Annika Urm's Blog#3: Apartment Prices21-05-2013
The prices of renting an apartment are way too high for any occasion. To rent for week, for a month, it doesn't matter, it's still too expensive!
I have rented in different places in Marbella for the last seven years. I still hear the same prices from property owners that was in the booming times. A two or three bedroom apartment in costs 3000 eur per week in August. And later I just see how all the apartments are empty. It is very usual that 70-90% from apartments buildings are empty and worst case scenario they even cut out the electricity and water in the whole building because of the house depts.
Also buying an apartment is very expensive and not only that every year the property tax and taxes on top of the purchase price are also too high, so you will never get money back from renting it out. And the government even wants to rise the property tax with each year. So my question is who will buy property in Marbella then?
And I forgot to mention the community fees, they are also too high. For example the Puente Romano beach residential area community fee for one month is 1100 eur. Luckily in Puerto Banus, the community fees for big buildings are around 200-300 eur, it's because there are many apartments there.
If you look around how many empty apartments there are in Marbella and new apartments are just on stand by, waiting for new owners. And they are also building new residential areas. This is just incredible!!!
And if all those property owners, who's apartments are empty don't pay the fees and taxes on time. Where is this all taking us?
In my opinion Marbella property market is just a disaster.
I am not even sure where to start to repair it. I understand people who bought during the booming time, when things were double or triple the price that they are now. But what can you do, this is reality and you just have to accept this, otherwise things will just go worse. To buy an apartment in Marbella will cots you around 100 000-200 000 eur. This is the reality.
But of course there are always some exceptions and some very good properties don't have to go down with their price. The perfect rule in buying property is the LOCATION, LOCATION, LOCATION. I will keep renting apartments, at least that means less trouble for me. No fees, no taxes, no community problems etc. You just rent, live and leave when you want!
Buy the entire gallery
this is the thing, money comes from outside and for them it is very cheap to buy here now - now the real estate boom is starting. But the rents should be lower, I agree with this totally. They live in the 90s sometimes
Absaloute Rubbish, I work in Real Estate here in Marbella, last month we sold 5 properties including big Villas and this month 6 sold already. the property market is very good here due to realistic prices. Marbella Real estate market is good and marbella is buzzing
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