Property news these past few months have been nothing short of positive. Property on Costa del Sol continues to see a significant rise in sales, and the mass influx of tourists, along with those that own a holiday home in Marbella has officially begun.
The glamorous playgrounds of Marbella and Puerto Banus continue to reel in tourists, thanks in part to the towns’ high profiles and constant presence in international news. One of the most interesting pieces of news, at least for Marbella estate agents, is the incredible property recovery that is currently taking place in southern Spain. The fact that many of the large banks in Spain are once again backing mortgages, and pushing to stabalise credit certainly lifts the spirits.
In early spring it is reported that Marbella and Malaga rank fourth and fifth in the national coastal real estate market for house sales in 2014. According to the Spanish real estate valuation and advice company, Tinsa; the first three ranking were Barcelona (12,819 sales), Valencia (6,474 sales) and Torrevieja (4,136 sales). In addition, Mijas and Estepona saw over 2,000 transactions respectively.
The Spanish property market recovery is full steam ahead, and property for sale on the Costa del Sol property for sale is seeing impressive growth rates. According to data from the Ministry of Development, Torremolinos and Benalmádena are performing very well with property sales of 70% and 55% in 2014. Comparing those figures with that of 2013 makes it is even more impressive. The recent figures place each coastal city in the top four in terms of rising sales.
Foreign Investors Can't Ignore the Costa del Sol
It does seem like a lifetime ago; the property bubble saw foreign and domestic home buying in Spain virtually evaporate when the economy took a nose dive during the financial crisis. Average home prices in Spain fell 42 percent from their 2007 peak. In the final reckoning, properties in the coastal areas dropped by 50% according to Tinsa.
However, this is in sharp contrast of what's happening today, and with all the positive news feeding down the wires, many are predicting that 2017 will be the year Spain completely stabilises country wide. For now though, the much coveted coastal properties are flying off the proverbial shelves! Buyer interest is so high in coastal areas such as Marbella property and Costa del Sol property deals; many high end investors are looking to buy land plots.
Total investment in Spanish property jumped to 17.8 billion Euros last year from 4.9 billion Euros in 2013, according to data compiled by Irea. The Madrid-based debt-restructuring firm has advised on 32 billion Euros of refinancing and 8.2 billion Euros of real estate transactions in the past two years.
Despite the past dip, the Costa del Sol has made a major comeback. Confidence is once again being injected into the property sector; even large banks are seeing the future for what it is. Thanks to foreign investors, and the continued interest from around the globe, 2016 and 2017 are bound to be our best years yet.
Just in case you are unclear, the message from all major sources is that now is definitely the time to buy property on Costa del Sol.