Fact: Marbella Property Market Buoyed by Foreign Investors
Whilst the residential property market across the Costa del Sol is still very difficult for domestic investors, it presents incredible opportunities for the international buyer. A report by Aguirre Newman states that 2013 was an “excellent” year for the property market. Data from the Bank of Spain showed that foreign purchases in 2013 exceeded
€6bn – the first time since 2004!
In addition, the Guardian reports “...online searches for properties in Spain increased by 29% over the first three months of 2014 compared with the same period in 2013. More than a fifth of all Spanish residential sales – 55,187 transactions – were to foreign buyers.”
Marbella is without doubt the lead region in terms of economic recovery within Spain. Property sales in 2013 totalled 3,115 – a number reminiscent of 2007 highs. This increase of 23.6% is still unparalleled in any other area of Spain.
In general, 2 bedroom apartments are still in highest demand with an average of 127 sqm at a price of 196,956€. Aside from the year-round pleasant micro-climate, it is the Costa del Sol’s infrastructure that maintains it’s appeal for international buyers. With over 70 golf courses, the spring and autumn months can be just as busy as summer. Again, 2013 provided the best visitor numbers overall in the past 5 years.
Early tourism statistics from 2014 are equally as promising with an 8.2% increase in visitor numbers across Spain reported for the first 6 months. The total of arrivals landing into Málaga airport alone between January and June 2014 numbered an impressive 2.3 million.