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Viva Estates, one of the largest estate agents on Spain’s Costa del Sol, has closed all but one of its offices, the latest victim of the downtown in the country’s real-estate sector. The company, which sells flats and homes to a mainly British, German and Irish clientele, has shut 13 offices and now operates only out of its main office in Marbella.

It comes after the dramatic slide of Inmobiliaria Colonial SA, the third biggest real-estate company, last month. The president, Luis Portillo, was forced out after a share-price fall of 61.37 per cent in six months.

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The numbers of holiday properties to be sold in the next 5 years is excepted to be around 650,000 claims the real estate investment company Pierre & Vacances, Spain is considered one of the most attractive European country for that type of housing.

Costa Del Sol (Andalucia) is the most demanded area high level of tourist activities, services , golfs and profit make it attractive. Investing in Andalucia is considered safer than in any other area of Spain says expert from Pierre & Vacances, there is also little probability of price drop for Andalucia.

Speculation has stopped being the heart of the Costa Del Sol properties market, speculators have moved to new emerging markets such as Bulgaria, Brazil, Morocco and Dubai. Today, the typical investor for a property in Marbella is someone looking for a stable investment such as from rent revenue.

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