Discover why Costa del Sol property prices are soaring more than any other coastal region in Spain, with insights from Tinsa's 2024 report.
The Costa del Sol is experiencing an unparalleled surge in property prices, outpacing all other coastal regions in Spain. According to Tinsa's recent valuation report, this popular holiday destination is now a hotspot for real estate investment. Let's dive into the data and explore what makes this area so attractive to buyers.
Why the Costa del Sol is the Hottest Property Market in Spain
The Costa del Sol, known for its stunning beaches and vibrant lifestyle, has seen property prices rise more than any other coastal region in Spain. According to Tinsa's latest property valuation report, Malaga province leads the pack with a significant increase in property prices. This blog post will delve into the key statistics, explore regional variations, and examine the factors driving this trend.
A Snapshot of Property Price Increases
At the end of the first quarter of 2024, the average price per square meter on the Costa del Sol stood at €2,289. This marks a 9.3% increase compared to the same period last year, according to Tinsa, a leader in real estate valuations in Spain. This growth outpaces other coastal regions, with the Balearic Islands following at an 8.8% increase (€2,934 per square meter), and Alicante, Valencia, and Santa Cruz de Tenerife each seeing around a 7% rise.
Breaking Down the Numbers
Malaga City and Surrounding Areas:
- Malaga City: Prices rose by 10.7% year-on-year, reaching €2,336 per square meter.
- Torrox: Experienced a 9.6% increase, with prices now at €1,859 per square meter.
- Nerja: Saw a more modest rise of 4.4%, with prices slightly over €2,000 per square meter.
Costa del Sol Between Torremolinos and Mijas:
- Benalmádena: Registered the highest increase in this area, with a rise of 12.4%, bringing the price per square meter to €2,465.
- Mijas: Prices increased by 8.2% to €2,096 per square meter.
- Fuengirola: The most expensive municipality here, with prices at €2,470 per square meter, marking a 9.5% year-on-year increase.
Between Marbella and Manilva:
- Marbella: Remains the most expensive town on the Costa del Sol, with prices at €2,811 per square meter, a 10% increase over the past year.
- Manilva: Experienced the highest increase in this region, with a 13.1% rise to €1,826 per square meter.
Comparing to the National Average
These increases along the coast of Malaga are notably higher than the Spanish average. Nationally, the price of coastal housing rose by 5.7% year-on-year, reaching €1,740 per square meter. This data underscores the Costa del Sol's unique position as a premier destination for property investment in Spain.
The Appeal of Holiday Homes
Tinsa's report also differentiates between first and second homes, highlighting the premium on holiday homes. In Malaga, the average price for holiday homes stands at €3,700 per square meter. The highest prices are found between Marbella and Manilva at €4,000 per square meter, followed by Torremolinos to Mijas (€3,600 per square meter), and La Axarquía region (€3,000 per square meter).
The Role of International Buyers
International buyers significantly influence the Costa del Sol property market. They are the primary purchasers in most coastal areas, with notable exceptions like Fuengirola, where many buyers come from Madrid and other Andalusian provinces. According to Tinsa, foreign buyers primarily come from the United Kingdom, Germany, Belgium, Holland, Nordic countries, and the Middle East. These buyers account for 50% to 70% of holiday home sales, underscoring the region's global appeal.
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Conclusion: Investing in the Costa del Sol
The Costa del Sol's soaring property prices and robust market growth make it a prime location for real estate investment. Whether you're looking for a holiday home or a permanent residence, the region offers a range of options to suit various preferences and budgets. The data from Tinsa highlights the area's unique appeal, with rising prices reflecting strong demand and limited supply.
For those interested in exploring property opportunities on the Costa del Sol, our real estate agency provides expert guidance and a comprehensive portfolio of listings. Visit us today to discover your dream home in this thriving coastal paradise.
FAQs
Q: Why are property prices on the Costa del Sol rising so rapidly? A: The region's popularity as a holiday destination, coupled with strong demand from international buyers and limited supply, drives property prices up.
Q: Which areas on the Costa del Sol have seen the highest price increases? A: Benalmádena, Manilva, and Marbella have recorded some of the highest increases, with Benalmádena seeing a 12.4% rise and Manilva a 13.1% increase.
Q: What makes the Costa del Sol attractive to international buyers? A: The region offers a combination of beautiful weather, stunning beaches, and a vibrant lifestyle, making it a top choice for buyers from the UK, Germany, and other countries.
For more detailed statistics and information, visit the original article on Sur in English.
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