Between 2005 and now, Marbella experienced a great deal of political turmoil, with several corrupt politicians apprehended, the Town Council dissolved and the local money laundering epidemic tackled in the most public manner.
During this period, tourism numbers declined dramatically, as did the number of property buyers and the wider Spanish market. The boom that had taken place halfway through the decade had spelled disaster in Marbella, increasing the price of everything from properties to basic food and drinks.
The local property market subsequently halved in size between 2006 and 2009, with the amount of transactions slipping from 4,432 to 2,199. The number of holidaymakers gradually dropped too, as many tourists took greater interest in flying to far-flung, exotic destinations where they could live the good life for cheaper.
One of the jewels of the Costa del Sol
However, Marbella’s bad fortune had come to an end by the end of 2015, as demonstrated in great part by the 4,396 property purchases made in the area that year. More and more people are now flocking to the Costa del Sol to buy villas in Marbella, even amid the challenges faced by the now-clean, but cash-strapped Town Council.
Tourism has picked up too, with September of last year seeing 85% hotel occupancy in Marbella, while the same month this year recorded an impressive 90% total occupancy.
Marbella is also poised to become more financially prosperous. This October, the Mayor of Marbella, Jose Bernal Gutierrez, announced that Marbella had generated a budget surplus of €46.5 million, more than enough to pay back €19 million of debt to private-sector lenders, saving €6 million in interest.
Live it up in the sunshine or invest in a prosperous future
Winkworth can help to match you to the most beautiful and suitable Marbella property for you. The city is truly one of the highlights of the Costa del Sol, and with the significant improvements that have taken place in the region in recent years, now is the perfect time to consider a move or an investment in property there.
The future of Marbella is bright and suggests a steady volume of property purchases, tourist activity and economic prosperity – so contact Winkworth today about how you can play your part in it.