A Positive Year for Costa del Sol Property
We’re in the last quarter of 2022, and what a positive year it has been so far for the property market on the Costa del Sol, as figures from the first six months show prices following a healthy upwards trend.
A look at the official figures from Tinsa shows that at the end of the second quarter, the average property price (new and resale) had gone up by 8.2% on the year, and by 2.4% on the first quarter of 2022. And, whilst it is true that the volume of sales is lower than in 2021, this year we have seen a marked upward trend in the number of sales from January to June, indicating that the market is neither stagnant nor declining. As the Tinsa report says, “In any event, demand is still obviously active, combined with limited supply and forcing prices upwards as a result.”
Property sales figures
It has been a busy year for real estate businesses on the coast. In the first quarter, 181 property sales were made every day. That is the fastest rate since 2007. It also compares extremely well with 2019, with sales being 33.4% higher in Q1 of 2022 than in Q1 2019. That’s an excellent post-pandemic recovery. However, considering the wider economic backdrop of rising interest rates, and its knock-on effect on the mortgage market, and the increased cost of living, it is highly likely that demand will slow down in the final months of 2022. But, it is expected that sales will pick up again as the colder weather sets in across Northern Europe and we will see a big seasonal boom in January and February 2023, the period when buyers typically feel the urge to invest in ‘sunshine’ properties.
Demand and supply
There is one scenario that is likely to become more of a challenge in 2023, and that is the dwindling supply of properties for sale. This is something that CaixaBank Research has highlighted, and much may depend on the supply of new builds to meet market demand. Fortunately, Málaga province is one of the busiest in Spain in supplying new properties. However, with the price of everything rising, including construction costs, and a decline in workforce numbers, there could be a slowdown in the number of new build properties available to sell in 2023.
Who’s buying?
International buyers are flocking to the Costa del Sol, and represent a 33.4% share of the market. The numbers are higher than for 2021 and it is expected that growth in the number of overseas buyers will continue, based on more Baby Boomers retiring here, and a younger generation of ‘work from homers’, many of them entrepreneurs with young families, who migrate to this area of the Mediterranean looking for a more relaxed lifestyle.
One thing we are happily not seeing is an over-heated market, according to CaixaBank, which says that Spanish property still offers great value for money compared to other European markets.
The prediction is then that we will continue to see a steadily growing and stable for the rest of 2022, and that this will continue into 2023, albeit perhaps at a slower pace.
Do get in touch with us if you’re planning to buy a property on the Costa del Sol: we go the extra distance to find you your ideal Mediterranean home.
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