La Zagaleta is seeing demand for property increase rapidly as buyers snap up bargains before the market recovers, according to experts. La Zagaleta has been singled out because people are going for quality at a bargain price, property that may have perhaps been out with their reach before.
"The Algarve and Marbella are enduringly popular, but became very expensive; now, they offer great opportunities," said Charles Weston-Baker of Savills, he continued:
"Many people are putting their money in the Algarve's Quinta do Lago, Now the froth has gone-the annual price rises of 15%-20% have come to a halt-people who have long wanted to own in these prestigious resorts finally can.
"The same is happening in Sotogrande and La Zagaleta, with people going for quality at a better price. Although Marbella has been very heavily hit, interest is quickening and, having seen two recessions there before, I know the market can change very quickly. The best properties haven't dropped much in value, but if people really need to sell, you can negotiate 30%-40% off the price."
You can currently buy luxury villas in La Zagaleta from around 3 million Euros. This would never have been possible before the recession, and may not be possible for much longer if sales continue to rise as they are.
Foreign buyers are returning to Marbella, with Taylor Wimpey reporting a 150% increase in sales over last year, and the tax office confirming that sales are higher than they have been for 4 years.
Places like Marbella and La Zagaleta are seeing such rising sales because the lack of mortgage availability has caused prices to come down, and now the wealthy with the cash to buy are capitalising on the fact that they can make cash offers to perhaps desperate sellers.
Prime owners are certainly on the lookout to capitalise on a growing desire among the really wealthy, to put their cash into a tangible asset for fears of currency devaluation. One example of this is the 30 million euro villa that is currently on sale on La Zagaleta, with First Choice Property.
The property is like something you would see on through the keyhole. It sits atop a hill with glorious views from the private poolside out over the gorgeous La Zagaleta resort as far as the ocean. 10 bedrooms, multiple reception rooms, an entire floor dedicated to the master bedroom suite, walk-in wardrobes, marble floors and an exquisite kitchen complete it as a home that will hold its value against any recession.
