Saturday, March 14, 2009

Marbella prompting a high degree of interest from Brits

The Spanish resort of Marbella, on the Costa del Sol, continues to be a popular destination for expats and second home buyers looking for property in Spain, it has been claimed.

Buy Association claims Marbella "retains something of the exotic" making it popular with investors from all over the world particularly with Britons who's love affair with the Cosata Del Sol persists, with continued high numbers deciding to move here permanently. The top end property market in the area also is "relatively strong” and holiday villas are still going for up to and over €9 million (£7.15 million).

According to Julia Norton, sales director at Champneys Marbella said that rising prices in Marbella demonstrated its desirability, with the average cost of a home 28 per cent higher than 12 months ago, which she described as "remarkable despite the global property crisis". The continuing popularity of the Costa del Sol with foreign leisure travelers has significantly boosted the housing market and economy in the region.

Meanwhile, Data from the Immigration Permanent Observatory shows that property in Spain is becoming increasingly popular with a 12 .4 per cent increase in the number of foreigners with valid residency living in the nation noted between December 2007 and 2008.