Marbella’s property market remains firm
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News on Spain
1 July 2008
Marbella’s property market has bucked the Spanish housing downturn, with an average price increase of 2.15% over the past year, according to the Inmobiliaria Salvago consultancy company
However, the overall drop in property prices along the Costa del Sol amounted to between 0.78% and 3.8%, while Estepona was an exception, with average prices depreciating by 6.5%, in the past year.
The average price of a property in the Spanish province now stands at €2,556 (£2,020). The most expensive prices can be found on the western Costa del Sol and in the city of Malaga, particularly Mijas, Torremolinos and Benalmadena. However, it’s Marbella that possesses the most expensive properties, with the average property for sale in Marbella currently costing €3,145 (£2,490).
Despite the recession in the building industry Inmobiliaria Salvago forecast that property prices in Marbella’s Golden Mile, which stretches between Puerto Banus and Marbella, ill appreciate further in value due to the shortage of new homes coming onto the market.
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