“The number of enquiries from the United Kingdom is still significantly down since 2015. The initial impact of Brexit meant that most UK buyers put their plans on hold during 2016 pending further clarification about the implications of Brexit and a strengthening of the exchange rate. However, we are now starting to see increasing numbers of UK buyers enquiring again and making the decision to buy, although in most cases with reduced budgets.
Most interest is from Scandinavia, Belgium, Holland and the United States. Also, as a reflection of the strength of the Spanish economy, a significant number of Spanish buyers are also looking to buy on the coast.
The areas of Benahavís, Estepona and Mijas Costa have become increasingly popular as they are perceived as being close enough to Marbella but representing better value for money.
The market continues to be style and quality orientated and so most buyers prefer new designer properties, both independent villas and apartments. Properties situated in prime locations and those close to the beach and amenities still attract the most interest.
After the initial shock of 2016 confidence seems to be returning and the numbers of enquiries and sales are picking up again. We expect 2017 to be a good year for the property market on the Costa del Sol.”
Partner Lucas, Fox Marbella
Marbella Property Sales Transactions
Property sales transactions in the province of Málaga have continued to rise in 2017 with the number of transactions during January and February (for which the latest data is available) totalling 4,521, according to the National Institute of Statistics (INE). This represents an annual growth rate of 11.9% over the same period in 2016.
Marbella Property Prices
Having decreased slightly in the last quarter of 2016, average property prices in Marbella have increased again in Q1 2017, according to leading property portal Idealista (which bases its figures on asking prices). Average property prices in Marbella ended the first quarter of 2017 on €2,453 per square metre, representing an annual growth rate of 1.2%. Average property prices in the key district of Estepona have also risen, ending Q1 2017 on €1,714 per square metre, representing a significant annual growth rate of 10.2%. Whilst prices in the prime location of Benahavís have risen since the end of Q1 2016, they have shown a 3.3% decrease since the end of 2016, ending the first quarter of 2017 on €1,969 per square metre.
Lucas Fox Website Interest
As in the first quarter of 2016, Spanish interest in Marbella properties represented a third of Lucas Fox website visitors in the first quarter of 2017. Amongst international buyers the majority of interest in properties in Marbella continues to come from the United Kingdom (18.2%), although this was down slightly on the figures from Q1 2016 (24.4%), with visitors from the United States making up 4.9% of all visitors to the website (compared to 5.7% in the first quarter of 2016).
These figures are not necessarily reflective of the split of nationalities amongst actual buyers or indeed buyer enquiries, which mainly come from the Benelux countries, Scandinavia and the United States.
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