The Mediterranean coast continues to grow in popularity among foreigners, according to recent studies; approximately twenty percent of foreign tourists visiting this region of Spain have shown interest in purchasing property here, be it a second home or full-time residence.
Despite potential challenges like Brexit, tourism and expatriation have continued to rise here on the Costa del Sol, showing that there has been no real change in people’s dreams of a relaxed Mediterranean lifestyle. There has actually been a six percent increase in visitors here since last year, with more than forty-two million international tourists passing through both the islands and the peninsular between January and July of 2016.
The Spanish lifestyle is a firm favourite with Germans, who have shown the most interest in purchasing a property here. Coastal areas remain the most popular for obvious reasons, despite generally being more expensive than many of the inland destinations. It seems that the major cities are of less interest lately, with wannabe expats more often favouring beach life. Location is of course a major influencer of prices, with the improved local infrastructure triggering economic growth over any other factor.
This has all boosted the Andalucian economy in a big way. Sales of homes increased by thirty percent last summer and the trend has continued until now; this is partly due to properties owned by banks being put up for sale at irresistible prices, sometimes being sold at half of their value. The thriving tourism industry means good news for property owners and potential buyers on the Costa del Sol region, and as there is also a well-established infrastructure here, this combination has contributed to getting Spain’s economic recovery well and truly off the ground.
2016 and 2017 are key years for grabbing Costa del Sol property bargains
2016 has been a productive and promising year. Property prices are rising in Spain, yet the national market appears to be undervalued; this indicates that now is a good time to think about buying the coastal home you’ve been longing for. Properties on the Costa del Sol can make for a fabulous investment opportunity, whether you plan to live in it full-time, part-time, or simply to make money from renting it out. The latter is another popular trend, with more people preferring to secure their money through property assets than ever.
British buyers tend to spend more on Spanish properties than other international buyers, and they have been further encouraged to do so by the British government, who recently introduced further taxation of three percent on stamp duty for buyers of second homes in the UK.
Sales are happening faster than ever
The speeding up of property sales on the Costa del Sol and Spain are another indicator of the renewed strength the Spanish property market is laying claim to. Despite the majority of interest from foreign nationals being in the coastal regions, properties are still selling at an astonishing rate in big cities like Barcelona, where over fifty percent of properties are reported to have been sold within three months of first being put on the market. More than fifteen percent of homes put on the market were purchased within the first month.
What this means for sellers is that, given the strength of the current market, if they have not sold their properties within the first year, they may need to rethink their asking prices or take a look at their selling Reflecting the strength of the local market, the results also suggest that homeowners who haven’t sold their property within a year should seriously consider revamping their approach to selling it. Renovating the property, or finding a more competent agent might be in order.
Having a reputable, reliable agent is key for both sales and purchases
With so much activity within the Costa del Sol’s property market, time is of the essence for both buyers and sellers. Competition is high, and there is nothing worse than having your sights set on the perfect home for you only to find that you were unable to negotiate the right deal, or that you were pipped to the post.
Having a strong, ethical Real Estate agent helps the process to go smoothly, whether you are selling a property on the Costa del Sol or buying one. Start Group know the local markets extremely well, and we have the right contacts and negotiating skills to get any deal sealed in good time, and any related need fulfilled to your satisfaction. We are here to make sure that our clients don’t experience unnecessary stress or hard work, and most importantly that they don’t miss out on a great property deal.
Here in Calahonda we have the best property picks on our books, and we can help you to see why this beautiful part of the Costa del Sol is the ideal location for your dream lifestyle. We are waiting to talk to you about what your ideal Costa del Sol lifestyle consists of; tell us what you want, and you can rely on us to set you up with the perfect property for your budget.