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I have lived in my property in Marbella for 8 years. When I first arrived, the area was just enjoying its latest surge in popularity, and within 2-3 years, the Spanish property boom was in full swing.
During that time, and driven by the huge demand for property in Spain, the expatriate population of Marbella, and many more seaside resorts in Southern Spain, has increased dramatically. Entire families have relocated, and so the local schools have been full and the shops, the bars and the restaurants have all benefited hugely.
Now that the slowdown is well and truly with us, there suddenly isn´t the need for all those real estate agents. Sales of property in the Costa del Sol are down significantly, and consequently, those once busy expats have nothing to do, nowhere to turn. Unless they are prepared to quickly learn Spanish and compete with the locals for the few jobs available in sectors such as retail, they either have to work in expat bars and restaurants or start their own businesses. If they choose the latter option, this will only really work if they have cash reserves to rely upon, and can spot an opportunity that will thrive in the current economic climate.
As a consequence of this problem for most expats without the financial reserves to survive during the downturn, there are plenty of people leaving the Spanish costas and heading home. Life in Spain has simply become untenable. With school fees to pay, limited funds coming into the household and dwindling employment opportunities, there is no way out for lots of people.
So how will this shape the future of places like Marbella?
Read Part 2 of this article for my thoughts.
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