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Costa del Sol is Once Again the Hottest Overseas Property Destination in Europe


Costa del Sol is Once Again the Hottest Overseas Property Destination in Europe

 Do you have a property for sale in Costa del Sol, Spain? Costa del Sol is right now the hottest overseas property destination not just in Spain, but across Europe. There’s a huge demand for properties here, and no longer just from the traditional buyers – Britons – but from a wide variety of foreign buyers.

Germans are big buyers of properties in the Costa del Sol these days. The German interest seems to have taken off at a time when the number of Britons who want to buy property in Costa del Sol, Spain has declined substantially in 2017. The Swedes are other major buyers of properties here.

There are many reasons for the lack of demand from British buyers. It could be that Brexit has dampened sentiments, and the recent general election in the UK which threw up such a confused mandate did not help matters at all.

In Costa del Sol, there are four main local markets – Marbella, Estepona, Benahavís and San Roque. Each of these markets has done much better in 2017 than in 2016.

 In Marbella there was an increase of 3.5% in property sales this quarter. In Estepona the rise in property sales was 6% over the quarter. San Roque saw massive increase in property sales of 26.7% for the quarter. That’s impressive. Benahavís has been popular with foreign investors as well, but the data on the property market there is not available with us as yet.

Property prices across Spain have been on the rise. There does not seem to be any sign of overheating as yet. Costa del Sol has done just as well as some of the more urban areas such as Barcelona and Madrid. This indicates that there is a real surge in demand from international buyers.

Certainly, this is good news for those who want to sell property in Costa del Sol, Spain fast. But there are uncertainties over what Brexit would bring, especially because Britons still continue to be heavily involved in the property market in the Costa del Sol, on the buying side as well as on the selling side.

The uncertain political environment in Britain remains a concern, but the Spanish political scene has never looked better. Spain did not have a government for about 9 months in 2016, but now they have a stable administration under Prime Minister Mariano Rajoy. This has certainly helped boost investor sentiment about Spain and is good news for everyone involved in the property market there.

More homes will be built in Costa del Sol to cater to the huge demand for homes here. Some of the popular coastal villages such as Fuengirola, La Cala de Mijas and Estepona have already been witness to a major increase in construction activity.

A number of new luxury developments are being built in Marbella as well, to cater to wealthy foreign investors. Generally, things look promising in Costa del Sol and will only get better through 2017 and beyond.

 




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