New developments on the Costa del Sol become more popular
Market research by real estate consultants Aguirre Newman shows that new developments on the Costa del Sol are now selling twice as fast as they were a year ago. The time on market for new developments of townhouses and villas fell to just 23 months. Aguirre Newman also found the supply of new homes has increased for the first time since 2007. The number of new developments on the Costa del Sol rose to 49.
New developments on the Costa del Sol
This research took place before the Brexit – so British demand may have fallen since then – but during the time of the research sales were driven by strong demand from British, Belgian, French, Swedish and German buyers. A few facts:
- The average new development consist of 89 apartments or 22 townhouses or villas
- The average apartment for sale in new developments on the Costa del Sol costs € 223,050 and has a size of 133 m2
- The average townhouse or villa for sale in new developments on the Costa del Sol costs € 1,007,694 and has a size of 425 m2
- New apartment prices were stable, villa prices went up by 39%
- Marbella and Estepona were leader in terms of the number of new developments
The future of new developments
Aguirre Newman report that the market for building land on the Costa del Sol too is very active. This leads them to believe that the number of new developments on the Costa del Sol will continue to increase in the next few years, especially in areas such as Mijas Costa, Marbella and Estepona. Aguirre Newman also forecasts that international demand for new developments on the Costa del Sol will continue to increase by approximately 6 to 7% in the next year. That’s why they believe the price of apartments on new developments will rise 8% to 10% in towns such as Marbella and Estepona. In other areas on the Costa del Sol the market prices of new developments will probably stagnate. Click here for some of the new developments we are an official representative of. Can´t find what you are looking for? Let us know. If you have a specific new development on the Costa del Sol in mind we are not a representative of, we can contact the project developer for you.
Article source: Spanish Property Insight