Altavista Property Spain – www.altavistaspain.com – Foreign buyers sustaining the Costa del Sol’s real estate market

April 12, 2011 in Michael Liggan, www.altavistaproperty.com by Michael Liggan

Last year saw a slight increase in property sales thanks to buyers from abroad; foreign enquiries have gone up by 43 per cent this year

It will take a long time for the real estate market in southern Spain to recover from the bursting of the bubble, although the good news is that there is light at the end of the tunnel. Developers and estate agents are now optimistically clinging to a lifeline that has come from abroad. The storm of the financial crisis has relented for the British, Germans, Scandinavians and Russians who are once again showing an interest in the Costa del Sol, and mainly Marbella, attracted by big reductions in the asking prices of properties.

The statistics confirm this trend noted by the industry. According to the latest property sales report published by the Ministry of Development, in the last three months of 2010, some 6,457 transactions were made in the province of Malaga, and of those 905 (14 per cent) involved buyers from outside Spain. This is not only one of the best results in Spain (behind only Alicante) but also reveals an increase of 31 per cent on the previous quarter.

A look at the annual figures clearly shows that it is the foreign buyers who are sustaining the growth in the province’s real estate market, where the 22,224 homes sold in 2009 increased, albeit slightly, to 22,442 in 2010. If we subtract the transactions involving foreign buyers from both years’ totals, the result would be negative (down 0.15%), from 19,103 properties sold in 2009 to 19,074 in 2010.
With these results on the table it comes as no surprise that the sector is pulling out all the stops to attract the foreign market, which is key to the industry’s recovery from the crisis.

read more: www.surinenglish.com

AltaVista Property puts the emphasis on clients’ requirements. We focus our efforts on matching client requirements and sourcing suitable properties, but given our longstanding experience in real estate and knowledge of this market in particular, we are also able to identify those properties that offer great value. Visit our website to find out more: www.altavistaspain.com

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