This hugely popular region in Southern Spain has enjoyed a great deal of investment in recent years. Many of the roads are quite new, rail links to other parts of the country are excellent and the airport at Malaga has daily flights to and from most European cities. All of these factors help to promote ongoing tourism and keep property prices buoyant.
Marc Pritchard, sales and marketing director at Taylor Wimpey España, says the company anticipates a steady increase in property prices over the course of 2019. “We expect visitor numbers to continue increasing, albeit at a slower pace than we saw in 2018,” he comments. “Malaga, Torremolinos and Marbella are tipped to be the top three hotspots for this year. Marbella in particular is an area to watch, with its increasingly glamorous reputation.
“The latest building trends along the Costa del Sol include a range of tech features (USB connections, charging points for electric cars) and environmentally friendly elements (such as highly efficient low temperature air to water heat pumps for warm water), as well as classic features such as large windows and terraces for making the most of the Spanish sunshine”
Across Spain as a whole, property sales increased by 10.1% in 2018 according to the country’s National Statistics Institute. Marbella City Council also reports that the number of British ex pats living in Marbella has risen for the first time in five years. Jesús Fernández Salido, CEO Mimove Spain, reports, “Although Brexit and the consequent devaluation of the sterling pound have had an effect on the market of British buyers of property in Spain, the market is still solid. In fact, in absolute terms, the number of properties sold to British buyers in 2018 is very similar to pre-Brexit levels of 2015 (approximately 10,000). After all, Britons were already buying property in Spain before it joined the EU in 1986 and happily immersing into the Spanish lifestyle.”
Hans Veenhuijsen, managing director of Costa del Sol 365 affiliate of Christie’s International Real Estate, reports that the majority of those buying in the Costa del Sol are from Europe with British second home purchasers topping the list. “This is followed by Spaniards from the big cities looking for a holiday home with French, Germany, Dutch and Russian buyers also very active,” he says. “The most popular destinations are Marbella, Puerto Banus, Nueva Andalucia, Benahavis and also Fuengirola, while Malaga is beginning to attract more second home buyers.
“Thousands have taken advantage of Spain’s golden visa programme which was introduced six years ago. It offers family residences if you invest €500,000 in real estate. The visa can be renewed every two years and after five years it is possible to gain permanent residency.”
Iván Muñoz of Chestertons International tells us that Estepona, Benalmádena and Casares areas are becoming extremely attractive to UK buyers in particular. “This is thanks to the fact that the new developments being built in those areas have the same qualities as those in other areas and the prices are more attractive,” he says. “The adaptation of the developer and builder to the international buyer has created a trend in which all new developments now have high standards of quality and amazing amenities and common areas. Whereas, before the crisis every buyer was adapting to the Spanish market, now the market is adapting to the international client.”
