Market Strengthens After Covid-19
You might be surprised to learn that the pandemic has actually made the local property market stronger. More people are discovering Costa del Sol and are interested in buying a second home or making an investment here. The great year-round weather and the rise of remote work are big reasons why.
According to source Savills, Málaga is the top place in Europe for digital nomads and ranks second in the world.
Impressive Sales Growth
From 2021 to 2022, property sales in the Golden Triangle on Costa del Sol surged from 8,624 to an impressive 10,288. This swift rise over just one year underscores the growing appeal of this region to potential buyers and investors. To provide some perspective, back in 2019, before the onset of COVID-19 the number of properties sold was 6,626, indicating a considerable increase in demand.
Nationalities of Buyers
British buyers have traditionally led the market, but that’s beginning to change. There’s a rising interest from many different countries and newly from Eastern Europe who are looking for second homes, investment opportunities or even looking to move here due to the quality of life. Some of these countries include:
- United Kingdom
- Czech Republic
Rentals in high demand nearly all year
The rental market is thriving, much like Costa del Sol’s overall popularity. Summer is the busiest season, with vacation spending in the area up by 30% in 2023. Beyond the summer months, the region attracts a different crowd. Known as “Costa del Golf,” the area is a haven for golf enthusiasts all year round, but especially in months like October and November. Costa del Sol boasts 74 golf courses, some of which rank among Europe’s finest – such as Valderrama Golf and Finca Cortesín Golf. Notably, Finca Cortesín Golf also hosted the Solheim Cup 2023 this year and is considered #1 or #2 in Europe, depending who you ask.
Accessibility of costa del sol
Málaga Airport now offers 151 direct flights. New this year are direct flights from New York, available three times a week from May 31 to September 27. This is likely going to repeat due to the demand from United States.
Increase in demand
According to Idealista, demand for properties in Marbella surged last year, leading to a 6% reduction in available listings. This strong demand has carried over into 2023, most notably in prime locations where the surge in interest has been even more remarkable. Newly, luxury branded new developments (off-plan projects) are emerging, some of these are:
These are the first projects of their kind in Europe and some in the whole world.
Marbella: luxurious yet affordable
Marbella’s allure as a luxury destination is ever-increasing. What sets it apart is an unmatched blend of affordability and high-end living, a combination rare in other prestigious locations offering the same quality amenities. This unique value proposition makes Marbella and its surrounding areas an irresistible choice for a diverse range of buyers.
The challenge of long term rentals
Short-term holiday rentals are on the rise, but long-term rentals are getting harder to find due to the interest in second homes. Many foreign owners prefer to use their properties themselves or offer them for short-term rent to maximize profits. As a result, local working residents in Marbella are finding it tough to afford long-term rental options. This provides even more investment opportunities for buyers that would like to rent out their property long-term.
Don’t miss your chance to invest in one of Europe’s most up-and-coming regions – Costa del Sol. New developments typically see a 20-30% increase in value once construction is completed, usually within two years, making it an excellent investment even if you plan to sell immediately upon completion. Whether you’re interested in properties near golf courses, beachfront properties, or luxury estates, there’s something here for everyone. The area offers an unmatched lifestyle, coupled with strong investment potential. Want to know more? Contact us! We’re more than just a real estate agency; we’re your partner for everything real estate on Costa del Sol. From legal support to after-sale care, and from selecting the perfect location based on your lifestyle, we’ve got you covered. Reach out to us today!