Sweet Spot Of Opportunity On Europe's Best Coast
Feb. 11, 2015, Marbella, Spain: Real estate market in Marbella, Costa del Sol, Spain, is a buy, with prices down 45% from their boom highs.
Dear Live and Invest Overseas Reader,
Sumptuous Marbella, nestled on Spain's southern Mediterranean coast, has long been a draw for moneyed expats. The good news for those of us who might not qualify as "moneyed" is that the collapse in the Iberian nation's real estate market has brought prices here back to real-world levels. And with signs that property values on this coast are finally back on the up, now is the time to be shopping.
I visited this costa recently to investigate the situation on the ground firsthand. My scouting included a conversation with local property expert Barbara Wood of The Property Finders. As Barbara and I discussed, it seems that Marbella is in that sweet zone of high end at a low price with capital appreciation on the way.
Here are highlights from our conversation...
Rob Carry: To start, what do you think it is about the Costa del Sol that has made it so consistently popular with generations of expats and visitors?
Barbara Wood: This coast has got the best winter climate of all mainland Europe. The only place in Europe that's slightly better is the Canary Islands, but they're stuck out in the Atlantic off the coast of Africa.
Also, if you look at a map, the only part of Spain's Mediterranean coast that is south facing is in Andalusia. Every other bit of Spain's Mediterranean coast is east facing. Most properties on the coast face the sea, but if you're on the east coast then you're losing the sun quite early in the day. Also, in the winter, the east coast gets winds off the sea.
Plus, most European capitals are within a two- to three-hour flight, so this part of Spain's coast it's incredibly accessible.
Rob: What has Marbella got over the rest of the Costa del Sol?
Barbara: I'd say simply that Marbella is head and shoulders above the rest of this coast. By Marbella I'm including the nearby Puerto Banús area and the little town of San Pedro.
The area to the west of Marbella is considered most prime. It's very residential, and this is where most overseas residents choose to have their homes. The best golf courses are here... the best of everything really. This is also the spot with the most expensive real estate.