Marbella is among Spain’s top destinations for overseas buyers according to data from Tinsa and other organisations. The statistics show that the growth in the Marbella property market is not just a rumour being spread by the coast’s real estate agents; it is a verifiable fact.
Leading Spanish newspaper, El Pais, has been highlighting the growth in the holiday property market across Spain in recent weeks, and as Pedro Soria, Tinsa’s commercial director, told El Pais, “Areas with clear signs of recovery in the holiday home market are the Balearics, Canaries, Costa del Sol, North Alicante and the Maresme on the Barcelona coast.”
Tinsa’s commercial director also pointed out that price rises are keeping in step with demand, and the Málaga region, which includes Marbella of course, is one of the areas with the highest price growth. He also mentioned the fact that within the region, Marbella and Estepona are the two municipalities with the largest positive change in the number of properties being purchased, especially among overseas buyers looking for a second home in the sun.
According to property portal pisos.com, property prices on the Costa del Sol have risen by an average of 9.29% over the past year. This is quite a significant increase, and it has worried some who fear returning to the situation prior to the recession, when Marbella property prices were at an all-time high only to come crashing down. However, Tinsa argues that while Marbella is experiencing an upturn in property values, it is important to remember that current prices are still 46% lower than in 2007.
The Marbella market has been stimulated this year in particular by the return of accepted urban planning laws in 2017, when the revised 1986 Urban Plan was finally voted in. The absence of an urban planning law for almost two years had left developers in limbo, but since the new law was passed we have seen a healthy growth in developers being granted licences for new residential projects.
What we are experiencing now is healthy market growth in Marbella, which shows every sign of being sustainable for some time into the future. And with prices rising at a steady pace, now rather than later is clearly the time to buy a property in Marbella.