The report «Vivienda en Costa 2016» (properties on the Coast 2016), made by the prestigious property valuation company TINSA, which includes the whole Costa del Sol (in which the importance of holiday accommodation is very important indeed), points out the coastal area between Marbella and Manilva as a ‘clearly recovering’ area, whereas the remaining one (that is, from Torremolinos to Mijas and from Nerja to Rincon in the Axarquia region) is already showing ‘signs’ of improvement.
According to TINSA, the regional ranking of price rising in the first quarter of 2016, compared to the same period the year before, is led by seven Malaga towns or villages. Casares (9.4% and 1,184 Euros/m2), Torrox (8.7% and 1,406 Euros/m2) and Torremolinos (7.2% and 1,387 Euros/m2) are the municipalities where prices have grown the most. They are followed by Mijas (7% and 1,274 Euros/m2), the city of Malaga (6.7% and 1,313 Euros/m2), and Nerja (5.6% and 1,636 Euros/m2), just ahead of Marbella. The last one is the most expensive one of the whole Andalusian coastline, as the price per square meter is 1,864€ and prices have increased 5,5% .
TINSA also emphasized the relevance of foreign purchasers, as in 2015 40% of the sales in Malaga were made by foreigners.
Moreover, Marbella, Mijas, Estepona, and Benalmádena led the sale of properties in Andalusia, excluding the eight capital cities. In Marbella there were 4,396 sales, and the town also led the national ranking. Mijas was fifth, with 2,372 sales.
The developing activity is being led by local developers associated with foreign investment funds in the areas of Torremolinos-Mijas and Marbella-Manilva. Overall, building works that had stopped are being reactivated in the first one, whereas new projects are being started in the second one.
As far as the land market in concerned, the ‘regular activity’ is now back to normal in the area between Marbella and Manilva. Regarding Marbella, TINSA stressed that the cancellation of the PGOU (master zoning plan) in November 2015 did not bring about a stagnation of the real estate activity. Marbella is an area with a ‘really important admirable investment capacity’.
A large part of the banks’ housing stock has drained away and the pace of sales is increasing. Prices are going up and it is foreseen that the trend will stay like this as demand is constant. The stock of new properties is low in Marbella though.
As for the type of construction, independent properties are being built in Marbella and Benahavís, and around 100 multifamily housing units in small numbers (25 to 30).
The municipality of Marbella is the most expensive of the whole Andalusian coastline, as the price per square meter is 1,864€, and prices have increased 5,5% .
To summarize, everything shows that the real estate market is a rising market which is recovering on the Costa del Sol and more specifically, it is already a fact in Marbella.
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