The first quarter of 2021 saw the Costa del Sol property market start on strong footing, even if sales dropped in yearly terms. This was especially true for the new-build sector, which continues to be the main engine driving the local industry. Buying new has become the preferred option for second-home buyers due to its many advantages over resale properties, including more indoor and outdoor space.
In Q1, according to figures from OMAU, foreign buyers represented 34% of transactions in the new-build sector – which was an exceptionally high figure. This is an indication of the pent-up demand that exists, and will only increase as Spain relaxes its travel restrictions in June.
As for prices, the Costa del Sol continues to be one of the most active property markets in the country. However, it is worth noting that prices have yet to return to their pre-pandemic peak, according to Tinsa (based on valuations).
What’s more, selling times continue to fall in many localities, particularly in Costa del Sol hotspots such as Malaga city. Last year, 23% of homes on the market found a buyer within a week in this city. In addition, this rate is also high in Estepona and Marbella. property sales costa del sol