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Most buyers of property in Spain have a habit of treating and viewing the entire Spanish property market in very general terms – at the moment, the widespread view is that the market is on its knees, prices are falling dramatically, and that vendors are desperate to sell.
This is wishful thinking on the part of prospective buyers.
Just as in any property market, there are areas that are still attracting high demand, just as there are undoubtedly areas with problems of over-supply and falling prices.
Take the example of properties in Marbella and the prestigious Golden Mile area between Marbella Town and Puerto Banus. These areas have always proved popular, both as 2nd home destinations for Northern Europeans, and also, crucially, for Spanish buyers and the resident population. Of course, we must accept that the volume of buyers has dried up due to the harsh economic climate, but there is still demand for good quality, well priced and well located product in these areas.
Although this demand for Marbella property has actually suffered as a result of the corruption scandals that surrounded its planning irregularities over the last few years, the subsequent response from the regional government, i.e. to withhold approval for the launch of all new development projects, has probably helped Marbella out of an almighty hole.
During the last few years, there have hardly been any newly built properties, and therefore we haven´t seen a surplus of stock becoming available to drag the market down.
What we are now witnessing is a smaller number of potential buyers, but all of whom are interested in purchasing a fairly limited amount of stock that´s available within well-located areas. We are seeing buyers ´chasing´ particular properties, knowing that there is a limited amount of similarly located stock available.
This provides a market within a market, and is difficult for the ordinary overseas buyer to comprehend. Over the last few weeks, we have seen several offers made by prospective purchasers in Marbella and on the Golden Mile, and all have been refused. Sellers in these areas are confident that they have the best-located properties and that there is a paucity of similar stock, and can therefore ride out the current storm in pole position.
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