If we assume that the legal matters are sorted in the next few months and the Marbella property owners can move on with their lives, this doesn´t compensate them for the months of misery and uncertainty that they have endured, particularly those who are desperate to sell their properties in Marbella as a result of the recent financial hardships. You see, if there is a hint of a problem as to the legality or status of a property in Marbella , the banks and mortgage lenders will avoid it like the plague – a handy excuse in the current credit crunch. So this means that the only option for sellers of properties caught in this legal minefield is to appeal to cash buyers who are prepared to take a risk……….however calculated that may be. This severely restricts the pool of available buyers, and drives the asking price lower still. One such area of Marbella that has been particulary affected is Elviria, 12 kilometres to the east of the town. Property in Elviria is in high demand – it offers some of Marbella´s most desirable permanent and holiday housing, boasts the coastline´s finest sandy beaches, and is home to a variety of sports and leisure amenities. Elviria was built upon the recent property boom, but that only means that most of its ´highly desirable´ projects are now subject to ratification in the new Town Hall plan, and so buyers are still unsure of which way to proceed. This is a crazy situation for everyone concerned. Forced sellers cannot sell, buyers who are desperate to invest in the area are reluctant to do so, lawyers have no real idea of what is going on, and estate agents with some of the best inventory in Marbella are sitting at their desks twiddling their thumbs. As the news filters through of an imminent announcement of the approval of all these ´dodgy´ developments, many buyers are now prepared to take a risk and take advantage of the misery of many sellers, hoping to bag a genuine bargain in a great location, hoping to see a quick return when the properties are finally ratified and the values rise accordingly. And you thought that buying property in Marbella was easy! Related Posts Marbella Property – Do Illegal Homes Represent the Best Buys? An Agent Buys a Property in Spain - Part 7 - Another House! An Agent Buys a Property in Spain – Part 1 – How Hard Can it Be?!

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Marbella Property – Do Illegal Homes Represent the Best Buys? - PART 2

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