Marbella Property Crisis? The Top-End is Unaware.
We’ve always argued that the top end of any market is recession proof. If you’ve got several million to spend on a second home abroad and the Bank of England suddenly chooses to set the interest rate at 5.25% or the Royal Bank of Scotland tightens its 100% home loan criteria, it doesn’t really affect the decision-making process – you’ve still got the money to play with and southern Spain still features on the wish list. Granted you don’t make money without being astute and cautious, but the shrewd amongst you will realise that when it comes to the mid-long term, Spain is about the safest you’re going to get, but don’t take our word for it…
A recent study by Madrid-based Viventta Real Estate Group confirmed that the current reported ‘slump’ is not affecting the top end. They say that anything priced over 800,000 euros continues to be in demand especially in the ‘most exclusive areas’. As a national estate agency, Viventta quotes several areas across the Iberian Peninsula and these include Marbella’s Golden Mile, Sotogrande at the western tip of Costa del Sol, four suburbs of Madrid, two of Barcelona and the Santa Cruz neighbourhood in Seville. They even go as far as to say that stock in these areas is starting to be in short supply so the optimum time to take advantage is now.
General Manager of Viventta said “Customers continue to request exclusive homes as often as they did a few months ago… and they are prepared to pay the same price or more for the property. For these customers there is no crisis.” Carrington Estates would, in the light of their own upsurge of interest, be inclined to wholeheartedly agree with Viventta and state that the top end is more than holding its own.
Confirmation comes from the five star hotel chain of Mandarin Oriental when they announced that a 153-room resort with Spa will come to Marbella by 2010. Huge corporate entities cannot fail, and you can be assured that fact rather than hearsay feature in their business plan.
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