Costa Del Sol's Property Market Recovery

Contributed by Sussex SEO, 13 November, 2017

There is no better time than now to buy property in Spain if you are planning to move anytime soon. Before you look anywhere else, you must consider the province of Malaga in southern Spain's Andalusia region. It's Sun Coast, popularly called Costa Del Sol, currently has a booming real estate market. If the fact that Malaga was where Pablo Picasso was born does not draw you to the area, the Mediterranean beach resorts that line the Sun Coast should.

The house market in Malaga has been doing so well that there has been a 43% rise in the number of real estate agents since 2013 when the housing market hit a low. In January 2017 alone, Malaga province reported a total of 9,600 agencies operating in the area. Figures show that Malaga province is the second on the national ranking in terms of sales in relation to population. While Alicante was the first with 17.37 sales per thousand inhabitants, Malaga province wasn't far behind with 17.16 per thousand.

Between June 2016 and June 2017, there have been 28,271 recorded sales which is higher than the previous year by 9.25%. In the whole of Spain, Malaga province has been ranked 4th in terms of the highest number of property sales in the country. If you were wondering why the area is on the map for many property buyers, it's because of the high level of foreign demand, the fact that the area is a brilliant tourist attraction, and of course, the well maintained coasts.

But that is not all, property expert, Julian Walker of Property and Spain, believes that beyond Costa Del Sol being a popular tourist destination, the developments in the area will be the real attraction for foreign buyers. Walker believes "the grand Alcazaba Lagoon leisure and residential complex is going to draw many expats to Costa Del Sol. The project is one of a kind and promises features many might not even enjoy in their countries. When you combine that with the beauty of the sun coast, what you have is a winning formula."

One of the most interesting developments in Costa Del Sol provides a fantastic alternative for house buyers who are environmentally conscious. Ultra-modern 'rotating houses' will be built to run entirely on solar energy. The first four of these are already being built at the Bel Air urbanization, with the first one set to be finished in April 2018. These houses will reduce the overall carbon footprint of homeowners by 68% while saving them 70% in energy costs.

With these kinds of development and more to come, expats looking to move to Spain will have only the best options. Over the last year, there has been a 28% fall in demand from UK investors due to the devaluation of sterling against major currencies, another effects of Brexit. However, Spanish property prices are bottoming out which is helping to negate the shift in the sterling exchange rate. Now is a good time for UK buyers to take advantage of the good prices and a booming real estate market.

Tags: interest | investment | Spain | energy | environment |



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