For the first time in years, the Costa del Sol is beginning to see a new wave of development projects. The renewed confidence that investors have in Marbella’s property market is becoming apparent. Not only can it be seen in the appearance of cranes and billboard adverts overhead, but in the growing demand for land, particularly good plots in the best locations with the best views. This is becoming the Costa’s new luxury product.
The real question is this: is there any land of this description left in Marbella? The answer, according to the professionals, is yes. And they all agree that the struggle for land is only just beginning, although we are already starting to see a knock-on effect on prices.
Another striking change, though, has appeared in the preferences of the clients. Attitudes have changed dramatically, and many people are now looking to build their own houses and get much more involved in the project themselves. This has primarily been a market interesting clients from Northern Europe, France and Belgium.
Spanish investors are also participating in the race to get the best land, even though foreign firms are still dominating the market.
Some of them are buying land in advance, while prices are still at an acceptable level, with the intention of waiting for a recovery in the construction market before starting to build on the land.
Despite this recent surge in interest in Marbella’s property market, companies say that it is still possible to find a bargain among the town’s ever-high prices.