Despite the coronavirus pandemic and wider economic uncertainty, appetite for property sales costa del sol appears to remain unabated. Sales activity has accelerated since the last quarter of 2022 and prices are continuing to rise.
Across the region, properties are spending very little time on the market. According to research by Idealista, 20% of listings sell in under a week, while 15.7% take up to a month and 21% up to three months. The figures put Costa del Sol well above the national average.
Sales of new-build homes have also been very strong, outperforming resale deals. This reflects the fact that buyers are looking for larger living spaces and higher quality finishes, which are typically found with new developments. The trend has been mirrored nationally, where new-builds are performing better than resale in terms of both sales and price gains.
In Q1 of this year, the value of property in Andalusia rose by 5.1% compared to the same period last year. The figure was driven by a strong increase in Malaga city, where values were up 13.6% to EUR2,190 per square metre. In other locations, Tinsa reports that prices in Benahavis climbed by 11.6%, Estepona increased by 6.3% and Marbella saw a more sedate gain of 4.1%.
International demand has traditionally been a key driver of the Costa del Sol’s real estate market. This is a trend that has continued this year, although travel restrictions in some countries have dampened overall demand. Nevertheless, the share of purchases by foreigners remains high. property sales costa del sol