So Will Spanish Property Prices Rise in Costa del Sol in 2014

01 Dec 2013

With the news that property prices rose 4.8% year on year in the Belearic Islands in the third quarter of this year the burning question is what regions can expect to see prices rise in 2014. Prices also rose in 3 other regions including the Comunidad de Madrid leaving the other 13 regions still showing price falls.

According to Spanish Hot Properties Market Analyst Simon Jones you can expect to see price rises in Marbella, prices to stop falling in Costa del Sol but prices still falling in Costa del Sol. Simon explained that Costa del Sol was in fact the Costa of the Malaga Province which is only one of 8 provinces in Andalucía and Andalucía as a whole still has major problems and it’s probably going to be 2015 before prices as a whole in Andalucía stop falling. However Malaga is a completely different animal with over 25% of property transactions being bought by overseas property buyers. This contrasts greatly with the national average for Spain of 6%. Also the vast majority of these buyers tend to buy in Costa del Sol and not inland. So for sure Costa del Sol prices will stop falling in 2014.

So what about prime location areas like Marbella and Puerto Banus? Well according to Simon they are already rising but in prime areas but not in other suburbs of Marbella.  Simon is of the view that beachside Marbella and Puerto Banus has been rising as a whole since 2012 and just like Mallorca buyers want to buy in the best places. Also the Golden Visa will have a huge impact on sales in these areas above 500,000€ as Marbella is the chosen destination for Middle Eastern buyers looking to take advantage of the Golden Visa.

So the obvious question from all of this is should you buy in Marbella in 2014. Simon is of the view that if you want to buy beachside in Puerto Banus or Marbella you will definitely pay more for your property in 2015 than you will in 2014. As for how much that’s much more difficult to predict.

If you would like help in taking advantage of the opportunities that still exist in Costa del Sol please contact Spanish Hot Properties via email or telephone.

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