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Monday, February 10th, 2014

Rise in international buyers for Spain’s iconic seaside town of Marbella

It has long been assumed that the majority of home owners in Marbella are either Spanish or British, and perhaps Scandinavian, German or Dutch. Recently however, this list is growing, as more and more people across the world are captivated by the Costa del Sol’s luxury property market.

Marbella’s diverse client baseIt all began in the 70s and 80s, when the Spanish and European elite were joined by wealthy Arab investors who took to purchasing lavish villas in the most sought-after areas of Marbella. Following in the footsteps of the late Fahd of Saudi Arabia, who was known for the five million Euros he and his entourage would spend daily building a huge palace in Marbella’s Golden Mile, flocks of famous faces, businessmen and even royalty designed and built some of the town’s most iconic homes. After this boom came a small dip which was quick to recover by the 90s thanks to the influx of Germans, British, Irish and Dutch who came ashore to acquire some of Marbella’s most desirable properties. With their highly respected ability for engineering and workmanship, the Germans, Dutch and Scandinavians were key in sparking improvements in construction standards across the Costa del Sol.

The Russians too were not far behind to join the German trailblazers; the Costa del Sol is a firm favourite for Russians as they continue to settle in some of the most affluent areas of the town, establishing their own community. Russian newspapers, Orthodox churches and social groups such as Luks Marbella are just some of the imported elements which emphasize Russia’s love for this part of Spain. Perhaps like Russians, Norwegians are also particularly attracted to the sunny Costa del Sol, as they comprised a large number of foreign investors in Marbella during the financial crisis, seeing opportunity in the area as a complete contrast to their colder climate, and therefore the ideal holiday spot. Other Europeans to follow suit include Great Britain, Holland, Germany, France and Belgium.

The cosmopolitan vibe of Marbella is just another feather in the cap for this enchanting seaside town filled with luxury villas and premier real estate. This initial growth through a new and increasingly international market is sure to take hold. Marbella is becoming a richly diverse community of homeowners, thanks to the booming economies of Eastern Europe, Morocco, South America and Asia, in particular China. Spain’s new residency permit law through an investment of 500,000 Euros, in line with the stable investment climate of Marbella, is continuing to draw in buyers and investors alike from across the world.

Find out more about Marbella’s luxury property market.

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