I have always said that if you are looking to invest in a property, then invest in location first. The danger of falling for the climate, sea and lifestyle is a real factor in this part of the world. In other words, in the heat of the moment you just don’t care where you land as long as the sun shines on it.
We receive many calls in our office from people asking us to find a property for renovation, and they don’t really mind if it’s in a poor location, as long as it’s a good deal. This is a big mistake in Marbella or anywhere. The buy-for-renovation market is providing quite a few opportunities where you can win with the location and also get a good deal. It just needs a bit of concentration and effort to hit that investment in the middle of the bull’s-eye.
In this market, sellers with old properties on nice plots are all of a sudden attracting a lot of interest from developers, which is a good thing. However, don’t expect top dollar unless you are thinking of developing your own property to take advantage of the end users who are looking for turn-key.
I work a lot with top listers such as Katinka and Alex Clover from the brokers Panorama. They are among a very small group of experts who really know about the importance of a good location. More and more of their clients are being encouraged to improve and take control of the potential their properties have. This is proving extremely popular, and home-owners now have the option of professional help to become mini-developers themselves.