Now there is a lot of news about the crisis in the Spanish construction sector: print and multimedia media write and say that housing is getting cheaper, prices are falling, the crisis is growing. Also, a lot is said about banking real estate, and about the difficulties in this sector (which is why banks sell housing so 'cheaply' in order to repay debts. Spanish banks sell apartments and villas at their cost price!)
Of course, all this has a place to be. However, many facts are greatly exaggerated.
The situation in the housing market (in particular, and to a greater extent resort) on different coasts manifests itself in different ways. Somewhere the prices for apartments and houses in Spain continue to decrease, somewhere they decrease very sharply, but in some regions the prices have stabilized and even started to grow slightly. In particular, it shakes the prestigious world resorts, such as the Costa del Sol, in particular, Marbella and Puerto Banus, Estepona, Benahavis; Costa Brava (Coast of Catalonia). In the Alicante area (Costa Blanca), prices were already low, and now they continue to decline further. Perhaps, it is here that 'massively' buying up cheap real estate, especially Russians and citizens from the CIS countries.
On the Costa del Sol, in Marbella, things are different. There are no cheap apartments and villas here. Basically, this is a region of luxury real estate. At the mere mention of the prestigious resort of Marbella and the 'glamorous' Puerto Banus, luxurious mansions, villas, 'indecently' expensive yachts, helicopters, supercars, boutiques with exclusive jewelry from famous brands and clothes from leading designers .... the price of real estate is determined not only by the 'prestige and fame' of these places: it is also clean beaches, amazing, unique climate, amazing nature, delicious and healthy food, developed infrastructure, the presence of leading medical clinics and colleges that are recognized by the world community. And of course, the quality of the housing itself: these are the highest standards, the best finishing materials, appliances from leading manufacturers.
It is possible to consider real estate on the Costa del Sol by price segments only in comparison with other regions: the concepts of budget, inexpensive and elite housing are different everywhere.
For example, if you are looking for a 2-bedroom apartment in Spain for less than 100,000 euros, and even within walking distance to the beach, with sea views, then you simply cannot find such an option on the Costa del Sol near Marbella. Of course, there are very inexpensive apartments, townhouses and houses here. But at least from 100.000 euros.
This segment of 'budget real estate' prevails on the Costa Blanca in Alicante (Torrevieja, Benidorm). A two-bedroom apartment by the sea with views can be bought for 60-80.000 euros. Townhouses can cost 120-130.000 euros (second homes can be found cheaper). Houses and villas - from 200.000 euros.
But what about the prices for apartments and villas in Marbella?
In the range of 100-200.000 euros, of course, you can buy an apartment in a new complex, as well as secondary housing. In doing so, several factors should be taken into account:
- If these are new apartment complexes from the developer
Firstly, such complexes are usually financed by a bank (a mortgage loan is possible up to 80% for foreign non-resident buyers. While a loan of a maximum of 60% is possible for other real estate in Spain).
Secondly, such complexes are NOT located in Marbella itself, but closer to Estepona, on the New Golden Mile, in Benahavis, or beyond Estepona: in Manilva, Cadiz (closer to Gibraltar). Those. these are the areas that began to be built up and gained popularity relatively recently (Marbella already had world popularity in the 60-70s of the last century).
In addition, where such urbanizations are located, the construction of new complexes continues. Accordingly, the view from the windows will not be picturesque for at least a few years, while the complex itself will be inhabited, and the neighboring ones will be completed (mainly around construction cranes and unfinished buildings).
Thirdly, often these apartments are not by the sea, but at a distance ('for lovers of peace, quiet and countryside'). And fourth, quality. Of course, in Spain the quality of new housing construction is high. But in the budget options for apartments, construction standards are certainly observed according to European standards, however, materials and equipment are still cheaper.
- If this is a second home.
Secondary housing is a special segment. If these are new apartments on the Costa del Sol, albeit inexpensive, then a thorough inspection is not required here. New property is new. But apartments (and villas on the Costa del Sol) in the secondary real estate market, perhaps, require increased attention.
Especially in the segment up to 200.000 euros. Often, these are apartment complexes that were built in the mid-90s or early 2000s. Some are already being sold with repairs, although most of them will require additional investments (repairs will be required especially in the bathrooms - this is the replacement of plumbing, tiles, as well as in electrics, in the kitchen!).
However, there are also exceptional options for bank (collateral) real estate: apartments that the bank took from previous owners for non-payment of a mortgage. Such options can be fully redeemed (their price is extremely attractive, because the apartments are sold at cost), or the loan can be reissued to a new owner (on the same terms). Such properties certainly exist. But they may not always suit a potential buyer: the location of the complex itself may not be entirely successful, the noise from the road or near the road; although most often this particular apartment is not satisfied (the ground floor is too dark and the light does not penetrate the rooms; the corner location, and the view from the terrace to the neighbors' windows - the reasons may be different).
But there are, indeed, rare, successful and attractive options that are quickly bought.
In any case, it is extremely difficult to find good apartments under 200,000 euros in the nearest areas of Marbella. Closer to Estepona, in Benahavis more real. The same goes for townhouses and villas.
The minimum cost of good apartments in Spain on the Costa del Sol in the prestigious areas of Marbella is 200-250.000 euros. Indeed, a quality apartment in this area can be bought for 300.000-400.000 euros.
The minimum cost of good townhouses is 300-350.000 euros.
The minimum price of a villa is from 700,000 euros. Good villas in the Marbella area start from 1.000.000 euros. If you take the first line (up to 500 meters from the beaches), then the price increases by 2 times!
Villa up to 700,000 euros, this is either a very old object (a house to be demolished or in need of major repairs), or its location is not very good (near the road or, on the contrary, in the depths for lovers of the countryside, on the outskirts in seclusion; removal of 10- 20 km from the coast.Such houses are called 'Finnish'). However, it can simply be a cottage, a bungalow or a small house with a small plot (quite good). But in this case, it is no longer a villa, but a house.
Of course, compared to other regions of Spain, real estate on the Costa del Sol, even in the budget version, cannot be called 'inexpensive'. We repeat, there is no 'economy class' real estate here: in Marbella, mainly elite villas and apartments prevail.
The issue of value for money is solved quickly: come to the Costa del Sol in Marbella. You will see everything with your own eyes: the unique nature, the quality of buildings, and the way of life itself. It is not for nothing that the Marbella resort is chosen by the richest and most famous personalities from all over the world: buying a villa or apartment on the Costa del Sol is not only prestigious. This is a great place for a relaxing, comfortable and healthy holiday. Or is it a 'second' house where you can live not only in summer, but also in winter! After all, even in winter it is warm and comfortable here, but most importantly, everything continues to function!
