This marks my second holiday in the Spanish Riviera since 2005. Four years ago, Marbella and neighboring towns were littered with cranes; not anymore.
The last time I visited Marbella the Costa del Sol region was in the throes of a major real estate boom that saw prices extend as far as the eye can see; now the property market has crashed and bargains beckon in Spain.
If you’re looking for an affordable condominium in the Spanish Riviera then now is the time to make a purchase following a 15% to 40% bust since prices peaked in 2006.
According to Banco Bilbao Vizcaya Argentaria there’s about 800,000 to 1.4 million unsold homes scattered across Spain, including Costa del Sol. The bank estimates it’ll take about two years to absorb this supply but I think it’s looking more like three years or more. There isn’t a week that goes by whereby banks aren’t repossessing residential property.
