Synopsis: Excellent achieved price growth numbers for 2018-2019 and excellent prospects for the current and coming year.
Please note, the numbers discussed below relate to the period end of Q1 2018 to end of Q1 2019.
The latest coastal property report of Spain´s leading valuation company Tinsa keeps showing some excellent numbers for current home owners and prospective buyers alike in Spain, especially so with respect to the Greater Marbella area.
All Spanish coasts, with the exception of some areas on the Costa Brava, the Nerja and Almunecar areas in the south and the Balearic islands, saw an increase in the number of home sales. Among the best performing coastal areas in Spain is the Mijas-Torremolinos area and the Marbella - Manilva stretch, both here on the Costa del Sol, and both clear winners in the overall picture for all coastal areas.
The price growth for Malaga province stands at + 10.6% at the end of Q1 2019, compared to prices at the end of Q1 last year.
Drilling down to a more local picture, the numbers are as follows:
Estepona: + 13.7%
Fuengirola: + 13%
Prices continue to rise in the area and growth prospects for the current period point to sustained growth and excellent prospects for the present and coming year, albeit at a slightly lower growth rate. It is also clear that price increases are more moderate the more one moves away from Marbella.
Foreign buyers dominate the market in this area, with strong demand from nationals of the UK, France, Belgium, Switzerland, The Netherlands, Norway and Sweden standing out.
Homes in Marbella and Estepona are selling quickly, given the strong demand and the lower supply of new-build homes (Marbella currently has more restrictive building regulations, which also ignites the growth of neighbouring Estepona, with less restrictive regulations).
In this respect it is also worth pointing that the rental market is performing very well given the lower supply of property and the faster turnover of available property. Our sources indicate a growth in demand for rental property of + 23.2 % compared to last year.
To conclude, it is fair to say, based on objective data, that the climate to buy property in Greater Marbella remains very positive and reassuring.