Property in Marbella is expected to see a major revival this year, as buyers and purchasers collectively look to move on from the economic turbulence of the previous two years. The beginning of last year was incredibly slow for Marbella property, but once developers began making discounts of between 20 and 40 percent sales picked up markedly, a trend which is currently showing signs of longevity. There are a number of reasons to think that the rebound seen in Marbella real estate market in the first quarter will continue to build throughout the year, including: 1: Illegal Property Issue Resolved For those that don't know, the Marbella property market was rocked by a major corruption scandal involving developers, agents and the government. Some 18,000 properties were illegally built, and it was thought that they would need to be demolished. Since then the administration that took over has legalised over 17,000 of the properties, on the proviso that the developers in question donate land to the equivalent for parks and the public benefit. This happened at the tail end of last year, and has allowed Marbella to start rebuilding its reputation. A new development has already been announced, and the Mayor, ngeles Muoz has recently unveiled phase 3 of Marbella's reinvention, aimed at making Marbella an open city for foreign investment. 2: New Developments will reawaken the Market Now that the illegal properties have been legalized, and developers are finally getting through their existing stocks, it is a fair assumption that the recent announcement of a new Taylor Wimpey property in Marbella will not be the last this year. New developments bring a new wave of enthusiasm and promotion, and often a new wave of publicity. Some new developments and some new and good publicity is just what the Marbella property market needs to reawaken. 3: Prime Property Currently Outselling Other Classes Prime property is currently seeing more sales, and faster growth in sales than all other classes. This is reportedly because the wealthy have not been affected by the crisis are dominating the market. They are taking advantage of the fact that they have the cash to buy to excellent deals on top properties, and they are putting their money into tangible assets for fears of currency devaluation. Marbella is Spain's premier tourism spot, with celebrities such as Dolf Lundgren, Antonio Banderas and Melanie Griffith, Sean Connery and Joan Collins all living, having lived or having holidayed on a regular basis. Thus, property in Marbella comes under the classification of prime property, and as such is benefiting from a continuing rise in both enquiries and sales since the end of last year. Whilst it is undoubtedly still early days, an increasing amount of good news seems to be emanating from the major Spanish property developers, which can only bode well for the future of the Marbella property industry.
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