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Property prices start rising on the Costa del Sol

Property prices start rising on the Costa del Sol

According to INE, the official Spanish Institute of Statistics, property prices rose in the second quarter of 2015. Prices increased on average by 4% compared to the same quarter in 2014 – the largest increase since 2007. A sign that you shouldn´t wait too long with buying property on the Costa del Sol?

Higher property prices

Between 2007 and 2013 average property prices in Spain plummeted by over 36%. In 2014 it looked like there were signs of recovery – depending on the region in Spain. According to INE real estate prices have now started rising again for both newly built houses as well as existing houses in all Spanish regions, including the Costa del Sol and Andalusia. The price increases were smallest in Asturias, Extremadura and Galicia. The regions with the largest price increases are:

  • Balearic Islands (7.3%)
  • Catalonia (5.5%)
  • Madrid (6.4%)
  • Cantabria (5.1%)

 

Property prices start rising on the Costa del Sol

More houses sold

In the first six months of 2015, the number of sold houses increased by 10.5% compared to 2014, mainly due to the greatly increased number of sold existing houses (42.9%). According to the Colegio de Registradores almost 13% of the properties were sold to foreigners, mainly from Great Britain, France, Germany and Belgium. In the first six months of 2015 no less than 18,551 properties were sold to foreigners from:

  • Great-Britain (20%)
  • France (8.1%)
  • Germany (7.6%)
  • Belgium (6.4%)
  • Sweden (5.5%)
  • Italy (5.3%)

 

Now is a good time to buy?

It would appear that the crisis in Europe is coming to an end. Property prices are on the up in Northern-Europe, causing more interest in Spanish properties as well. Spain itself is doing better and better economically as well, so all the signs indicate that now is a good time to buy property on the Costa del Sol – especially for those interested in buying property as an investment. Are you interested in buying property on the Costa del Sol in towns such as Torremolinos, Marbella or Fuengirola? Then search our database or ask for a free property search. We will gladly assist you in finding your dream home in Spain.

 

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