marbella property
Foreign buyers throw a lifeline to the Costa del Sol’s real estate market
It will take a long time for the real estate market in southern Spain to recover from the bursting of the bubble, although the good news is that there is light at the end of the tunnel. Developers and estate agents are now optimistically clinging to a lifeline that has come from abroad. The storm of the financial crisis has relented for the British, Germans, Scandinavians or Russians who are once again showing an interest in the Costa del Sol, and mainly Marbella, attracted by reductions (of up to 30 per cent in some cases) in the asking prices of properties.
The statistics confirm this trend noted by the industry. According to the latest property sales report published by the Ministry of Development, in the last three months of 2010, some 6,457 transactions were made in the province of Malaga, and of those 905 (14 per cent) involved buyers from outside Spain. This is not only one of the best results in Spain (behind only Alicante) but also reveals an increase of 31 per cent on the previous quarter.
source - SURinenglish
