In Marbella, Spain, international property buyers continue to bring hope and are further growing the economy. Last week, the Spanish Ministry of Development released the Notary Statistics for 2024. Spanish property sales for 2023 increased just over 60 percent, and residential property sales registered in Spain exceeded 4,00,000 for the first time since 2010. It continues to give consumers confidence in an economy that has been very unstable. Since 2010, Spanish property has increased 9.8% year over year.
Notary Statistics: Spanish Property Sales Increased
Economic difficulties went on for more than 10 years. Nowhere was this more noticeable in the Spanish economy than at the national level, at any rate. However, Marbella property and property on the Costa del Sol continued to sell, with growing interest from foreign investors at an all-time high. In the past few years, the Costa del Sol has seen more interest and investment.
All of the data and numbers are completely positive. Nothing more can make real estate agents on the Costa del Sol happier than this notary report. People are still left with a lot of questions, considering some of the political changes taking place. Especially when it comes to buying property in Marbella or on the Costa del Sol. But we can explore some factual numbers first and the statistical information as well. To predict Spain’s future economy, we also have to be honest about certain political situations.
Most of all, with this blog post, we can put your mind at ease. This is if you are still sitting on the fence about buying property in Marbella or on the Costa del Sol. Many potential clients contact us about purchasing property or investing in San Pedro Alcantara. We will tell you the same things we told them when addressing their concerns about Spain’s current economy—it’s not as dismal as you might think.
Record-breaking & Tourism in Spain
Recent data show that Costa del Sol has experienced a significant increase in domestic and international tourists. In 2022, the Costa del Sol welcomed 12.4 million visitors, an increase of 10% over the previous year. A sunny climate, beautiful beaches, and a rich cultural heritage contribute to this impressive growth.
The majority of Costa del Sol’s tourists come from abroad, with the United Kingdom, Germany, and France as the top source countries (INE). British tourists account for 30% of all international visitors, Germans 15%, and French 12%. Direct flights and affordable prices are crucial in attracting international tourists.
Increased Accommodation Possibilities
The increase in tourist arrivals has led to a corresponding growth in accommodation demand. Costa del Sol now offers a wide number of lodging options, from luxury hotels to budget-friendly hostels. More than 200,000 beds are available in the region in 2022, according to The Top Marbella.
Rise of Vacation Rentals
Costa del Sol vacation rentals have become a popular accommodation choice. KMS Property listings are growing, providing tourists with the opportunity to experience local living. Statista reports that vacation rentals will make up 25% of the total accommodation market by 2022.
Increase Tourism Revenue
The growing number of tourists has benefited Costa del Sol’s economy. In 2022, the region generated €8 billion in tourism revenue, an 8% increase from the previous year. Accommodations, dining, and local attractions all played a role in this growth. There is also an increase in sustainable tourism programs. As the Costa del Sol’s tourism industry grows, sustainability has become a top priority.
Benefits of Owning Property in Marbella
Spain’s biggest asset will most often be tourism, particularly on the Costa del Sol. Property markets only benefit from the record-breaking influx. Throughout the towns situated across the Costa del Sol including Marbella, construction is in full swing. New property developments are popping up again, with banks backing them.
All politics aside, you can’t stop progress, and the numbers prove it. With all of the clients we’ve spoken with, no one was concerned about Spain’s political status. Even the Spanish are confident everything will work out as it always does here in this beautiful country.
The fact is if you asked us if now is the time to buy or sell your Marbella property – the short answer is YES. We are referring to both counts. If you want to sell your property on the Costa del Sol, then now is the time. If you want to buy property in Marbella or anywhere across the Costa del Sol, then now is the time, yes. Think of it this way: many are also taking advantage of those tourist numbers.
With so many tourists, many prefer to self-cater, and if you own a beachfront property in Marbella or even an apartment in San Pedro inland, you can seriously cash in on the rentals. Rental income will be at an all-time high in 2024.
Contact KMS Property Solutions today with any questions or if you are interested in selling your property in San Pedro, Marbella, or anywhere across the Costa del Sol.
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