Spain has seen more real estate market turmoil than many of its neighbors and the world at large in recent years and now people in Marbella are hanging their hopes on a the completion of the San Pedro underpass, which many hope will bring higher property values to the area. The underpass reconstruction was supposed to have been completed in 2009, but the country’s financial difficulties made it hard to keep the project funded, and now causes incredible traffic delays for locals and tourists. The final cost is projected to reach €85 million, and while prices still remain low along the planned thoroughfare it is expected to be a smart investment for prospective buyers. For more on this continue reading the following article from Property Wire.
After almost five years of on-off construction, controversy and congestion, the San Pedro underpass is finally set to open in June this year and boost the property market on Spain’s western Costa del Sol, it is claimed.
Traffic will flow fluidly between Marbella and the western Costa del Sol and breathe new life into this section of the coast’s real estate market where many bargains are currently available.
‘The San Pedro underpass saga has been nothing short of an embarrassment and thorn in the side for residents and tourists alike. A project that was conceived to ease traffic and be finished in 2009 has dragged on almost five years and created the congestion blackspot from hell,’ said Adam Cornwell, managing director of Feltrim International.
‘When the ribbon is cut in June we’ll all breathe a sigh of relief and journeying to towns such as Estepona, Manilva and Duquesa will become a swift pleasure rather than a time consuming chore,’ he added.
Built on the main coastal A7 motorway, the underpass is a kilometre long tunnel that will bring an end to San Pedro’s awkward north/south divide and do away with the need for a series of traffic lights and pedestrian crossings thus making traffic run more freely.
The final cost, after many delays, is reported to reach the €85 million mark but more than 65,000 cars will use the underpass daily and feel its immediate benefit. Marbella Mayor Angeles Muñoz has reassured Minister for Public Works, Ana Pastor, that the project is an absolute priority will be ready to open in June.
One development that will instantly grow in appeal is Residential Duquesa close to Marina de la Duquesa, some 30 kilometres west of San Pedro. Originally priced at €260,000 in 2007, these two bedroom two bathroom apartments have been repossessed by the bank and are now available for as little as €106,700 with the bonus of a 100% mortgage.
The development is within walking distance of the marina, beach, shops and La Duquesa Golf and Country Club. Cornwell said it has clear rental potential. On site residents enjoy four swimming pools, two paddle tennis courts and underground parking and the community is gated for peace of mind.
Marbella is within a 35 minute drive, Puerto Banús even closer at half an hour and Málaga International Airport a total of one hour. Meanwhile continue west and smart polo, marina and golf resort, Sotogrande, is less than 20 minutes drive and the rock of Gibraltar with direct flights to the UK is just 50 minutes away.
This article was republished with permission from Property Wire.