Now we are approaching the end of the year it’s about time to assess the Real Estate Scenario in La Costa del Sol.
This year 2020, which will inevitably be associated for some time with the unfortunate COVID19, has tested both the state and its infrastructure, as well as the different activity areas, and, of course, the people.
The effectiveness of countermeasures (taken by the different governments) to tackle this pandemic will be measured and evaluated in the coming times, and we will need to do so in a way that allows our society to prepare and adequate itself for any further scenarios like the one we are currently going through, in the future.
In this blog we are picturing the situation of the Real Estate business situation in La Costa del Sol as a kind of year 2020 briefing, since we have never lived this severe test and we firmly believe that we should emphasize the response of the whole of the activity sector to all the difficulties this year has made us face.
On a general basis, the Real Estate business in La Costa del Sol has endured the pounding caused by the pandemic with a competence and adequacy that might have taken by surprise to those who have not enough knowledge of the area, its sociological, economical and infrastructural aspects.
It is an undeniable fact that there has been an impact of this Health Crisis in the Housing market, both in the newly built portfolio and in the Resale market. But this impact, we at Marbella 360 believe, has served to a number of properties that appeared slightly overpriced, to “find” its real sale Price. Hence, the Housing Stock at La Costa del Sol has not undergone through variations regarding Price other than the areas and type of properties more liable to price fluctuations. Thus, the consolidated zones in different cities along La Costa, and in particular, in Marbella and San Pedro de Alcantara, the prices stand mostly the same as previous to the emergency. And this happens due to the fact that these areas, from the most elitist ones (La Zagaleta, Sierra Blanca, the Golden Mile, Puerto Banús) to the central ones (Old town, promenade) including the consolidated areas (Nueva Andalucía, Golf Valley) and East Marbella, which is our area of expertise, emphasizing on Bahia de Marbella and Elviria Beachside, have a proven excellent reputation.
Given the fact that we are specialists in Bahia and Elviria, those are the locations we would like to stress out, furthermore, Bahia de Marbella, with its different kind of developments, villas and dwellings, its Sandy beaches and Marbella biggest asset … the weather, those features enable the properties to maintain their prices no matter what and still have a huge demand for houses and apartments, and proof for that continuous demand is the amount of business that carry on taking place in Marbella different notary offices. The mentioned reputation becomes in these difficult times we are living in the benchmark of the Real Estate Market, meaning that at the time of purchasing a home, we know that in certain areas of Marbella and surroundings, the prices can suffer variations due to the market situation, but those zones with a sound infrastructure, commercial synergies and stable population all yearlong dodges those Price variation and do not allow the market to lower their prices.
The efforts taken by the authorities, the entrepreneurs, both the lodging traders and restaurant owners with its huge gastronomic offer, as well as the small business and retailers, service companies, etc., have accomplished a tranquil lockdown as well as have allowed a sense of security by realizing that La Costa del Sol carries on and there´s no collapse in the market or the prices of the properties and assets. An example of that combined hard work of authorities and private investments is the late announcement on november of the approval of 3 different urban-lodging and leisure developments whose building Works are scheduled to start in 2021..
Nothing further of our intentions that denying the COVID and its consequences, both local and global, on the contrary, we are determined to highlight the quiet but firm answer of La Costa del Sol to the scenario, which has managed to adapt its day to day life and its economic activity to the standards, patterns and guidelines the local, regional and national governments have been issuing; but without leaving aside the essence and “savoir faire” of La Costa, which is widely renowned as a tourist global referent.
Last but not least, we cannot forget that Scientific-Pharmaceutical solutions have been announced (and started to be applied in England) on the last fortnight, which means a gigantic step have been taken in the outcome of the crisis. The world, the leading countries and the whole global society, once aware of the situation, have put all hands on deck to recover our life standards and the scenario we were living prior to the pandemic; this will inevitably require that we work together to achieve that desired goal.
From La Costa del Sol we have as well embraced that task and with the help and support of all the society, the economic and activity sectors, we will overcome the situation and reach the target, which is no other than going back to the pre-pandemic life, our normal life, here in our beloved Marbella, Andalucía and Spain.
