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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.

Technorati Tags: andalucia, property, market, marbella, investment

About 19,000 properties built in Marbella with illegal licenses will be legalized under the new Urban Master Plan (P.G.O.U.) of Marbella. From 1991 to 2002, the city of Marbella was in the hand of mayor Jesus Gil, the man was first popular among the citizens he reduced street crimes and started a real estate boom. However, in the recent years, that idyllic image faded away, Juan Antonio Roca was the planning adviser of mayor Jesus Gil, the man pursed a quest to wealth giving the impression that his motto was the ‘the end justify the means’, the council handed out building licences for tens of thousands of homes which higher authorities now deem not legal. In 2002 Jesus Gil was banned over Roca the man behind the curtain was able to use the next major Marisol Yagüe (Today, she faces charges of bribery, perversion of the course of justice, and of altering the prices in municipal deals )

Juan Antonio Roca, 53, is in prison he siphoned the wealth of Marbella for him and his partners in crime.

Technorati Tags: marbella, corruption, housing, legalize, urban master plan