While property prices in Spain have plummeted in recent years, the luxury end of the market appears to be holding up, making Marbella a good option for those planning to purchase a home in the country. This is the assertion of the Wall Street Journal, which noted in a recent article that average real estate values in Spain have fallen by between 15 and 40 per cent since the financial crisis began. According to the publication, there is "still a sense of long-term economic stability" in Spain, which may appeal to investors hoping to pick up assets at low prices. Commenting on the appeal of Marbella in particular, president of Sotheby's International Realty Philip White stated: "It has been a major destination for years. It is safe, international, the restaurants are excellent and it has a sense of vibrancy." Speaking to Bloomberg this week, Fernando Encinar, head of research at Idealista.com, claimed that vendors in Spain are being forced to drop their asking prices in order to make a sale. This is due, in part, to the lack of flexibility among mortgage lenders, he added.
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