Rise in demand for long term Marbella rentals

Costa del villas - Rise in demand for long term Marbella rentals: "The demand for long term rental homes in popular parts of Spain has raised as foreign buyers face difficulties in meeting the requirements for mortgages issued by Spanish banks. One area that has seen a particular increase in demand is Marbella, one of the most popular resorts for international buyers.

Until fairly recently it was possible for buyers to get a 100% mortgage from Spanish banks to cover the purchase of homes in the country. However as Spain tries to revive its struggling property market banks are getting tougher with buyers and are now demanding hefty upfront deposits to secure the funding.

In most cases the banks are now stipulating with buyers must be able to put down a 30% deposit before proceeding. Although in some, albeit exceptional, circumstances mortgages of up to 90% can still be obtained.

Due to these circumstances many foreigners that would previously have been looking to buy property in Spain are now choosing to rent on a long-term basis."

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