Holiday homes on the Costa del Sol are set to rise in the next few years as supply begins to run dry
The Spanish property market may have been in a slump for the past few years but the bounce back has started. Enquiries are up in Marbella, glittering hang out of reality TV stars and the superyacht set, as well-heeled buyers source a home on the Med.
The main hub of activity in this Costa del Sol town is the celebrity hang out of Puerto Banus and the ‘Golden Mile’ of upmarket developments, hotels and golf courses. But anyone wanting to add a high-end property to their portfolio should hurry, according to José Leon, sales director for local villa development, Icon Marbella.
“The absence of quality stock means this year and next is the best time to buy, as a scarcity of product will send prices up,” he says. “In Marbella, there is no land available and high demand in the €1m to €3m sector is due to this lack of development opportunity.”
A CGI of the Icon development in Marbella, on sale with Cluttons from £900,000
The villas Leon is currently marketing are intended to fill this gap. A luxury offering from Spanish developer Urbania, the site is adjacent to the golf course of Santa Clara and offers views across the coast. Comprising 53 contemporary, architect-designed villas, 11 have so far sold for between €900,000 and €2m for three- to five-bedrooms with pools and large terraces.
James Evans, managing director of Cluttons’ Andalucia office, also claims there is strong evidence of an upturn across all price bands. “On average prices rose eight to 11 per cent over the past year,” he says, “but there is still a lot of good stock in the €150,000 to €250,000 range. For example, you could get a two-bed in a new project, such as Alcazaba Lagoon at Casares, a unique concept built around a large lake that is attracting serious investors.”
For those with more to spend or who want to be away from the coastal bustle, Cluttons is also listing The Country Club, near the sought-after village of Benahavis. This resort development of quality luxury villas costs from €798,000 for three bedrooms and is a 10 minute drive inland.
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But if you’d like to rub shoulders with the rich and powerful, golf resort La Zagaleta is the place to be. A building plot with sea view here will set you back €3.5m, and a villa from around €6m. You’ll also have tartan-clad crooner Rod Stewart and Russian president Vladimir Putin as neighbours, which could make for a pretty interesting housewarming party.
Call Cluttons on 020 3813 9313 or visit cluttons.com.