This shows the confidence in the property market as whole is moving in the right direction and this is something we can see with the influx of contemporary and modern new developments popping up attracting that foreign investment along the Costa de Sol. Foreign nationals have spent some €888 million on Spanish properties in just the first six months of the year. That is more than double the investment from January-June 2016.
Last year established itself as a hugely important year for foreign buyers. The British, Germans, Russians, French and other nationalities bought some 13.2 per cent of all homes sold in Spain which itself was the highest proportion in over a decade. That equates to 53,500 transactions during 2016.
A 2017 market report from JLL suggests that percentage will be easily eclipsed this year. It is beyond any doubt that 2017 will represent the eighth consecutive year of foreign buyer growth in the Spanish housing market. Again, this is something you can witness when you see all the building works taking place and those new developments include cost effective 1-2 bedroom apartments on urbanisations up to lavish 4-5 bedroom villas with private pools.
A breakdown of foreign-led transactions in 2016 shows that UK nationals still top the international rankings. The British bought 19 per cent of the 53,500 homes sold to foreigners last year and are continuing to break new ground in 2017 despite concerns over the potential impact of Brexit and the weakening pound. Several media reports show that Brexit is not stopping UK nationals from realising their dream of buying a holiday home in the sun.
The British were well ahead of the second-placed French, who had eight per cent of transactions slightly ahead of the Germans on 7.6 per cent, the Swedish on 6.7 per cent, and Belgians 6%, but this percentage split is something that could change. Economic factors do influence property transactions to a certain degree, but property still remains the most solid form of mid to long term investment.
Bromley Estates Marbella has just been named by developer Kronos Homes as the exclusive promoter for the newly launched La Finca by Kronos Homes resort.
Since the company was launched in 2009, Bromley Estates Marbella has achieved a well-earned reputation as a leading real estate agency on the Costa del Sol. As longstanding property experts, they have the experience needed to identify projects that present the best value for money as holiday homes, permanent residences and investment opportunities for their clients. La Finca, Sotogrande falls firmly into all 3 categories.
Marbella real estate specialists, Bromley Estates Marbella, have officially launched this lifestyle and golf resort on the market on the 24th of June 2017 and sold the first units the same day. Prices start and 410,000 Euros and prime units will not be around for long.
La Finca by Kronos Homes comprise of luxury properties next to La Cañada Golf Course in La Reserva, Sotogrande one of Europe’s finest residential addresses. This brand new development of contemporary golf villas is the ultimate in stylish living offering the full package; deluxe property, idyllic location, close proximity to golf and incredible sea and golf views. These golf villas are set within an extremely desirable family friendly environment protected by 24-hour security. Residents have exclusive access to a host of onsite amenities including swimming pools, a gym, paddle tennis courts and even a running track. Property of this calibre which is available at this price point, will be in high demand amongst international investors.
Managing Director of Bromley Estates Marbella, Hayley Bromley, explains, “The stylish villas were designed by renowned architect Rafael de La Hoz and make a real statement. The surrounding area of Sotogrande is one of the most sought after exclusive areas on the Costa del Sol that attracts golf professionals and even royalty with polo events, marina and a yacht club. Gibraltar is just 20 minutes drive by car whilst the amenities of Marbella and Puerto Banus are only 20 minutes in the other direction. A perfect location with excellent facilities – in fact somewhere I know our clients will love.”
Learn more about La Finca de Sotogrande
When you are looking for a new home in Spain or even that lovely second property or holiday home there is much to consider on your wish list. So, when faced with choosing a property why buy a new build? Why not, is what we say, and here are a few reasons.
- Buying into a new development early could increase your opportunity to benefit from capital appreciation. Why? The first investors in a project often get a discount as well as the chance to pick the best units. And once the development becomes established, demand typically increases.
- Some developers often offer attractive finance deals or payment schemes, which you won’t get when purchasing an existing resale property. Paying for your property in staged payments suits some buyers.
- There may be the chance to negotiate extras into your deal with a new-build purchase. This could be the developer offering you a furniture pack or even membership of a gym or the local golf club as an incentive. One of our developments recently offered a Mini Cabrio car with property purchases!
- New properties usually come with a guarantee from the developer, who will also be obliged to take care of any faults when the new owner takes possession, a process known as snagging.
- Buying off-plan is exciting as it gives the buyer a certain amount of control over the interior of their property, allowing them to tweak or choose the design, and choose the style and colour of certain fixtures and fittings like flooring, bathrooms and kitchens.
- New properties are built using more modern, energy efficient materials than you find in older resale homes. They often incorporate solar or greener energy solutions. Not only does this reduce your carbon footprint, but saves on bills too. Technology within the homes is likely to be up to the minute – think air-con, fibre broadband, home control systems.
