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Everyone knows that there is currently an over-supply of Spanish property along the Costas, leading to webpage after webpage of so-called bargains and distressed sales in places such as the Costa del Sol and the Costa Blanca, undoubtedly the most popular areas for most property-seekers.
One of the jewels in the Costa del Sol property market is of course Marbella, home to the rich and famous, the glamorous yacht-harbour of Puerto Banus, the Saudi Royal Palace on the Golden Mile, and the atmospheric Old Town in Marbella itself.Although there are deals to be had on Marbella properties, there certainly isn´t what you could call a ´glut´ of discounted or cheap properties for sale in Marbella within the town hall boundaries.
Other than Marbella traditionally being at the top of the location wish-list for most buyers on the Costa del Sol, the other key reason why property prices in Marbella have held up relatively well is that for the last 4 or 5 years, the town has seen hardly any new development. This was due to the crackdown on illegal buildings, dodgy permits and building licences, and a general freeze on any new projects until the regional government and the Marbella town hall were able to sort their act out.
Thankfully, the new town hall plan was approved this month, but residents and property vendors in Marbella can probably give extra thanks to this legal impasse, as it was the forced halt in construction at the very height of the boom period that has actually helped the Marbella property market through the crisis that has hit so many other parts of the Costa del Sol. With no new-build properties built in the last 4 or 5 years, we haven´t seen an over-supply of cheap, investor-driven, empty properties to drive prices down.
With a restricted supply of quality properties in the best locations, Marbella is actually holding up rather well in the current property crisis. And of course, once the market starts to move again, Marbella should be first to recover anyway, simply because it´s the place where most buyers want to be.
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