Marbella Property Market in Decline

September 14, 2006

The Spanish daily ‘El Pais’ reports that political uncertainty and corruption scandals have pushed Marbella’s property market to its lowest point in five years.

The paper quotes Emilio Langle – residential property director of real estate consultants Aguirre Newman – as saying that “This Andalusian city’s property market is in recession: new developments are completed with 35 percent of units unsold, and investment potential is practically zero.”

He claims the average time to sell for new developments on the Costa del Sol has risen to 32 months, up by three months compared to a year ago.

The Costa Blanca and Costa Calida regions continue to offer good investment opportunities, with 10% growth predicted in 2006.

For an extensive choice of new and off plan property for sale in Spain on the Costa Blanca and Costa Calida, visit the Novocasa website.