bargains costa del sol development golden mile marbella properties puerto banus spain spanish property a
In this current economic climate, every prospective buyer of Spanish property is looking for a great deal. That much is probably true of buyers worldwide at the present time.
But people also need to get real.
For instance, although there may be some great deals on properties for sale in London, one of the world´s brightest property hotspots, the most popular areas, such as Mayfair, Chelsea and Marylebone are still in high demand. There may be some discount available in the form of a price correction to reflect current market sentiment, but fundamentally, these areas are solid options for the long-term investor.
The same is true of those highly-regarded areas of Spain. Whilst most properties are for sale for the right price, every property has its ´floor´ price – ie the price at which there can be no further discount.
A great example of this is a development along Marbella´s highly popular and classy Golden Mile. With two five star hotels, the palace of the Saudi Royal Family and golden beaches, shops and restaurants within walking distance, this project is located within one of the best areas of the Costa del Sol. To clear the final 9 units for sale, the promoter has discounted each property by an average of 40%. For this, buyers get themselves a spacious, luxurious apartment in one of Marbella´s finest developments, with 24 hour security, landscaped gardens, 4 swimming pools and restaurant, all within a 5 minute drive of Marbella town centre and Puerto Banus. All for a ´per square metre´ price that works out cheaper than some of the less desirable projects in notorious Spanish ghettos along the Costas. The epitome of the phrase ´location, location, location´.
But some buyers want it all. They still expect all of this and more – the sea view, the frontline beach aspect, the golf course on site. This is unrealistic in the extreme. If this type of property even existed on the Marbella Golden Mile, it would be priced 5 times higher than the properties on offer.
Interestingly, within 48 hours, 3 of the 9 properties have been reserved…..all by local residents who appreciate a bargain Spanish property in a 5 star location when they see one! This is a further example of why prospective buyers from overseas need to do their research on locations and areas before they commence their hunt for Spanish property bargains. They are in genuine danger of missing the ´genuine´ bargains.
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