[JMBroad]

Hi.

Correct, the period of 7 years which I'm sure Simon was referring to isn't 2001-2008 it was (probably) 1996-2003. Having said that, there is still a lot of interest in property in Spain, however those looking to buy now are people who want to use the property themselves, as opposed to those looking for pure financial gain.

I previously worked for one of the biggest international (top-end) lifestyle real estate agencies worldwide doing valuations for sellers on the Costa del Sol and was personally involved in several millions of Euros of property sales each year.

Two examples I can give you:

One - bought a property for 200.000 Euros - 9 years later I valued it at 1.000.000 € all other agents told the owner to sell for 650.000 € yet the property sold within two months at 980.000 € and the new owner is delighted with the property which they are using as their holiday home.

Another gentleman bought a property for 150.000 € in 1990 and we sold it to a property developer in 2006 for 1.050.000 €

An apartment the initial buyer bought for 150.000 €, sold 3 years later for 480.000 €

So no, saying that only developers made money in Marbella is not correct. Back to the old adage of "all crows are black, all crows are birds therefore all birds are black".

If you invested in the right property at the right time, Marbella was a goldmine.

Property investing is always about timing and location. It's not exactly luck though as you said "if you were lucky enough to sell at the peak". It's less about luck and more about experience, common sense and greed. As an investor, you need to sell when you can make enough money to justify your investment. Don't be greedy and hold on until the market deflates. All property markets work in cycles. Don't buy at the top, don't try and sell at the very top. Be wise.