The property market in Marbella is booming and this includes all the beautiful areas of the Costa del Sol. The south of Spain is rather unique from the rest of the country, and property sales here in Andalucía, has helped boost the economy of the entire country. It was back in April, 2018 that the number of mortgages granted in Spain hit 34%. The average mortgage value also rose by 9.1% to €123,256, while the amount of capital loaded increased by 46.5% to €3.54 billion.
The statistics and numbers tell the truth, and that truth is the Marbella property market is in full swing and is expected to continue well into the new year and beyond. This provides many great investment opportunities, and it also is the perfect time to sell your property on the Costa del Sol as well. If you are interested in selling your property, then you’ve come to the right place. We will show you the major advantages and opportunities not to be missed.
Truth be told, Marbella is a hotspot for property and there are now other areas that also hold that distinction – including the village of Benahavis, and the seaside resort of Estepona. All three are prime locations, and if you own a property there, you can make some serious money.
The New Marbella Property Market
Recent reports suggest that property in Marbella strengthened considerably last year, particularly in the luxury areas of the market. These luxurious prime areas include beachfront properties on the Golden Mile, and mansions or luxury villas in La Zagaleta. New emerging markets in prime locations like Estepona, San Pedro, Nueva Andalucia and Benahavis saw record breaking sales, which are expected to continue.
As a home owner here on the Costa del Sol, you might be interesting in knowing that research has shown that 70% of purchases were made by cash buyers last year, with buyers from Scandinavia, Germany and Benelux the most prominent of the bunch. Even more surprising, despite the ongoing uncertainty surrounding Brexit and the planned exit date of March 2019, the demand from British buyers on the Costa del Sol remains unwavering.
In total, there were 49,553 sales to foreign buyers across Spain in the second half of last year, the UK accounted for the largest market share of all the overseas buyers at 14.3%. And, according to the Spanish Land Registry, an increase of 26% by British buyers took place in Andalucia alone.
What types of Marbella property are selling?
Last year, there were many new trends taking shape in the property sector. At Mibro, we noticed that most home buyers wanted modern and contemporary apartments and villas. Many buyers showed big interest for the typical white wash, open plan design and modern kitchens. Modernised and bespoke was also a big winner in the want department in the past few years, and that didn’t slow down last year either.
At Mibro we had many requests for bespoke villas that included home cinemas and games rooms, more onsite spas and onsite gyms. There is also an increasingly high demand for technology such as home automation systems, modern lighting settings, security and alarm systems.
Reports also show us that although frontline beach properties are still maintaining their popularity into the new year, the market will see a growth in properties on the outskirts of Marbella as well. This means, if you own a property in areas like San Pedro beachside, Golden Mile, the New Golden Mile, Nueva Andalucia, Puerto Banus and even further inland, we can sell it! If you want to finally get that return on investment or even purchase a second holiday home or even upgrade – now you can and quite frankly you should.
According to Spain’s Statistical Office, Andalucia was the region with the second-highest amount of mortgages (5,154) after Madrid (6,018).
Is there going to be another bubble?
Many are understandably concerned that history might repeat itself and rightfully so. But, here’s one thing for sure, house prices across the Costa del Sol and Spain for that matter are rising, but we’re still way off from the peaks we saw in 2007 and 2008. Right now, property or house prices in Spain are not yet rising at a speculative or unsustainable rate. It looks for now that moderately rising prices will continue.
What does this all mean? It means that the Spanish property market is still a sound investment, and there are buyers looking right now.
Why should you sell your property in Marbella?
Marbella property, and property throughout the Costa del Sol, remains incredibly popular with residential investors. The search is on, and there are plenty looking to invest in a holiday home or even move over here to become apart of a large diverse expat community. This provides current property owners a unique opportunity to finally make some money back.
So, despite looming fears of Brexit or any sort of concerns for a weakened economy, the Spanish property market continues to flourish, with Marbella properties ahead of the game.