By Euro Weekly News Media • 10 September 2016 • 10:00
MEDITERRANEAN COAST: The burning engine behind Spain’s property sales growth.
COASTAL areas continue to lead the way in solidifying Spain’s property recovery and taking the industry to new heights, on a far more stable footing than seen during the boom years of the early millennium.
A simple scan of the high street horizon and the abundance of successful real estate agents is sufficient to tell that the market is back in full swing and enjoying a healthy boom worth capitalising on.
New figures from the School of Property Registrars indicate that the Mediterranean coastline is the burning engine behind Spain’s total growth in property sales, with places such as Alicante coming third behind Barcelona and Madrid, despite having but a fraction of the population.
Narrowed down to take account of population density, property sales are at their highest in Malaga province, which includes the Costa del Sol, followed by Alicante. Other coastal and expat hotspots along the Valencian coast from Calpe to Murcia also fare fantastically on the sales table, leading to heady optimism among analysts and estate agents.
Foreign investors make up a significant percentage of coastal sales, accounting for roughly half of all transactions, with the vast majority resale homes rather than new builds.
Across Spain home sales rose by almost 25 per cent in the second quarter of the year compared to 2015’s figures as the market continues its remarkable recovery.
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