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I haven´t got a clue what the figures show (in any event we normally have to wait about 2 years to find out!), but from anecdotal evidence alone, I am convinced that the Costa del Sol property market is showing signs of recovery.
Like most areas of the world, here in Marbella we saw a painful 2nd half to 2008 as the credit crunch gripped the markets in a vice and buyers were reluctant to invest. The last 6 months have seen several rounds of aggressive price-cutting by property vendors, and sales prices are now down to pre-boom levels in some places.
This represents great value for those buyers who believe in the long-term future of the Costa del Sol, and are willing to invest based on its fundamental selling points – access, lifestyle and climate.
From talking to several people within the Costa del Sol property industry, most were reporting increased levels of activity and sales during the first 2 months of 2009, with the European market particularly buoyant – there were many instances of sales involving Danish, Belgian, Italian and home-grown Spanish buyers.
Of course, everyone is on the lookout for a bargain, but with the big agents now no longer operating on the Costa del Sol, this increased level of interest has allowed some of the smaller real estate businesses to actually view the current market as something of an opportunity.
I stand by what I previously said – if sterling recovers against the euro, and the Brits re-emerge as the predominant buyers of Costa del Sol property, we will then be faced with a very active market. Is that the time when vendors will seek to redress the balance with regards to prices?
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