Much of the property sold in Marbella can be described as high-quality. In a recession it is known that the parts of society least effected by the financial crisis are the wealthier ones. Near the middle property buyers use credit as a springboard in times of prosperity and financial growth. Back in 2009 the consequences of the financial crisis were still in a state of flux, however the demand for quality property in areas such as Marbella was still strong.
It can be said that in these times it is definitely a buyers market. Wealthy individuals obviously have better access to credit and are less reliance on the banks, and it is this group of people who are seeking out high quality property in the best locations. Because of the correction in the housing market in areas such as Marbella there is still opportunity for certain types of property.
It seems that depending on the circumstances of the seller there are some substantial discounts over the original asking price to be had. However, there is evidence to suggest that around 30% of sellers don’t the to drop the price at all. For those with the available credit the next couple of years with present and excellent time to buy a property in Marbella for investment.
So what types of property aren’t selling?
It may sound obvious, but poor quality builds in densely populated area’s are best avoided. Location is of critical importance and unfinished property should be given a wide berth, as demand for this kind of investment will remain poor for the foreseeable future.
The best advice here is to exercise patience and look before you leap. The property market always seems to bounce back once growth is restored and the availability of land increases. If you do decide to invest, be aware that immediate returns are unlikely.
So where are the opportunities?
You should look for properties that are well built in good locations. Buying property close to amenities and facilities are always going to be more valuable than those out-of-town. Things to look for are well-kept streets and the immediate surrounding areas, it doesn’t take a genius to spot areas which are in a state of decline or poorly maintained. If there are empty building plots in the area, ask if any building permissions have been granted and find out what for.
Although there is a lot of property for sale in Marbella there is no need to rush into anything. Allow yourself plenty of time to surface the best and highest quality property even in the event that it may cost you a little more, it will be worth it in the long run.