The figures are in for property sales on the Costa del Sol in the first month of 2017 and the news is extremely heartening! According to data from the Land Registry and the national Institute of Statistics, sales rose by 19% in January of this year compared with the same month in 2016. And, it is also the biggest increase in Spanish property sales since January 2013.
Real estate observers responded to the announcement by commenting that 2017 has got off to the best start since 2008, because the figures released for 2011 and 2013 were presented by the government in a way that didn’t accurately reflect reality. In other words, 2017 is the best year to date since the big crash that halted Spain’s property boom.
Moreover, Málaga is one of the Spanish regions that is benefiting most from this sales revival, with what is regarded as Málaga/Costa del Sol showing a sales increase of 20% in January. This figure puts it above the national average, which is very good news for sellers and property developers in Marbella and the rest of the coast.
Regarding Spain as a whole, the Balearics and Cantabria are leading the property sales league table for 2017 with a 40% increase in transactions. Interest in Barcelona continues to thrive, followed by Tarragona and Cataluña plus Girona on the Costa Brava and the Asturias in Spain’s north. Madrid and Valencia are only slightly ahead of Málaga and Alicante. Regions that have shown a decline include the Canaries, Cádiz and the Costa de la Luz, as well as Granada’s Costa Tropical and Almeria’s Costa Calida.
There was also good news for sellers with older properties as the resales market was up 21% in January compared with new home sales, which increased by 8%. This may seem a low figure for new builds, but it is in fact a positive reflection of the fact that new developments are once again making a comeback to the market compared with figures for 2016, which were quite variable when looked at on a month-by-month basis. For example, sales of new builds in January 2016 were around minus 30%, so 8% growth in January 2017 reflects a healthy turnaround.
Although there have been concerns about the effects of the UK’s vote to leave the EU, it seems apparent that there is sufficient interest from other nationalities in Costa del Sol property to compensate for any dip in British buyers. It certainly looks like 2017 is going to be a very good year for property for sale in Marbella.
If you are looking for properties in Marbella and surroundings please contact Altavista Property.