The price of holiday homes in Marbella has started a new upward trend. :: JOSELE-LANZA
Statistics churned out by the real estate sector continue to bring positive news for Marbella. At a time when the price of holiday homes continues to fall all over Spain, the Costa del Sol town is recovering its upward trend, showing the greatest increase in property values on the holiday home market.
These, at least, were the findings of a survey carried out by the valuation firm Tinsa, which places Marbella third in Spain in terms of holiday home prices (per square metre), a list that is topped by Sitges in Cataluña.
The report, published earlier this month, is based on the results from the first quarter of this year. In one year holiday homes in Marbella have increased in price by 4.8 per cent while in other towns on the Costa del Sol and the rest of the Mediterranean coast prices continue to fall. The study has taken into account the year-on-year result from the first quarter of last year.
On the Andalusian coastline only Marbella and Manilva have seen an increase in the prices of holiday homes over the last year.
Of all the tourist resorts on the Spanish Costas included in the study (a total of 26 in Cataluña, Valencia, Murcia and Andalucía), Marbella has been most successful at closing the gap between current prices and the pre-crisis peak, which in the case of Marbella came in the fourth quarter of 2007. Then, holiday homes had a market price 39.2 per cent higher than the current value, according to the Tinsa report.
The study finds “a certain impovement” in terms of the activity registered in the worst years of the crisis, and highlights that this increase in activity appears to go hand in hand with foreign demand, which has been rising since the first quarter of 2013.
According to the Tinsa experts, the value of properties in municipalities with a tourism-based economy has fallen more than average - compared to non-tourist towns - since the start of the crisis, but now it is showing clear signs of recovery.
The report lists the size of the stock of unsold new homes, along with the quality of properties on offer in terms of being able to meet existing demand as two elements that are key to the current situation.
“Locations that have been reducing their stock of unsold homes over the last few years” are those that are showing greatest signs of recovery. Foreign buyers are responsible for the renewed activity in the market, the study has found.
Tinsa had already pointed out that the real estate market had taken “an almost 180-degree turn” with the massive influx of international investors, a situation that is also true of the holiday home market.