Is it just me, or does the Costa del Sol seem to be getting its mojo back? I use the word “mojo” because I can’t actually find the exact word that describes what I feel is happening.
After a VERY busy summer when Marbella and Puerto Banús felt full to overflowing with foreign visitors, the autumn of 2014 saw numbers continuing to swell. Matters almost reached crisis point at half-term in October as flights to and from the UK were fully booked and prices soared to over €400 for a one-way ticket to England… if you could get one!
Restaurants and bars struggled to cope with the unprecedented numbers of people. In fact I waited an hour for food in two normally efficient eateries during one weekend in October. How dare these tourists go to my favourite places and keep me waiting!
More and more people seem to be enjoying what Marbella and the Costa del Sol in general have to offer. Even now, during the traditionally quiet four months of winter, things are happening. Empty commercial units are being snapped up and transformed into retail and office premises, Marbella Town Hall has done itself proud with its wonderful and extravagant Christmas lights, and the park in San Pedro finally opened to the public in December to much fanfare and a spectacular fireworks display.
None of this would have happened during the” lost” years between 2008 and 2012. Since then however, things have slowly started to turn around. Of course, in those depressing financial times, most of us were scared of spending money, worried about taking holidays and sceptical about investing in property. It felt that the world was grinding to a halt. But since late 2012 the feel-good factor has been returning. So what has caused the turnaround?
Firstly, the property market has started to bounce back. Prices fell to historically low levels, and Marbella property started to represent a bargain. As people’s general confidence in the financial recovery began to return, they started to look not only at items that they needed but goods and services that they WANTED.
Those seemingly extravagant second-home purchases began to become a no-brainer, so foreign investors have been piling in during the last couple of years, keen to secure a slice of the jet-set lifestyle, but with a 50 per cent discount.
Even the Brits have returned. Having seen sterling depreciate to near parity with the euro, recent highs of 1.25 have bolstered the UK buying market. This is great news for the Costa as the Brits have traditionally comprised the biggest share of foreign investors. Although the Russian market has cooled since the decline of the rouble, others have replaced them, namely the Scandinavians, the Belgians and the Arab nations.
The recovery of the real estate market has stimulated demand for ancillary services such as home furnishings, rentals, car hire, tourism, retail and entertainment. The growth has been steady rather than spectacular, so hopefully we will avoid yet another boom/bust scenario, but already developers are planning several new luxury housing projects for launch in 2015, so it seems that even the off-plan investment market may be making a return.
I for one feel proud to be living in this jewel of a place, and am delighted that so many people seem to be sharing its array of attractions. Long live the mojo!
Sean Woolley, our resident property expert, can be contacted at Cloud Nine Spain: Centro Comercial Guadalmina 4, Local 88, San Pedro de Alcántara; Tel. (+34) 692 254 432; sean@cloudninespain.com; www.cloudninespain.com
What’s Hot
• Taylor Wimpey to launch two new projects.
• Check out the Christmas lights in Marbella and Málaga… while you still can.
• Puerto El Capitán – bespoke luxury villas in Benahavís.
• San Pedro’s new park – well worth a look.
(P1090169 de Atalaya y P1090131 de Duquesa)
Best Deals
• Atalaya Bungalow: two-bedroom detached bungalow, frontline golf, communal pool, completely reformed – priced at €179,950.
• Duquesa Villa: three-bedroom detached villa with private pool, high ceilings, air-con – priced at €395,000.
