Agent Spotlight: Keith Spitalnick, Target Property

Keith Spitalnick | Target Property 

See our video interview with Keith Spitalnick here: 

A Seasoned Expert on the Costa del Sol

Keith's journey on the Costa del Sol began nearly 20 years ago when he first settled in the glamorous Puerto Banus. Over the years, he explored various coastal towns like Elviria and La Cala de Mijas before finding his current home base in the charming Riviera del Sol urbanization in Mijas Costa.

It was here that the seeds of Target Property Spain took root about a decade ago. "We were previously in Benalmadena under a previous reincarnation and name," Keith recalls. "After working for someone else in real estate, I realized I should set up on my own." A fortuitous opportunity for an office in Benalmadena Pueblo led to a joint venture, eventually paving the way for Keith to establish Target Property Spain in its current Mijas Costa location.

The Changing Face of Buyers

One of the most significant shifts Keith has witnessed in the Spanish property market is the evolving profile of buyers. "Our buyers used to be predominantly English and Irish retirees," he explains. "Golfers coming for a holiday home in the sun or to relocate for their later years."

However, the post-COVID era ushered in a remarkable transformation. "Since COVID, we're now seeing a lot of millennial money, a lot of new money, a lot of very successful young families moving here permanently from all around the world," Keith notes.

While the British market remains robust, accounting for about 25-30% of Target Property Spain's clientele, other nationalities have surged in prominence. Germans, Belgians, and buyers from Eastern Europe, particularly Czechs, Poles, and Hungarians seeking a safe haven amid regional uncertainties, now make up a significant portion of Keith's clientele.

The Rise of American Buyers

One notable trend Keith has observed is the influx of American buyers, drawn to the allure of branded residences like the Epic Marbella and Karl Lagerfeld Villas. "The Americans love a branded residence, as do the buyers from Dubai and Abu Dhabi," he notes.

Navigating this diverse client base has been relatively seamless for Target Property Spain, as they primarily cater to English-speaking clients. "We're an English-based agency, and our website is in English only," Keith explains. “We all speak English and Spanish, and with the wonders of Google Translate, we can communicate with clients via email.”

Challenges and Opportunities

Despite the promising market conditions, Target Property Spain faces its share of challenges. Chief among them is the persistent lack of inventory. "There's just not a lot around," Keith laments. “We've had such high demand since COVID, but there hasn't been a lot for sale.”

The shortage is particularly acute in the resale market, which constitutes the bulk of Target Property Spain's business. "Most of what we do is resales," Keith explains. "We only really deal with a handful of new developments that we know and have a track history with."
However, Keith remains optimistic about a potential influx of new listings in the coming months. "I expect to see a lot more stock coming on after this summer, mainly because of interest rates," he predicts. "If you've got a holiday home here and you're feeling the pinch back in your home country, and suddenly you've got this extra expense every month, normally what happens is you'll come out for one last summer holiday and then say, 'Let's give the keys back to an agent and get it on the market.'"

Another challenge Keith has encountered is managing client expectations, particularly at lower price points. "For the classic two-bed, two-bath apartment, I'm finding that clients' expectations are still a bit out of date," he notes. “The days when you can buy a two-bed apartment walking distance to the beach for €200,000 are sadly gone.”

The Excitement of Diversity

Despite these hurdles, Keith remains energized by the increasing diversity of clientele. "What's exciting for us is that if, for example, the UK isn't in a particularly buying culture at any one time, there's going to be other clients somewhere else in the globe that are going to be taking advantage of that," he explains.

This global reach not only insulates Target Property Spain from localized market fluctuations but also promises a steady stream of opportunities from myriad time zones and cultural backgrounds. As Keith aptly summarizes, "We've got a whole wealth of nationalities and countries and time zones to be dealing with now."

As the Spanish property market continues its dynamic evolution, agents like Keith and Target Property Spain stand poised to navigate its complexities, seize its opportunities, and guide a diverse clientele through the journey of finding their dream home on the sun-kissed shores of the Costa del Sol.