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One place that is enduring in its appeal is the affluent and glitzy yacht marina of Puerto Banus. People simply love visiting the place. They travel from far and wide to sample the huge array of restaurants, shops, bars, nightclubs…..you name it, Puerto Banus has got it. It appeals to all sorts – families, couples, singles, golfers, hen and stag parties.So I guess it stands to reason that buyers who are looking at their Spanish property investment from a long-term perspective, as outlined in Part 1 of this article, would be flocking to Puerto Banus. And this is where the age-old rule of ´supply and demand´ kicks in. There is only a limited number of quality properties available for sale within walking distance of the port.
One of the most luxurious of these is La Alzambra….and it doesn´t some cheap. Typically, 2 bed apartments in La Alzambra start at around €600,000, with 3 bed properties fetching upwards of €800,000. Of course, for that sort of money you can expect a supremely spacious, luxurious pad with all the mod cons, lagoon pools, tropical gardens and 24 hour security, but the thing that may amaze some people is that demand for properties at La Alzambra is high. In fact, the demand for stock hasn´t really abated, even during the economic crisis. Buyers recognize that the location and specification is ´5 star´ and that there is rarely a sniff of the words ´distress´ or ´discount´ in the air. And for good reason too. As well as the benefits already mentioned, owners of properties at La Alzambra can fetch top-dollar rental returns, €8,000 per month in peak season being the norm for a 2 bed apartment.
So while all those unwanted and unloved bank repossessions in low-end, unpopular locations lie vacant, depreciating fast, a place like La Alzambra is forging ahead as a true recession-buster in the midst of a supposed collapsing housing market.
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