ONE of the richest men in Estonia has put his Marbella villa up for sale. The balticbusinessnews.com reports that the price tag on Margus Reinsalu’s villa in La Zagaleta is €4 million, €1 million lower than the €5 million price of the same villa when it was on the market recently.
One Marbella property news
According to the report the villa located in Marbella’s most exclusive urbanization, La Zagaleta in Banahavis has “its own website and five bedrooms, several saunas, a cinema hall, terraces and pools, plus a breathtaking view on the Mediterranean.”
The villa is being sold by KC Kinnisvara, a property development company owned by Reinsalu.
In 2005 Reinsalu founded Property Logic where he`s majority shareholder. Property Logic has important development projects in many parts of the world, including luxury resorts in Brazil and Morocco
Source told Baltic Business News that the seller may be pushing for the sale to take place before next year’s IVA (VAT) increase in Spain on property transactions from 4 to 10 per cent.
The report also revealed that expensive housing in Spain is holding its value better than the rest because their owners generally are not in a rush to sell or offer discounts.
Alan Wentworth-Harley of One Marbella which specialises in luxury property for sale in Puerto Banus, Marbella and in select location across the Costa del Sol says that the high end market is seeing a rising number of enquiries from foreign buyers.
“It is not just the traditional German and British buyer who is looking to retire in Marbella, we have seen an increasing number of interest from northern Europe and Arab countries,” says One Marbella’s Alan Wentworth-Harley.
“Marbella has made vast efforts to improve its image, by shedding the reputation it obtained in the 1990s as over-priced and corrupt, to return to its heyday as a playground for the rich and famous,” says Alan Wentworth-Harley.
“At One Marbella, we have a vast range of luxury properties with some excellent finance packages available, and at big price reductions,” says Alan Wentworth-Harley.
“It is now possible to live the millionaire lifestyle without actually being one,” he says.
“Nobody knows for sure if property prices will continue to fall, but latest figure indicate the fall has slowed down, especially in highly sought after areas in Marbella, Puerto Banus and some others in the Costa del Sol,” says Alan Wentworth-Harley.
In October 2011 Estonian ambassador to Madrid Toomas Kahur met in Marbella with Mayor Angeles Muñoz and Councillor for Tourism Jose Luis Hernandez, to discuss ways of promoting Marbella in Estonia and vice versa. “Ironically, Margus Reinsalu was also present at the meeting,” says Alan Wentworth-Harley of One Marbella.
Last year Spanish celebrity magazine Vanitatis reported that Russian President Vladimir Putin was in the process of buying a luxury property in La Zagaleta. It suggested Putin had been encouraged by his friend former Moscow Mayor Yuri Luzhkov.
“Although the Putin story was latter rubbished by a Kremlin spokesperson, many still think it is the case,” says Alan Wentworth-Harley. “Nevertheless, it shows the type of people who are attracted to the area. Just this week Britain’s Daily Mail reported former British PM Tony Blair has been enjoying a break in the Marbella sun.”
“And how could we forget what many say was a turning point for Marbella’s renaissance as a luxury destination: the high profile Michelle Obama Marbella visit in the summer of 2012,” reminds Alan Wentworth-Harley.
About One Marbella
At One Marbella our mission is to find you the perfect luxury property in Marbella, Puerto Banus and Costa del Sol so you can have the home of your dreams.
One Marbella, Plaza de Marina Banus 27, 29660 Marbella, Spain
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