The Marbella Property Sector & International Property Buyers
International Property Buyers in Marbella, Spain Continue to Bring Hope & Are Further Boosting the Economy
A few weeks ago, the Ministry of Development in Spain released the Notary Statistics for 2015. The Spanish property sales for 2015 increased just over 21 percent, and residential property sales registered in Spain exceeded 400,000 for the first time since 2010. The news and numbers released, continue to provide consumer confidence in a once very shaky economy. Since 2010, for property, according to the ministries report, there has been a year on year increase of 9.8% in Spanish property.
Notary Statistics: Spanish Property Sales Increased since last year
Considering almost a decade, the economic turmoil went on for what seemed like forever. Nowhere was this more prevalent within the Spanish economy – on the national level anyway. However, Marbella property and property on the Costa del Sol, continued to sell, with growing interest from foreign investors at an all-time high. Over the past few years alone, more interest and more investments have been made specifically on the Costa del Sol.
All of the data, and numbers are completely positive, and nothing more can make real estate agents on the Costa del Sol happier than this notary report. But, considering some of the political turmoil taking place, many questions still play on people’s minds, when it comes to buying property in Marbella or buying property on the Costa del Sol. But, we can explore some factual numbers first, and the statistical data as well. In order to really predict the future economy of Spain, we also have to be honest about certain political situations taking place.
Most of all, with this blog report, we can certainly put your mind at ease if you are still sitting on the fence about buying property in Marbella or the Costa del Sol. We’ve spoken with many potential clients interested in purchasing property or making a sound financial investment in San Pedro Alcantara. We are going to tell you the same things we’ve told them when addressing their concerns about Spain’s current economy – it’s not as dismal as you might think.
Let’s first look at the biggest question being asked at the moment:
Will consumer confidence fall as Spain continues without a Government?
Further reading about Spain Housing Transactions in 2014, Keyro shows some great stats from previous quarters. This can give you a basis for comparison as we carry on.
Let’s dive a bit deeper into the registries findings for the fourth quarter.
Spanish Property Highlights & Record Breaking Tourism
Here’s a quick summary of the notary statistics, recently published by the Ministry of Development:
- In 2015, thanks to continued growth, the IMF raised its own growth forecast twice in three months to 3.1%
- The Q3 2015 transactions in property were much healthier, and up 16.3% with 93,743 in property sales
- In the entire EU, Spain beat out the average, which was only 1.5%
- The Spanish property market reports that mortgage approvals along with credit provisions were back up in 2015, and that trend continues now into 2016
- The Spanish construction industry was once again refuelled, with new investments and developments being built throughout the Costa del Sol (Andalucia)
According to Spanish News Today, in February of 2016, property sales figures in Spain were recorded at 15.8% higher than that of the previous year.
Record breaking tourism continues in Malaga province – tourism from overseas helped refuel the Spanish economy. Even the government was shocked by the numbers continuing to pour into Spain, and especially on the Costa del Sol. The number of tourists was so high in fact, the government reported that the economy recovered its losses incurred during the downturn – considering no one will ever likely forget that downturn, this news is incredible.
By the end of 2014, tourist’s numbers hit 65 million, and by the end of November 2015, a record breaking 64.6m had already been recorded. And now, in 2016 the Spanish Ministry of Tourism predicts the final total will be in the region of 68 million, which would rank Spain the third most visited country in the world for the third consecutive year.
Economic Recovery Continues for Andalucia and the Marbella Property Market
All the figures being reported by the Ministry are important for the Marbella property market, and of course property for sale on the Costa del Sol. Marbella estate agencies are actually the one’s reporting that the international buyers mostly start out as tourists. KMS can confirm this as well, as most of our property buyers in San Pedro are indeed tourists taking full advantage of the economic recovery.
The Question Remains – Let’s Look at Consumer Confidence
We’d be lying if we said everyone felt comfortable with the unstable government in Spain at the moment. Clearly consumer confidence has dropped some, as it would under any circumstance for any other country across the world. We don’t have to remind you about what’s happening in the United States of America right now, but will give you a hint: It’s orange, loud and the last name rhymes with Crump.
Here’s the thing, the Marbella property recovery statistics will speak for themselves when it comes to the property sector in Andalucia – this will include Marbella property, property Costa del Sol, property costa blanca and so on. Foreign investors who want to take advantage of the property prices are doing so in droves, and at our offices in San Pedro Alcantara, we’ve never been busier or happier for that matter.
Even though tourism will likely remain Spain’s biggest asset, particularly the Costa del Sol, the property market only benefits from the record breaking influx taking place. Even as you walk throughout the towns situated across the Costa del Sol including Marbella, construction is once again taking place. New property developments are popping up again, with banks backing the investments.
All politics aside, you just can’t stop progress, and the numbers are proving it. With all of the clients we’ve spoken with, no one was concerned with the political status of Spain. Even the Spanish are confident all will sort itself out accordingly as it always does here in this beautiful country.
The fact is if you were to ask us if now is the time to buy or even sell your Marbella property – the short answer would be YES. This is on 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. Don’t forget, many are also taking advantage of those tourist numbers – think of it this way:
With so many tourists, many would 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 no doubt be at an all-time high in 2017.
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.