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The property market in Marbella is beginning a selective recovery with developments which consist of just a few high quality properties, excellent facilities and prices starting at a million euros
17.10.14 - 16:59 -
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The Golden Mile, leading the crisis recovery
The sales office and show flat at Benalús, on the Golden Mile. J-L
A privileged area, surrounded by greenery, nothing to block the view, very few neighbours, top quality and an innovative design. These are the characteristics demanded by the new property market which is being reborn on the Costa del Sol. The macro-developments, all looking the same, which mushroomed along the coast during the boom years, have been left behind.
Following the crisis the sector is starting to reactivate, thanks to projects which are based on luxury: residential complexes with a very few, very exclusive properties which are, logically, designed for those with ample budgets.
In Marbella, several of these are to be found now. Avenida Príncipe Hohenlohe, otherwise known as the Golden Mile, and Sierra Blanca are the main attractions for investors, many of whom bought land some time ago but were reluctant to build on it because of the plunging property market. Now, signs for show houses are reappearing and off-plan sales are becoming a reality once again.
“We have already sold two of our properties. Those clients are foreigners, but some people from the north of Spain have also shown interest”, explains Nicolas de Zutter, the head of sales at Marbella for Sale, the agency which is selling Diamond Beach, an exclusive complex in the heart of the Golden Mile and very close to the N-340. The first phase, consisting of just four exclusive villas, is costing around seven million euros. These are top quality properties of between 460 and 600 square metres, with a swimming pool and their own lift, and prices range from 1.3 to 2 million euros.
“We’re talking about one of the last plots on the Golden Mile, close to the beach, and it is also a modern project, which is what people want these days,” explains Nicolas De Zutter, who profiles the clients of today as being from northern Europe and interested in properties “with a lot of light, open plan kitchens and close to the beach”. People began to show an interest in this project almost as soon as the first digger arrived and as that interest has continued to grow, the company is now considering starting the second phase. The first villas are expected to be completed in March 2016.
The latest figures place Marbella at the head of the ranking of Spanish destinations with the greatest number of properties sold. It has also been the only town in which prices have risen during the past year. Constructors are confident that this trend will continue.
Another factor which favours the construction sector in Marbella is the lack of existing stock. There are very few unsold properties and those that exist are not arousing interest, says Ricardo Arraz, a developer who describes the property reserves in Marbella as “outdated”.
The president of the Villa Padierna Hotels and Resort business group considers that the key to the recovery of the property market lies in innovation and selecting the best products to meet the needs of the clientele. In his case, the Residence and Private Residence Club products fulfill this criteria; they both allow clients to reduce maintenance costs for their second homes on the Costa del Sol while they spend most of the year elsewhere.
“There has been no new construction in Marbella since 2006 or 2007 and prices did not drop during the crisis as much as elsewhere,”,explains Nicolas De Zutter, who says that prices cannot return to pre-crisis levels because the new purchasers are looking for something unusual and exclusive, but also at a good price.
A few metres from the Diamond Beach complex, the first steps have now begun on another development. ‘Feel the Marbella Style’ is the slogan which promotes Benalús, a new residential area on the Golden Mile which will cover more than 9,000 square metres, of which 5,700 metres are reserved for communal areas such as a ‘chill-out zone’, swimming pools, gardens, gymnasium and spa.
There will also be an additional 7,000 square metres of green zones. With a planned investment of about 20 million euros, the developers are building three blocks with a total of 30 homes. The sales office opened a few days ago, although several clients from northern Spain have already reserved apartments off-plan.
Central and northern Europe
The Benalús development will consist of three and four bedroomed ground floor apartments, (the penthouses have their own swimming pool) and prices range from 800,000 to 1.5 million euros. The developers are committed to “very careful design which guarantees unobstructed views. All the properties are well planned, down to the last detail, because people want the peace of mind of a community, but in an exclusive complex with guaranteed privacy”.
The new foreign clients are also looking at the Sierra Blanca area. The Sierra Blanca Estates group has just announced a new and innovative project, The World Marbella, for 112 apartments in five iconic buildings, costing between 1.3 and 3.5 million euros.
Nearby, in the Camino de Camoján, Spanish and Russian investors are building Los Ceibos de Marbella, 14 four-bedroomed apartments between 400 and 500 square metres and prices from three to seven and a half million euros. The price is not expected to be a discouraging factor, say the developers: “There is a demand for this type of exclusive project. Market surveys confirm that, for the right type of property in the right area,” they insist.


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