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If we assume that the legal matters are sorted in the next few months and the Marbella property owners can move on with their lives, this doesn´t compensate them for the months of misery and uncertainty that they have endured, particularly those who are desperate to sell their properties in Marbella as a result of the recent financial hardships.
You see, if there is a hint of a problem as to the legality or status of a property in Marbella, the banks and mortgage lenders will avoid it like the plague – a handy excuse in the current credit crunch. So this means that the only option for sellers of properties caught in this legal minefield is to appeal to cash buyers who are prepared to take a risk……….however calculated that may be.
This severely restricts the pool of available buyers, and drives the asking price lower still.
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Hot and busy – these are the best 2 words to describe the Costa del Sol at the moment. If the Brits are staying at home this year, then the Spaniards are certainly opting to do the same!
I spent Saturday in Benalmadena, the popular tourist resort just 15 minutes from Malaga airport. The area is normally dominated by British tourists enjoying the sun, but this time I would estimate that the population was 70% Spanish.
