Good News to Start the New Year
With the final vestiges of the festive season now fading it’s time to get down to some serious business. When it comes to the Costa del Sol real estate market, the signs are extremely promising for 2017. Here are some of the key reasons why…
- A new report by CaixaBank Research, “Demand for Housing: Uneven Growth”, concludes that “the recovery in the real estate market is getting stronger every month”, albeit “particularly strong in some zones”. The latter include prime Mediterranean coastal areas such as the Costa del Sol, where foreign demand remains a key factor.
- An upbeat end-of-year report by the authoritative Financial Times highlighted the burgeoning confidence in Spain’s property market, and noted that investors were particularly attracted to excellent commercial real estate options.
- Home prices in Málaga province, which covers most of the Costa del Sol, were 6.6 per cent higher in the final quarter of 2016 compared with the same period the previous year, according to the latest Tinsa IMIE index. The valuation company also reported that the average sale time for a property in Málaga was 9.7 months.
- Britons still represent the main buyers for the Costa del Sol property market but sales to other nationalities, including the Swedish, are on the rise. According to newly released data from Spanish second home specialist Shario and the Property Registrars Association, demand in Spain from Swedish buyers was up 59.8 per cent year-on-year in the second quarter of 2016 and 22.7 per cent in the third quarter. Shario co-founder Mark Stücklin told OPP.Today, “Swedish demand is important… (on) the Costa del Sol, where they are the second biggest group of foreign buyers behind the British. I expect they will become even more important after Brexit, which has reduced the number of British buyers.”
- The number of new home projects approved in Málaga province rose by 24 per cent in 2016 compared with the previous year, according to the Official Association of Architects – to a total of 3,041.
And finally… a study by appraisal company Tecnitasa concluded that the most expensive residential property in Andalucía was in Puerto Banús, at €5,559 per square metre. Madrid’s Calle Serrano led the way nationally (€10,246), followed by Paseo de Gracia in Barcelona (€8,957).
For any property-seekers looking for a bargain, Villa Marbella Now has plenty of magnificent homes in Marbella well under that price, including this superb apartment in Puerto Banús (€900,000).
Of course, we would strongly
not recommend you consider a property in the cheapest area in Andalucía, the rather un-salubrious Palma-Palmilla suburb (€469), even if it is close to Málaga Football Club’s La Rosaleda stadium!
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