So far, 2018 is proving to be a record year for British property buyers on the Spanish southern coast of the Costa Del Sol. Some say the upturn is because of a looming Brexit deadline, but other possibilities include expectations for Spanish property to rise 5% in 2018 and a lucrative and stable exchange rate compared to the pound.
Olive Press, an expat Spanish newspaper says local estate agents report a 100% YOY increase in customers, but the trend is also happening in the Balearic Islands and mainland Spain.
An Increase in Tourism
Favourable results are not only shining through in the real estate industry because, in January 2018, Spain overtook America as the second most visited destination. Tourism offices are also reporting record figures, and they say over 12.5 million Brits will descend on the Costa Del Sol in 2018.
For many years, Brits have favoured the region because as well as pristine golf courses, and beautiful beaches, it is also only a short flight distance from the UK.
Reports also say average ages of buyers have dropped from 50 to 42, of which many could be remote workers. While according to A Place in The Sun magazine, British property buyers make up 19% of foreign owners, but Scandinavians are also showing increased interest.
Popular Destinations for Buyers and Tourists
Popular destinations for both holidaymakers and property buyers are Torremolinos, Fuengirola, and Benalmadena, although, for traditional Spanish ambience, many other smaller towns and villages are clocking up increased interest. Marbella is attracting buy-to-let income investors, while Puerto Banus with its upmarket lifestyle, is the place to wine, dine and hang out.
About the Costa Del Sol
Also called the Sun coast, or Coast of Sun, it is a large section of coastline in the Malaga Province. Sitting between the Del La Luz and Tropical section, it is one of Spain’s best sources of foreign money through tourism and real estate.
Notable destinations include Malaga, Marbella, Torremolinos and Fuengirola. With an average sunshine rate of 3,000 hours a year, an ideal weather climate also attracts many foreigners to live out their retiree years there.
Although many assume its popularity has only come about over the last 30 years, tourism started in the early 20th century, as an effort to get rid of an economic slump. Neighbourhoods and beaches were cleaned and modernised while Torremolinos also opened a golf course.
The Spanish civil war halted promotion, but during the 1940s, rich and celebrities holidaying and living in the area boosted its jet-setting reputation. During the 1970s, the price of holidays dropped and middle-class and budget tourists flocked to find out what the hype was about. These days, it is a top touristic destination of the world.
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