Costa del Sol property market again boosted by foreign investors

It is well known that Spain is a very popular destination in Europe, many Europeans come to Spain to buy a new home, for holidays, as an investment or as a retirement home. But property investment has changed over the last 2 years and in the last few months seems to have activated again. Let's take a look back to understand how the real estate market has evolved until today in Spain and more specifically on the Costa del Sol.

Real Estate investment in the past

Foreign investment in Real Estate in Spain has been led by the British since the boom of 2007. Subsequently, with the announcement of Brexit, many of these potential British buyers saw how the profitability of their savings was reduced and their doubts about this new situation, abruptly halted the purchase of properties in our country.

Post-Brexit and COVID

It is well known that the British market has been one of the main markets in Spain and the Costa del Sol and the lack of these buyers affected the market. A situation made worse during the COVID period.

Once this stage was overcome, the situation has been improving overall and from the second half of 2021, the sale of homes in Spain to foreigners became active again, even improving the pre-pandemic figures in 2019.

In fact, the German market, which have predominantly always favoured the Balearic and Canary Islands, since November 2021, now outnumber British buyer on the Costa del Sol.

Costa del Sol, the ideal destination to live

The Real Estate market in 2022

In 2022 the figures changed again. The British again topped the list of people buying in Spain, especially along the Costa del Sol. In addition, we have seen an increase in the Swedes, Danes, Norwegians and in recent months the French, Dutch and Belgians.

The arrival of the good weather, the growing economic recovery, the increase in Real Estate offer and the acceleration of purchasing times and processes, are proof of this increase in transactions during the first half of 2022.

Technology, a great ally

New ways of purchasing have evolved since Covid. Due to travel restrictions, the Real Estate market adapted. Face-to-face visits became difficult. As a result, virtual visits via video calls became more and more popular! Many purchases of properties in Spain were made this way. Something that previously was a rare occurrence.

The time taken to buy a property has also been accelerated thanks to these new tools, leading our new clients to buy their homes with more ease.

These new buyers are being motivated because of the new global situation, the improvement of working conditions that allow you to work from home, together with the new development’s projects and the good weather, make the Costa del Sol the ideal destination to live and even work.

New markets to consider

The current sad situation is also causing neighbours from Ukraine, such as Poland, Estonia, Lithuania, Romania and the Czech Republic, who want to allocate part of their savings to a safe investment such as buying a property on the Costa del Sol.

Other countries - in a totally different situation - that have benefited from the oil crisis, may present new real estate opportunities on the Costa del Sol, such as Saudi Arabia, United Arab Emirates or Kuwait.

Your new home at yourVIVA.com

VIVA is an international company, with a team of Real Estate experts who will help you with the purchase of your new home on the Costa del Sol.

Wherever you are from, whatever your reason for coming to live on the Costa del Sol, at yourviva.com you are sure to find the home of your dreams.

Don't put it off until tomorrow, opportunities appear every day on our website!

Sources:

- DiarioSur
- El Economista
- Image: Simon Hermans