The foreign demand for property on the Costa del Sol is still going strong according to recent reports. The latest Spanish property market figures from the Property Registrars are showing a steady uptick in the purchase of properties made by foreigners. The numbers are astonishing, as the demand for Spanish property increased by 16.4 percent.
In the final quarter of 2015, the foreign demand for Spanish properties was recorded at slightly over 14 percent. We are now in the first quarter of 2016, and it is being reported that foreign property buyers account for 13 percent; with still three more quarters to go, we can expect another surge of property buyers in Marbella.
Who’s Buying Property in Marbella?
Now going on its fourth consecutive year, the British are the biggest group of foreign buyers of Spanish property. It was in fact buyers from the UK that increased the most, and year after year with a whopping 44 per cent – the prospect of ‘Brexit’ and weaker sterling hasn’t affected demand. Following closely behind are buyers from Sweden- who were up 34 per cent – then from China, who increased by 18 per cent.
When we break down the numbers even further, the figures are extremely impressive. Over 69,000 properties were bought in Spain by foreigners either looking to relocate, retire or buying property in Marbella as a holiday home. Many have also opted for the investment opportunity to take advantage of the growing tourism in Malaga province.
A total of 14,398 properties were sold right here on the Costa del Sol in 2015. The British by far dominate, and has become one of the fastest growing markets for Spanish property buyers. In 2013 for example, the first quarter showed us how UK demand suddenly sprung back to life. But what makes Marbella property so appealing to foreign investors?
Why do Foreign Buyers Choose Costa del Sol Property for Sale?
Buying a property on the Costa del Sol, and particularly Marbella properties has become the popular choice for UK buyers for a few great reasons. Many UK residents flock to the Costa del Sol each year during holidays and can’t help but fall in love with the area. Southern Spain is world renowned as a must-do sunshine destination and each year Andalucia attracts millions of tourists.
UK buyers choose Marbella mostly for a second home. This quite often eventually turns into permanent residence. When it comes to British property buyers, and looking back at statistics, a very noticeable trend begins to take shape. First they choose the Costa del Sol as their main holiday destination, returning year after year; then they start seeking out properties for sale on the Costa del Sol; take the plunge and purchase a holiday home, then eventually retire here and become a permanent resident.
The country has a pleasant, healthy climate and in recent years the city of Marbella has put in some serious effort into increasing tourism and residents alike. Spain now derives more of its foreign income from tourists than any other country in Europe. Now is the best time to buy property in Spain.
The Marbella property selection is too good to ignore. If you act now you can still buy a villa by the beach for a reasonable price. Or how about a
holiday home in Puerto Duquesa, a golf apartment in Benalmadena or one of the high quality off-plan properties in Marbella?
The best part is there are no restrictions on buying property in Spain, whether it’s commercial, residential or a plot of land. In fact, Spain encourages investment by foreigners, both resident and non-resident.
Get in touch with Bromley today for any of your property buying needs.