looking to buy a home?Submit this Form and Benefit from our 25 Years' Experience & Strong Local Network.
The latest figures for Costa del Sol real estate sales show that September was the best on record. The over 3,200 transactions represent the highest monthly figure for September since 2007. Furthermore, they confirm that property on the Costa del Sol has returned to pre-pandemic activity levels with new-build homes leading the market.
Highest sales since 2007
Monthly data from the Spanish Institute of Statistics (INE) reveal that 3,218 properties changed hands on the Costa del Sol in September. The figure is the highest ever and a significant increase on the last two years.
Specifically, Costa del Sol real estate sales rose by 42.96% in the year and 55.5% on 2019. The latter figure confirms that the property market has fully exited the slump experienced in the early months of the pandemic.
Solid track record for Costa del Sol real estate sales
The latest INE statistics reiterate the strong performance by the Costa del Sol market so far this year. This year, sales between January and September increased by 41% on 2020 and by 5.6% on 2019.
The September sales figures underline those already seen in August this year. Both months recorded the highest transactions since 2007.
New-build properties continue to shine
Once again, new homes took centre stage in Costa del Sol real estate sales in September. They rose by a third compared to 2019 and totalled 849.
In addition, the Costa del Sol registered the third-highest number of new-build sales in Spain after just Madrid and Barcelona. Given the sector’s high activity levels, it’s no surprise to discover that prices for new homes rose considerably in the year to September. The 6.8% increase brings the average square metre price to €2,395.
Resale property back on track
After a slight decline in sales and prices over the last 18 months, resale homes have returned to positive figures all round. The 2,629 transactions that took place in September were the second-highest monthly total since 2007.
The Costa del Sol recorded the fifth-highest sales figures in Spain. Leading the table were Madrid and Barcelona, followed by the Costa Blanca and Valencia. Resale property prices registered a very moderate price increase in September when they went up by 1.6%. The average square metre now costs €2.088.
British buyers no longer take the lion’s share
Quarterly figures from the Registrars Association point to a significant shift in the foreign market. Non-Spanish buyers tend to represent around 30-34% of Costa del Sol real estate sales, but international travel restrictions continue to take their toll.
Foreigners accounted for just 26% of buyers on the Costa del Sol between July and September. Brexit appears to be the cause behind a shift in market shares in terms of nationality. For the first time ever, the British no longer make up the largest proportion. Instead, it’s the Germans who stand at the top of the table with a 10.4% share. The British lie in second (9.8%), followed by the French (7.8%).