Real Estate Sales on the Costa del Sol fell by 20%
August 23, 2020
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All that due to the pandemic.
Before the coronavirus forced Spain to close in March, the market on the Costa del Sol, South of Malaga precisely, was very stable, with consistently high demand since 2012 and one of the best sales in 2019, according to Engel & Volkers Marbella managing Director Smadar Kahan.
The expert notes that today the market has almost returned to the pre-tandem level, with several large transactions managed to be concluded even during the block thanks to virtual views, reports the NY Times.
According to experts, when the quarantine measures were released in Spain and other countries, the pent-up demand for real estate on the Costa del Sol increased sharply. The number of relevant search queries jumped by 34% compared to the same period last year.
Local real estate agents note that most of the deals agreed before Covid-19 were completed in May and June, after the launch of the air service. They do not expect rapid market growth and forecast the same level as in 2019. But they note that individual prices have increased due to strong demand, and transactions are closed quickly.
According to Cahan, 60% of buyers purchase vacation properties and often look for new modern houses in traditional Andalusian style. Prices for two-bedroom apartments near the beach range from €700,000 to €2,5 million. But buyers can find real estate for as little as €350,000 in the hinterland.
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Most buyers in Malaga are permanent residents. In the province of Malaga, 28% of real estate transactions in 2019 were made by foreign buyers, according to the data from Diana Morales Properties. In the first quarter of 2020, this figure was 33%. According to local realtors, the main investors are from the UK, Germany, Scandinavia, the Netherlands and Belgium. There is also an influx of buyers from France, Finland, the USA, Canada and the UAE.