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The demand for cheap holiday homes on the Costa del Sol, especially those destined for the foreign market has revived the interest of Sareb (‘sociedad de gestión de activos procedentes de la reestructuración bancaria’ or bad bank) in completing the stalled building work on such properties.

villas in Benalmadena 300x192 - Bad Bank to Finish 116 Homes on Costa del SolThe company, created in 2012 as part of a condition laid down by the European Union in exchange for aid of a hundred billion euros to Spain’s banking sector, is responsible for dealing with toxic assets and has now turned its attention to two developments in Malaga province, totalling 116 homes.

Of these a hundred are concentrated in a residential estate in Casares, though the company will not yet say where. The homes are in the final phase of construction - 80 per cent built and in some cases lacking only electricity or phone connections or painted walls - and with works to re-start in July are expected to be completed by the end of the year and put on the market.
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Statistics churned out by the real estate sector continue to bring positive news for Marbella. At a time when the price of holiday homes continues to fall all over Spain, the Costa del Sol town is recovering its upward trend, showing the greatest increase in property values on the holiday home market.

apartment in Marbella 300x200 - Marbella's property market is showing great signs of recoveryThese, at least, were the findings of a survey carried out by the valuation firm Tinsa, which places Marbella third in Spain in terms of holiday home prices (per square metre), a list that is topped by Sitges in Cataluña.

The report, published earlier this month, is based on the results from the first quarter of this year. In one year holiday homes in Marbella have increased in price by 4.8 per cent while in other towns on the Costa del Sol and the rest of the Mediterranean coast prices continue to fall. The study has taken into account the year-on-year result from the first quarter of last year.
...continue reading "Marbella’s property market is showing great signs of recovery"