The Malaga province in the Spanish southern region of Andalucia saw a rise of nearly 5% in property sales, with an impressive increase of 31% of non-Spanish buyers this year. According to the National Statistics Institute, the figure is 4% higher than the year before when the number of non-Spanish investors rose by 28%.
The Costa del Sol's appeal is as high as ever for property investors this year as Spain remains one of the top destinations for home buyers within the European Union, with notable changes in the traditional buyer profile. While Marbella property was once the focus of retired British golfers and internationally successful business owners looking for second or third residencies abroad, 2018 has marked a shift towards much younger buyers seeking property in the area.
With property prices in Marbella and across Spain still below peak values, property has become more accessible to a wider pool of buyers, now averaging 42 years old. Scandinavian tech entrepreneurs are becoming increasingly dominant in the foreign buyers market, accounting for 46% of property transactions last year, followed by Brits with 23%, according to a recent study by a Marbella real estate agency.
Average house prices in Marbella in June stood at €2,766 per square metre, according to Idealista, while neighbouring towns of Benahavis and Estepona saw average prices grow to €2,325 and €2,026, respectively. Interestingly, while Marbella remains one of the most popular and sought after areas in the region, property prices in Benahavis and Estepona grew by 13% and 12% respectively over the past year, compared with an 8% rise in apartment prices in Marbella. Signalling a greater scope of prime areas with increasing value to buy property on the Costa del Sol today.