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Costa del Sol Property Market Investment
Every winter I am reminded of just why Northern Europeans fell in love with the Costa Del Sol in the first place. A beautiful setting, fabulous beaches, a relaxed lifestyle and 300 days a year of sunshine are a very strong pull indeed.
Thats why the fundamentals of the Costa Del Sol property market will always be strong, despite the banking crisis of 2007 and its affect on the overseas property market.
Estate agents in Spain say that recently investors from Britain have been creeping back into the market. Inquiries are up, primarily from cash-rich buyers or those who sat on the fence at the peak of the market and have watched prices fall from their peak.
People certainly held back in 2009, but these people realise that they cannot put their lives on hold because of the recession and they cannot put off that retirement date, so are getting on with their lives. Demand continued to be relatively weak through 2010, but that pent up demand is feeding in to a recovery in 2011 in both number of sales and prices. It’s not just the British who have returned to the market, looking for a bargain, the strength of the German economic recovery has increased the number of Germans looking to buy property and it seems Russians who are the biggest buyers of all. A survey published by Savills International found that the overseas second-home market is likely to be characterised by cash rich, lifestyle property investors keen on bargain prices.
As always it is the upper end of the market that has held up best, prices are on average 15% down on their peak, but are beginning to tick up.
If wisdom says that the more upscale end of the market makes the best investment opportunity, then logic says that somewhere like the Los Flamingos Urbanization could be the ideal choice. It benefits from 9 golf courses and exclusive housing developments spread around the 5 star Ritz Carlton Villa Padierna Hotel and Spa. There is also a planned beach club and numerous other sporting facilities. Chosen by Americas first lady Michelle Obama for her Summer vacation in 2010 the development has an exclusive, classy feel, together with the peace of mind that comes from gated security.
If the price tag of some of the completed villas on the market for between 2 and 5 million Euro is enough to put you off then consideration should be given to buying a plot of land in a good location and having your own villa constructed. Provided you are careful that all necessary permits are obtained this should prove a great Marbella villa investment, whether you are looking to move to the sun permanently or construct your dream home in the sun.
With such strong fundamentals and returning demand it is highly likely that prices will start to increase. Even if real estate prices just keep pace with inflation they will have to rise by 5% per year. If you have a dream of a home in the sun, or are looking for a decent return on your investment portfolio you need to carefully consider whether you are missing out and will look back in the future on what was a great opportunity missed.
My recommendation would be, book a flight, get yourself out there, do your research and make an informed choice.
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