Bengaluru, February 06, 2016: Lucas Fox Marbella doubled the number of transactions during 2015 compared to 2014, thanks to continued attractive property prices and growing demand for prime property on the Costa del Sol.
The value of sales at Lucas Fox’s Marbella office also saw an impressive increase – up by 91% in 2015 comp ared to the previous 12 months.
Newly built properties in prime locations are currently the most sought-after, with many selling out just few months after release and there is also significant demand for high end homes. Lucas Fox Marbella sales prices averaged at 3.5 million Euros during 2015 – the company’s biggest sale was to an American buyer who purchased a 12.5 million Euro property in the exclusive residential area of La Zagaleta.
Recent data from the General council of Notaries has shown that average prices across Spain have fallen in 10 out of the last 12 months, despite steadily increasing sales. In 2013, there were an average of 25,505 transactions a month across Spain whilst the comparable figure in 2015 was 32,541. The average prices conceal regional variations such as hot markets like Marbella and Barcelona, where demand for new-build
properties in particular is currently outstripping supply.
“Marbella, with its attractive year-round climate, remains a firm favourite for many Northern Europeans particularly the UK, Benelux and Scandinavia” _explains Lucas Fox Marbella Director STEPHEN LAHIRI “What we are seeing in recent months is an increase in the number of buyers from France and Switzerland as well as from the US and the Middle East. The profile of the average Marbella buyer is also changing – they are getting younger and are more focused on lifestyle, design and quality”
In response to the resurgence of demand for property in this ever-popular region of Spain, Lucas Fox recently opened its sixth Property Lounge in the upmarket district of Nueva Andalucia. The office will operate in prime areas in and around Marbella, as well as up-and-coming areas such as Estepona and Benahavis.
“Since its inception in 2013, Lucas Fox Marbella has grown to become an integral part of the overall business” adds Mr Lahiri, “Our new Property Lounge reflects the need to accommodate the resurgence in demand for good quality property in this ever-popular enclave of Spain. Throughout 2015 we witnessed a steady increase in sales compared with the ‘drop-and-recovery’ in transactions seen in some other areas of the country”
According to the College of Architects in Malaga, 492 building licences were issued in Marbella during 2015 compared to 143 in 2014 and just 80 in 2013, a sure sign that the market is gathering pace.
Prices in the province of Malaga (which includes Marbella) fell by up to 35% in the higher end of the market since the peak in 2008 until the end of 2013 but have stabilized in the last couple of years. In the last 12 months, however, this area of Spain has seen the fastest price increases – up by 4.8% in the province of Malaga, according to leading Spanish property portal Fotocasa.
Corporate Comm India(CCI Newswire)