- There are so many smart, modern new-build properties in sought-after locations with access to good facilities which usually command a premium in the local rental market. Modern developers are experienced in choosing sites where their development benefits from the local amenities.
There are so many benefits to buying a new build or off-plan property, so if you are sold on this method of buying your dream home in the sun take a look at our new developments.
A report in The Sur stated that property sales in the province of Andalucia are at their highest since 2008 according to statistics regarding the Transfer of Property Rights in March which were published last week.
The highest number of properties changed hands in March which at 2,925 is almost 100 a day and the highest since the month of April nine years ago. Compared to last year the growth was 37 %, whilst the accumulated growth during the first quarter of this year is 19.6 %.
Property sales in Spain during March as a whole were fantastic, with a 26.9 per cent year-on-year increase bringing the total to 40,461, the highest registered in the country since February 2011.
The Association of Constructors and Developers held their annual meeting in Malaga recently and a spokesman stated that “during the first quarter of 2017 permission has been granted for twice as many homes as during the same period last year”.
Reports in The Olive Press state that Andalucia is one of the cheapest places to buy property in Spain too. Their article goes on to say that although prices for resale properties in the region increased by 0.8% in April, the cost per square metre of property is still around 11% lower than the Spanish national average.
Further indication that Spain and particularly Andalucia are hot right now include hotelier investment. The Melia group are taking over Atalaya Park in Estepona, giving the four-star hotel an €18 million renovation. The Sol Marbella Atalaya Park is expected to have six restaurants and bars, an outdoor pool and playground and 468 rooms . Tourism to the area is further boosted by the launch of the 5-star W Marbella Resort set to open in 2021.
It is no wonder the property market is moving as there are some fantastic deals and offers around right now. One of our developments offers the opportunity of a free mini cabrio if you reserve a property within certain dates. Others are giving away free furniture packs and in an environment when the British pound doesn’t quite get as much as it used to, all of these things add up to real value.
If you are interested in any of our properties or offers, contact one of our team today and turn the dream of owning your own property in the Costa del Sol a reality.
The upturn continues here in Spain as an excellent first quarter continues for property sales. In fact, the International Monetary Fund has commented that Spain has made a remarkable economic rebound with overseas buyers returning. Their visit in December 2016 to compile their annual report helped them to forecast GDP growth of 3.2% last year and 2.3% in 2017.
Figures from the Office of National Statistics dated January 2017 stated there were more than 308,805 British people resident here in Spain which gives the country the highest number of British expats in the EU. The data shows over 100,000 of those are over the age of 65. And we can see why with over 300 days of sunshine, fabulous value property at whatever level you choose, and a great outdoors lifestyle that is perfect for health and wellbeing.
With some of our off-plan developments, sales outstrip construction rate with some being sold within a few hours of release. Here at Bromley Estates we are experts in off-plan property and can assist you through every stage of the process.
A recent report in The Olive Press newspaper stated that Richard Spiegel of property portal Kyero said British interest was still strong despite the triggering of Article 50 towards the end of March. He said “With Prime Minister May emphasising how slow the Brexit process is going to be, with the UK being hostage to the negotiation cycle, it seems that’s Brits are happy to take a ‘keep calm and carry on’ approach to buying homes in Spain. Interest has slowed but it is far from going into reverse – in fact British visitors to the site have increased by 30.2% over the past year.”
So, if you are interested in buying a property in Spain as your main or second home contact one of our muti-lingual team today.
Analysts at BBVA are among those that believe further price increases in the Spanish property market are going to happen, although in some parts of the country they believe the property market may not have bottomed out yet. Here in the Costa del Sol all indicators show the market is on the up with more agents reporting greater sales in the last quarter than they have had in a long time.
Economic indicators such as low mortgage rates and employment data are encouraging demand and is exerting upward pressure on market prices. Combine this with excellent visitor numbers from those overseas looking to buy here which is adding further demand for property. Post Brexit the market was a little jittery but it no longer seems to be having that effect.
There has been a noticeable increase in demand for buildable land which the countries notaries report increased by 81.5% during the second quarter of 2016. We can certainly see more new high quality developments coming to market and more than that, some of those off-plan developments are reserved in a matter of weeks after release. There is renewed confidence in the off-plan sales market as buyers understand the investment potential of these high quality brand new properties.
The increases in building activity are mainly in the residential property construction sector with some stunning developments currently happening here including Le Mirage Santa Vista in Estepona and the luxury key ready Estepona apartments Residencial Hoyo 19.
Most in demand seem to be brand new, stylish and contemporary apartments and villas that offer buyers a slice of the Costa del Sol lifestyle which is hard to beat with over 300 days of sunshine each year and a superb array of outdoor activities perfect for all ages. Whether you are considering buying here to live all year round, or looking for a second home, speak to one of our multilingual team who can assist you through the process.