Property on the Costa del Sol becomes more expensive

According to the Council of Property Registrars foreigners are buying more and more property in Spain. On the Costa del Sol, in Andalusia and elsewhere both prices and numbers of sold properties are rising. International investors acquired almost 48,000 properties in the last year, which is 13% more than the previous year. With 21% of the total of all purchases made by foreigners the British are still the top buyers of Spanish property, followed by the French, Germans, Swedes and Chinese. Property on the Costa del Sol is becoming more expensive. Is this the time to buy?

Property on the Costa del Sol becomes more expensive

Between January and March no less than 100,000 properties were sold in Spain. This is the highest figure for the last three years and the second highest figure for the last 20 quarters. As the number of property purchases rises, so do the property prices in Spain – especially in areas such as the Costa del Sol and Andalusia where foreign buyers prefer to have a (second) home. The first quarter of 2016 therefore closed with house prices rising 6.9% annually.

More requests for property on the Costa del Sol

No less than 16 autonomous regions saw the number of property sales go up and the majority of sales took place in the regions of Andalusia (mainly the Costa del Sol), Cataluña, Madrid and Valencia. Resales are far more popular than new developments, which actually saw a decline in sales. All in all real estate agents (and Molino Property as well) receive more and more requests for property on the Costa del Sol, which means the increase could very well continue. Are you considering buying a house in southern Spain? Then it may be a good idea to act now.

Property on the Costa del Sol is becoming more expensive – is this the time to buy?

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