The decision to invest in real estate is made quickly when you are looking for a stable and profitable investment. Due to the low-interest rates and pitiful savings income, the interest in real estate has even increased phenomenally.
Modern-day construction on the Costa del Sol is not only qualitatively much more competitive as before, but it is also much better designed, maintained and many new projects include luxury communal services. As a result, new developments in Marbella and Estepona come at much higher prices’, than in the recent past.
Research by CBRE, an international real estate organisation headquartered in Los Angeles (formerly CB Richard Ellis), points out that in the years before the crisis, construction was mainly for speculative purposes, and one of the consequences of this was that the quality and location of the construction was not taken very seriously. Moreover, the target group came from the average market and did not have excessive spending.
The average budget of today’s typical client buying ‘luxury’ property on the Costa del Sol is between €500,000 and €1 million.
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However, this is partly driven by the requirements of the current buyers has changed considerably. The average buyer of new buildings on the Costa del Sol now has a well-filled wallet and comes from abroad. He doesn’t have a specific place in mind, but wants a high quality product in every area. And that means that builders have moved away from the ‘Mediterranean village’ as an architectural style and are increasingly moving towards modern designs with straight lines, large windows and high quality building materials.
The study also points out that the Costa del Sol is increasingly becoming an exclusive and luxurious destination. This trend means that housing is less accessible to the general public. According to CBRE’s experts, the current real estate market is an opportunity for the Costa del Sol destination and good news for the province of Málaga. The Costa del Sol is positioning itself as a more exclusive, quality destination whose clients have a better perception than other sun-sea-beach destinations in Spain. Something that goes hand in hand with improved infrastructure and commercial and leisure services.
The demand for modern new homes on the Costa del Sol is particularly high among Norwegians, Finns and Swedes. Northern customers are customers who are used to other information, who want to buy when projects are completed. Moreover, they want to know the promoter and the builder and are focused on one particular thing: quality. This set of requirements is now reflected in good practice in the real estate sector and in the fact that things are being handled better than they were before. Besides people from Scandinavia, many buyers of newly built properties in and around Marbella are from the Netherlands and Belgium.
According to the investigation, it is a fact that sales continue to grow and that the rate of increase is in line with the number of products being promoted. This conclusion is also in line with official statistics which indicate that both sales of new-build projects and the second-hand market continue to increase on an annual basis in the main coastal municipalities. Overall, the increase is 16%, but the fastest growing places along the coast are Benahavís and Manilva, with annual growth of almost 40%.
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