Long Term Rentals in Marbella Rise With Buyers Finding Mortgage Conditions More Difficult

Jan. 12, 2011 - PRLog -- The demand for long term rentals in the Marbella area of Spain continues to escalate as foreigners now face larger deposits when buying a property in this area of Spain. The previous ease with which most foreigners could obtain mortgages, with sometimes up to 100% of the properties value financed has now changed quite dramatically. Unless a property is owned by the bank and they are willing to provide exceptional conditions, every foreigner now faces a maximum of 70% of the property purchase price on a mortgage.

"Many prospective buyers are looking to rent a property in the Marbella area, as they just can´t come up with 30% deposits." Commented John Sarge from one of the leading property companies operating within the area. "Gone are the days of the lax lending offered by most of the banks and valuations are also being made at a far more conservative level." He finishes.

There has been a widely reported increase in the number of people looking to rent apartments long term, rather than buying. Couple this with flow of people continuing to relocate to the area and you have a  relatively competitive rental market, with some of the keenest priced rentals staying on the market for a couple of days. The current wave of clients looking for long term rentals in Marbella will find a wide choice of properties immediately available for occupation with large reductions in price from the levels seen pre.2007.

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To view a selection of long term rentals within the Marbella area of Spain, please follow the link provided http://www.firstpropertychoice.com/portfolio.aspx?portkey...