It is always encouraging to receive positive news and the latest set of statistics from Spain’s Ministry of Public Works covering the first half of 2016 is extremely heartening for those of us in Marbella’s real estate market, which lies within the buoyant province of Málaga.
Sales in the province during the first six months of this year totalled 14,364 residential properties. This represents a 13% increase over the same period in 2015, indicating that the recovery in the market continues regardless of what is happening in the political world. In addition to this good news, the government department also revealed that sales activity in 2016 is at its highest level since 2008. This information strengthens confidence in the domestic market, and it has a particularly uplifting effect in the minds of overseas buyers.
Indeed, there has been a 15% increase in sales within Málaga province to overseas buyers in the period between January and June of 2016, and the Spanish statisticians firmly believe that it is foreign interest in Costa del Sol properties that is the main driving force behind this year’s figures.
Overseas buyers purchased 5,570 properties in the province, and this is the highest number of homes bought by foreigners in the first six months of any year this century. Not even the figures for 2007, which was the year that the property boom peaked, can match those of 2016. And, just to demonstrate the continued appeal of the Costa del Sol over other Spanish regions, the statistics show that overseas investors accounted for 39% of property sales in Málaga compared with 20% for the rest of Spain. That’s almost double!
In terms of nationalities buying in Málaga province, the British account for around 20% of overseas buyers, with Scandinavians, French, Belgians and Germans also prominent and, according to the official data, most of them are already living in Spain, which indicates a strong loyalty to the country.
The picture changes a little at national level, with foreigners buying 43,519 properties across Spain in the first six months of 2016, thirteen percent of which were in Málaga province. For all of Spain, this represents an increase of 19.7% over 2015 and only a few regions of the country fell below this national figure. However, it is interesting that the regions below the 19.7% mark are also those with a high number of foreign buyers, and analysts say that the lower growth is due to higher volumes of business.
Overall, this is great news for property owners wishing to sell, overseas buyers considering buying in Marbella and for the real estate community that has worked so hard to keep the property market thriving on the Costa del Sol.
For any advice or information on Marbella real estate, or the best modern homes for sale in Marbella, please contact Altavista Property.