The popular Malaga province is helping to drive the revival of Spanish property sales since the global financial crisis of 2007.
Malaga province has always been very popular with overseas property investors, and its three main towns of Marbella, Estepona and Benahavis are officially among the hottest and ‘most mature’ markets in Spain.
The average sales increase over the three towns in 2017 was 11.5 per cent compared to the previous year, and now exceeds levels seen before the global financial crisis in 2007 by 10.4 per cent.
This compares to the rest of Spain where sales are still 21 per cent behind pre-crisis levels.
This latest data comes from the Marbella Property Market Report 2018, compiled by Marbella’s longest-running estate agency, Panorama Properties.
Marbella itself, the favourite destination of the TOWIE brigade, saw a rise of 6.9 per cent in 2017. However, the real driving force behind the rise was Estepona.
Residential property sales in Estepona rose by a massive 28.3 per cent during 2017, partly due to cheaper prices and a greater availability of land for development than Marbella, where building permits can take up to a year to be approved.
Demand in the most sought-after areas of Marbella is far outstripping supply, and prices in some of the most popular developments on the golden mile have almost doubled.
Estepona meanwhile can offer more affordable prices and available development land within the Malaga province and is therefore attracting overseas property investors to the area.
The other up and coming town is Benhavis where sales represented 6.7 per cent of the total 7,487 transactions made in the three areas.
The National Institute of Statistics (INE) has confirmed that Malaga province – driven by the three towns – had the fourth highest amount of sales last year (30,064 compared to 15,917 in the Balearic Islands), beaten only by Madrid, Barcelona, and Alicante.
Time for overseas property investors to cut down on those ‘carbs’ and make tracks for ‘Marbs’ and its neighbouring towns.