Sales and Price Trends in the Malaga Region
After reaching a low point in 2011, property sales in Marbella began to rise consistently, recording year-on-year gains that have long since raised above double digits. The trend started in Marbella but has over the last few years spread to the entire Costa del Sol.
After it started rolling outwards from the most desirable beach side locations to include more of the outer areas that were first developed during the previous boom.
In the beginning it was mostly driven by the very top end of the market (often in the form of luxury properties in the areas of Golden Mile, La Zagaleta, Sierra Blanca and Camoján) on the one hand and heavily discounted ‘distressed’ properties located outside the Marbella area on the other.
As the unsold housing stock produced by the financial crisis was gradually sold out – and here we have to stress that Marbella was only moderately affected by so-called toxic assets – the focus shifted to new-build homes.
With the first new projects launched in 2012 and growing in number ever since.
Examples include Reserva de Sierra Blanca in Sierra Blanca, La Finca in Rio Real, Diamond Beach in Rio Verde Playa, Los Olivos in Nueva Andalucía, Icon Villas in Santa Clara and Jade Beach in Nueva Alcántara.
Who were buying?
Though this has in many ways been a ‘top-down’ recovery, it gradually broadened its scope from a premium segment heavily dependent on Russian buyers to one dominated by mid to high level homes attracting cash buyers from countries such as Holland, Belgium, France, the UK, the Middle East and above all Scandinavia, where Norway led the way with Sweden to follow.
Most were driven by the lifestyle and climate of Marbella, but for some, like the French, Belgian and Middle Eastern buyers, there were also factors in the form of high taxes or political instability.
Together they form a very broad buying public whose appetite for the areas, property types and price ranges of the Costa del Sol remains as strong as ever. Driven originally by discounted prices, they are now above all enticed by the lifestyle and prestige of this region. And while still keen on value for money they are now willing to pay for quality and location.
We at Malaga Property Invest will guide you among these areas to make sure you get the very best property in regards to your requirements and budget.
Property sales from 2004-2015 in Marbella, Benahavis and Estepona
Source: Ministry of Public Works
Team Malaga Property Invest