Thursday, September 9, 2010

Marbella property sales in 2010 increases three fold

The property market in Marbella on Spain's Costa del Sol appears to be showing the first tentative signs of a recovery.

The Spanish newspaper El Sur cited the figures published in a report by the Municipal Delegation of Hacienda (Marbella's equivalent of the Inland Revenue) and stated that in the first financial trimester of this year, 2.499 property sales were officially registered, which is triple the number of transactions of the first trimester last year. The more encouraging news was the volume of sales this year which is almost double of those made in the first trimester of 2008.

Angeles Munoz, the Mayor of Marbella said that the results are even more impressive when compared to the results for sales made the first trimester of 2006. He stated that the sales figures achieved in the first three months of 2010 have actually doubled the volume achieved in 2006, when just 1.224 property sales were registered in the municipality.

With this all very positive news for Marbella property market, Mayor Munoz added that the new PGOU (General Plan for Urban Order) which comes into legal effect in August is expected to do even more to resuscitate the local property market and therefore, the local economy.

Nearly 16.000 properties that were built illegally by unscrupulous developers at the height of the property boom will now be legalized. The Mayor went on to say that the figures indicate that the town is set to be the first in the area to emerge from the current economic crisis.

She also expressed her hope that this small yet significant recuperation in the property market would continue and will spread to other business sectors.