Article – The Sunday Times, Geoffrey Donoghue Always Marbella

By | April 1, 2011

Geoffrey Donoghue, Always Marbella

The Irish love affair with Spanish property has cooled in the past 18 months. With plunging property values, an unstable economy and a volatile banking system (not unlike our own), Spain has proved to be a dud deal for buyers. So why are the Irish returning? Estate agents in Spain say that since February investors from Ireland have been creeping back into the property market. Inquiries are up, primarily from cash-rich buyers or those who sat on the fence at the peak of the market and have watched prices tumble ever since. “The Irish are clever and can spot a bargain,” says Geoffrey Donoghue, who moved to Marbella from Dublin nine years ago and runs his own property company “People certainly held back in 2009. But these people realise that they cannot put their lives on hold because of the recession and they cannot put off that retirement date, so are getting on with their lives.”

Geoffrey Donoghue says “anecdotal evidence shows that the number of Irish buyers in Marbella and the Costa del Sol has increased from nil to 20 a week in two months”. This is based on feedback from other agents.  Geoffrey Donoghue sold five apartments in Jardines del Albaicin to Irish buyers. Another six potential buyers are due to view the development.  [Les mer]

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