The future is certainly bright for the Spanish real estate market as indicated in the recent figures produced by the Ministry of Public Works. Most businesses and residents in Estepona and Marbella have already noticed an increase in general business activity and estate agents in Estepona, like us are seeing an increased demand for property. This recovery is not just limited to the likes of Estepona and Marbella, it is seen across the country. The third quarter of last year for instance saw overall property sales increase by 16.7%, the best performance since the crisis of 2008.
Who is driving the growth in property sales?
As was the case before the crisis, overseas property buyers are responsible for the majority of the growth, especially in areas like Estepona on the Costa del Sol. In fact, we have seen foreign buyers of property increase quarter on quarter for 25 consecutive quarters.
The types of overseas buyers have changed slightly over the years with the UK buyers, although still very interested, slipping back slightly with an increase in Scandinavian and Belgian buyers moving up. A weak pound and the uncertainty of BREXIT has had an impact on UK buyers but after next year, it is hoped that we will see a stronger pound and a more settled UK market again.
New property developments are also in the increase with many of the most popular off-plan projects now being built in Estepona. When taking all of the above into account we are expecting a healthy year for property in the area and we expect real estate agents in Estepona to be much busier than in previous years.
The area from Benavista down to Estepona is getting a lot of interest when it comes to property with many of the new developments being built along this stretch, which is now known as the New Golden Mile.
We have a great choice of resales and new developments in Estepona from beautiful beachfront homes to private houses located a few minutes’ drive from the coast.
See a selection of properties for sale here