Introduction of Real Estate market on Costa del Sol
The Costa del Sol is a popular destination for real estate investors and homebuyers alike. In this article, we will discuss the real estate market situation in Benalmadena, Benahavis, Fuengirola, Marbella, and Estepona, and provide predictions for the year 2024.
Market Situation
According to idealista, Marbella and Estepona have seen the highest price hikes over the last two years. Bankinter’s analysis and markets department predicts that residential house prices in Spain will raise by 7% in 2024 and by another 4% the following year.
In Benalmadena, the average price per square meter for a property is €2,500, which is lower than the average price in Marbella and Estepona. The average price per square meter in Benahavis is €3,000, which is higher than the average price in Benalmadena but lower than the average price in Marbella and Estepona. In Fuengirola, the average price per square meter is €2,000, which is lower than the average price in Benalmadena, Benahavis, Marbella, and Estepona.
Predictions for 2024
Despite the predicted fall in house prices, The Property Agent predicts that the Costa del Sol property market will continue to grow in 2024, particularly in the new-build sector. We predict that this trend will continue into 2025, with a focus on new-build properties in Benalmadena, Benahavis, Fuengirola, Marbella, and Estepona.
According to The Olive Press, the demand for new-build properties in the Costa del Sol is increasing, with a 20% increase in sales in 2023 compared to 2022 . This trend is expected to continue in 2022 and beyond, with a focus on sustainable and energy-efficient properties.
Olivepress 2023 real estate predictions:
“Property market in Spain ‘will NOT crash next year’, insists expert on the Costa del Sol” (December 22, 2023): Sean Woolley, CEO of Cloud Nine properties, asserted that the Costa del Sol real estate market had “calmed down” in 2023 and was expected to remain stable in the coming year.
“Estepona ascendant: The strong value of the dollar is making Malaga a more attractive investment for Americans and Canadians” (August 1, 2023): This article highlighted the growing interest from American and Canadian buyers in the Estepona area due to favorable currency exchange rates.
“Sunny year ahead for Spain’s real estate market” (February 14, 2023): This article expressed optimism about the Spanish real estate market in general and suggested that the Costa del Sol would continue to benefit from international demand.
Conclusion
In conclusion, the Costa del Sol property market is expected to continue growing in 2024, despite the predicted fall in house prices. Investors and homebuyers should focus on new-build properties in Benalmadena, Benahavis, Fuengirola, Marbella, and Estepona. These properties are expected to be sustainable, energy-efficient, and in high demand.
