Spanish property bubble burst. This makes the registrars’ house price index the most optimistic of the various organisations that keep track of average prices, but it is in keeping with anecdotal evidence from Marbella, where the property market has been experiencing a definite upturn since 2013.
Sought after Marbella homes
The kind of high value real estate Diana Morales Properties specialises in has been in great demand over the past two years, which has had a knock-on effect on prices. Empirical evidence shows homes in the most sought after areas such as the Golden Mile, Nueva Andalucía and Puerto Banús have been increasing in value substantially.
Nationally, according to the registrars, there were 92,786 homes sales in the third quarter of the year, an increase of 16.6 per cent over the same period of 2014. Again, this reflects the situation in Marbella, where we have seen property in the most desirable areas selling quickly.
Shortage of quality new-build homes
Indeed, this rise in sales has seen a shortage of quality new-build homes and the demand for building plots has risen as developers seek to satisfy the pent up demand for homes in the town.
However, people wishing to sell their villa or apartment in Marbella should exercise some caution when setting a price, as the properties that sell quickly are realistically priced for the present day market. While values have been rising, they have not yet recovered to 2008 levels, and much depends on the exact location of the property.
When setting a price it is highly advisable to first speak to an experienced agent who knows the town and each of its districts intimately. DM Properties has an in depth knowledge of the Marbella real estate market—one that is quite different from the rest of Spain—and is perfectly placed to help you settle on a realistic price for your luxury villa or apartment. Please contact us for a consultation and we can discuss your requirements.