The real estate market in the Costa del Sol is improving by leaps and bounds. According to data from consultancy Aguirre Newman, the time it takes to sell a property in the Costa del Sol has dropped by more than 50% in the last year, until May 2016.
Housing marketing time has dropped significantly in the last year, since it has gone from 104 to 52 months in the case of multi-family housing (May 2014-May 2015). For single-family homes, the average term has been reduced from 54 months to 22, in the same period previously mentioned.
At the same time, the supply of new houses has reached 15,555 homes in the last year. This means that it has increased by 4.87%, which is the first increase since 2007.
Broadly speaking, the most sought after home in average in the Costa del Sol is a floor of about 133 square meters and 223,050 euros (1,680 € / m2). In the case of detached houses, the requested characteristics, on average, are about 425 square meters and 1.007.694 euros.
The data in this report also reflect that the international market is still one of the most driving sales, especially the countries of Great Britain, Belgium, France Sweden and Germany, in this order. And in some specific localities also has great weight the Russian market.
No doubt, Marbella continues to be the main driver of the residential market on the Costa del Sol, but Estepona is closely following it. In recent years Estepona is positioning itself as a model of urban management and is attracting the interest of investors and final buyers.
Prospects for next year suggest that the increase in demand for housing on the Costa del Sol will continue, especially by foreign clients. In addition, the national customer will grow based on access to financing by banks, although it is estimated that the Spanish customer will increase demand, with an increase of around six or seven percentage points.
Housing prices will also increase, especially those of multi-family housing in the municipalities of Marbella, Estepona and Casares, and the increase will be about 10%.