Marbella, and the Costa del Sol has always been a popular place to buy property. Here, in the South of Spain, there is a lot to offer expats, and even those wishing to buy a second holiday home on the Costa del Sol. In recent months, it may seem like negative news, especially with the recent Brexit; however, for property on the Costa del Sol, this year has brought more positive news.
The number of new builds that have recently been introduced onto the market has increased by 4.87% from last year, reaching 15,555 homes – the first rise since 2007. All around the Costa del Sol we can hear the hustle and bustle of new construction. This includes San Pedro property, several new developments around Marbella, and new urbanisations are being constructed.
The statistics and numbers are showing that there is a renewed demand for residential property on the Costa del Sol. The demand from international buyers, who make up 15.4% of the total purchases show no signs of slowing down. In fact the Brits are showing more interest than ever, and besides holidaying on the Costa del Sol, they are showing more interest in purchasing property.
Marbella properties continue to be the most popular choice, but over the last two years interest has grown, and many are looking for property in San Pedro Alcantara, property in Estepona, and property in Sotogrande.
Number of Mortgages granted rises 34% annually
There is more to the Costa del Sol than miles of white sandy beaches, although this, and the sunshine attracts foreign property buyers, most of the appeal lies within affordability. Here is something worth pondering – Marbella for example is hugely popular amongst Middle Eastern buyers. Ever since King Fahd of Saudi Arabia joined the international jet set, Marbella has been the preferred destination for Arab property buyers.
A particular favourite has been the Golden Mile, perfectly wedged between Marbella town and the glamorous Puerto Banus. Middle Easter Royalty has been buying property in Marbella, and the Golden Mile for some time now, but so have middle class families. This is why the Costa del Sol, along with the Golden Mile and other luxury property locations remain so popular amongst foreign property buyers.
The prices of properties on the Costa del Sol range from £200,000 up to over £35 million, depending on preference and of course budgets. But that’s the beauty of buying property in Spain. It doesn’t matter what budget you have, and from what class you come from. Everyone can own a property here, and enjoy the rewards.
Most people want to own holiday homes on the Costa del Sol, with a significant number buying for investment and a smaller number using the property as their main residence. In the past few years we’ve seen a rise in middle-class buyers looking for more affordable apartments, and naturally the Golden Visa offered by the Spanish government is an added form of attraction.
But at the heart of the demand for Marbella real estate is a long-standing love affair with the setting, amenities and lifestyle it offers.
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