New research has shown property sales across the Costa del Sol are almost reaching their pre-crisis levels.
Data released this month has shown that sales had increased just over 30% towards the end of 2014, indicating a strong recovery across the region. Marbella alone has seen sales increase by 89% since 2008. The same report also showed construction in the Costa del Sol increased by 16%, representing a strong demand for off-plan properties available in the area.
The news comes after statistics released last week showed that rental demand had doubled in the last five years, as local residents opt for staying in long term lets.
British buyers are thought to be the reason behind such a large increase in sales since the economic downturn.
Sequre’s Managing Director, Graham Davidson, comments on the rapid recovery in the Costa del Sol:
“Sales are increasing, but house prices in the Costa del Sol still remain relatively low, which means buyers can look to get a fantastic deal in a booming tourist area. Local residents of Spain have turned to renting as a short term solution during the financial crisis, but the affordable nature has made it a comfortable solution, hence the longer term lets. Coastal properties are hugely in demand for tourists and prices won’t be staying low for much longer if this sales trend continues. In Marbella in particular, luxury homes are on the market at 50% lower than they were pre-crisis so it’s great news that British buyers can take advantage of this when purchasing their second home abroad.”
“Across Spain, we can see a changing landscape. Areas are modernising to attract new audiences and new build construction is well under way. Plus, the exchange rate is really working in favour of British buyers so the timing is ideal.”
Sequre source properties from all over the world. If you’ve been considering purchasing a property abroad then speak to our team today. Our property consultants are experts in their field having spent several years living overseas. We understand the market and the latest property trends, and can advise on the best property to suit you. To find out more, call us on 0800 011 2639.