As an experienced real estate agency with over 20+ years of experience we want all our clients to be aware of the current property market conditions. This is to assist you make informed decisions when it comes to your buying or selling a property on the Costa del Sol. In this article we are going to outline some of the points we cover in our JULY MARKET UPDATE. You can download the full Lion Trust Spain Property Market Forecast - July update at the bottom of this page.
Reason why the Costa del Sol Market is so fluid
It's hard to believe that in just a few days on the Costa del Sol, you can financially commit to buying a property and start the legal process. This is made possible by the Multiple Listing System (MLS), where all property listings for sale are openly shared between estate agents. This is a very different system to the way estate agents work in most people’s home country and can initially be confusing. Registered agencies will access this extensive pool of properties to find the best match for their clients. Eighty percent of properties sold involve two agents. If your agent is doing their job correctly and putting in the extensive work required, they will find you your ideal property if it's available for sale.
To know more download the full market forecast at the bottom of the page!
It’s a Sellers Market!
The current real estate market has seen a shift towards a seller's market due to the recent buyer activity, resulting in a shortage of quality stock. Property vendors find themselves in a strong negotiating position, but each transaction is different and the balance of power in the 'seller : buyer' relationship is unique each time. Essentially, it comes down to how important it is for either party to make the transaction happen.
Sellers sometimes take the view that there will soon be another buyer who 'will pay the price'. Buyers, on the other hand, believe that there is surely another suitable property just around the corner. Perhaps in some instances, either party could be right, but it is not always the case.
The task of the agent is to demonstrate to the seller if the deal being offered is the right one to accept.
Further indication of it being a seller's market is the current stance of developers with their no-discounts policy. Developers have always been difficult to negotiate with as they still have the costs to come in order to deliver the product, but particularly now with increasing building material costs, a limited number of units to sell and high demand, they see no need to offer any concessions even when a buyer is purchasing multiple units.
If you're looking to buy or sell a property in this current market, it's important to work with an experienced real estate agent who is adept at navigating the complexities of this shifting market and can assist you make informed decisions.
So what’s going to happen for the rest of 2023
July – December?
With uncertain global economic conditions being publicised in the headlines, what does this mean for the property market on the Costa del Sol in the second half of 2023? Despite external factors, such as inflation and conflicts in Ukraine, it's my opinion that the region will still see a strong performance in property transactions. In fact, I believe that the second half of the year is going to be stellar for the Costa del Sol's real estate market. Want to know why? Download the full property market forecast and I'll explain.
The current property market on the Costa del Sol is a seller's market due to the high demand and shortage of quality stock. However, there is still an ideal buyer for every property, and with the help of an experienced real estate agent, you can make informed decisions.
Looking ahead to the second half of 2023, despite potential global economic uncertainty, we believe that the region will continue to see a strong performance in property transactions. Don't miss out on the opportunities that lie ahead – download our full property market forecast and let us help you navigate the complexities of the real estate market on the Costa del Sol.
If you are thinking about buying a property on the Costa del Sol in 2023, this perhaps is going to be the most important document that you will ever read!
Planning to sell your property? Prepare your home properly to make a lasting first impression. The right preparation can be the difference between receiving a great offer and waiting for that perfect buyer.
[email protected]
