Marbella is one of the most popular places to move to on the globe. Around seventy-five per cent of its population was born elsewhere!
Properties here are as stunning as the beaches are gorgeous. The area enjoys 320 days of sunshine each year, has twenty-seven kilometres of coastline, and the city is renowned for its designer shops, high end restaurants and glitzy nightlife.
It’s not hard to see why Marbella has a reputation for being a playground for the rich and famous. But, despite all that is on offer for a hedonistic lifestyle, it’s also for a healthier way of life that many people choose to relocate to Marbella. And money talks so you really don’t have to be famous to make the move.
If you are just starting out on your luxury property hunt for a house in Marbella, here are a few pointers.
Marbella Market Overview
Demand in the best areas of Marbella is currently outstripping supply. That is the view of property expert Christopher Clover in his latest Marbella Property Market Report 2018. Christopher has been writing about Marbella property for 48 years so he knows a thing or two about the market. He says the recent push in prices is because of the consolidated nature of the most popular areas in the city.
There’s limited room for new developments and Marbella’s notoriously slow planning procedures since the bribes scandal in the 1990s has slowed new development down. Nevertheless, there are Marbella properties coming onto the market all of the time.
Some prices in the popular Puente Romano area have doubled since 2011. The urbanisation of Casablanca just west of the Gran Meliá Don Pepe Hotel has also seen prices double in the same period.
Property experts at Luxury Estate Agents, Panorama Properties, carried out a survey of leading agents in the Marbella area and found that sales of properties with a price tag of over €4 million showed a significant improvement in 2017 over 2016. This is probably due to the fact that a substantial number of newly refurbished and new properties have come on to the market since 2017.
Who Buys in Marbella?
According to a recent report in the Financial Times tech entrepreneurs are replacing golf retirees in Marbella and they’re shunning Andalucian home designs. One Marbella property agent said he hasn’t sold a home to anyone aged over 50 in the last three years.
Marbella has long attracted celebrities and the rich, explaining the many paparazzi-proof gated communities. But, self-made millionaires, especially those in the tech industry, are now flocking to Marbella for a change of lifestyle. If you are moving to Marbella, expect a youngish to middle-aged crowd with a penchant for everything good in life.
Where is the best place to buy a luxury home in Marbella? Here are three prime locations.
If there’s one urbanisation in Marbella to shout about, it’s La Zagaleta. This is an exclusive private resort for the super-rich. Elevated plots house extraordinary contemporary villas and palatial mansions with spectacular views. The gated development features two golf courses, a country club, an equestrian club, and tennis and paddle facilities. This is as luxurious as Marbella gets and super-homes come with a price tag of €20million plus.
Everybody knows Puerto Banús. It’s the playground for international jet setters and it’s definitely the place in Marbella to go and be seen. Puerto Banús is also a hotspot for property investment. Penthouse homes set around the harbour are snapped up as soon as they come on the market.
The Golden Mile
The Golden Mile marks the four-mile stretch of sandy beach between western Marbella and Puerto Banús. The area along this stretch of the coast offers exclusivity and is home to luxurious hotels, clubs and expensive properties with front-row Mediterranean views. This definitely isn’t an area for house hunting with an average budget. Expect modern villas and spectacular Andalucían-style villas in immaculate private gardens with swimming pools and multi-million-euro price tags.
What you can buy for €2million
There are many developments in Marbella where a slice of modest luxury can be purchased for around the €2million mark. Estepona and Benahavis are popular and for €2million you should be able to bag a spacious 4 bedroom, 4 bathroom villa with a private garden and pool.
What you can buy for €6million
For €6million you should be able to clinch a deal for a modest (compared to some of the villas on this development) 4-bedroom, 4-bathroom villa at the prestigious La Zagaleta complex. Or an elegant 5-6 bedroom, 5-6 bathroom mansion at the luxury Nueva Andalucia development, which is within walking distance of Puerto Banús.
What you can buy for €20million plus
Now you are talking. You can go property hunting in La Zagaleta. You will get a truly magnificent property in this price range with at least 6 bedrooms and bathrooms, bells, whistles and breath-taking views.
The full impact of Brexit on UK residents and buyers in Spain is yet to be seen. One thing is for sure, the Spanish tax authorities will gain. Tax paid for owning a property and not living in it (non-resident income tax) in Spain is less for EU residents as compared to residents from elsewhere in the world, as is the tax for leasing property as a holiday home.
It may put some UK buyers off, but those looking for luxury property are more likely to be able to weather the uncertainty and can take advantage of any potential dips in the market caused by more cautious buyers waiting to find out the Brexit outcome.