I have received lately many comments from buyers referring to some newspapers announcing that the prices have to go down still a 30% in Spain. In fact, that maybe true in some areas but I do not think that will happen in Marbella.
My main comment about the evolution of the prices is: it depends. I have prepared the attached chart where it can be easily seen that the higher level areas are maintaining prices and, even in one case, they are going up. There are three groups of data: big cities (Madrid, Barcelona, Valencia and Sevilla), coastal councils (Estepona, Roquetas and San Javier) and high level coastal municipalities (Calvia, Adeje and Marbella). From these three groups of data, the readings are different: the prices at the big towns are still dropping although it seems that the falls are starting to stop in Madrid, the prices on the coastal councils are, again, still dropping dramatically and the high level municipalities are keeping the prices. Even in one case, Calvia, on the south west coast of Mallorca is showing already increases in prices. That increase has also been mentioned by some colleague agents that work mainly on the Marbella’s Golden Mile. Futhermore, Mr. Angel Serrano from Aguirre Newman, the renown real estate consulting firm, also agrees on that: the market is quite heterogeneous: markets with low offer are probably close to the bottom and those with high offer and low demand will need an additional 20 to 30% correction.