Luxury property in Marbella "holding up well"

Luxury property in Marbella "holding up well"

Real estate values at the top end of the Spanish market in sought-after destinations such as Marbella and the rest of the Costa del Sol are shedding less of their value than cheaper alternatives. This is according to operations director at Fine & Country Spain Michael Lovett, who explained villas in this region of the country - and Marbella in particular - are among the most popular with those seeking a high-end home.

He stated: "The region continues to attract buyers and investors from all over the world [who are] attracted by its beauty, stunning beaches, superb climate, luxury houses and exclusive estates."

Mr. Lovett is confident that, although there are wider problems in the Spanish real estate sector, Marbella and the surrounding area will perform well this year. The falling value of the euro against sterling should also help boost interest in the market, he added.

Although luxury properties on the Costa del Sol may be holding their prices, the same does not appear true for other types of real estate on the Mediterranean coast, with the Tinsa report for May revealing values in this part of the country have dropped by 14,1% year-on-year.