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Costa del Sol Property Market | Is now a good time to buy a property?

The best time to buy a property was 20 years ago. The next best time is now!

OK, that’s not strictly true as the ‘best times’ since I have been on the coast since 2003 were probably 2009 after the credit crunch and in mid 2020 just when the market opened again after covid. Prices were down and so was market confidence. It was only the very foresighted that bought into the market at those times.

Of course, as a buyer you want to buy a property at the best possible price and as your agents, our core intention is to help you do that.

Are house prices higher than they were two years ago? Yes!

Are house prices better value now than they will be this time next year?

I believe that will prove to be the case. Basic economic theory says that when demand outstrips supply, prices go up.

There are simply more buyers for quality premium properties than there are premium properties for sale. The proof of the pudding is that we still have investors coming into the market. They see the value in the Costa del Sol property market and view the area as a

safe haven to deposit funds in bricks and mortar. In fact, if you compare the Costa del Sol to property markets such as the south of France, property prices on the Costa del Sol are still very affordable.

In terms of 'the market prices', it's a similar pattern as always - premium properties in premium locations are always going to command their price. Also premium assets and

locations whilst undeniably more expensive are less affected by market cycles.

Costa del Sol Property Market Dynamics

When I came to these sunny shores 20 years ago, it was a very transient place with people coming and going all the time. It was primarily a place for holiday makers and tourists. Traditional holiday and second home destinations have historically always had roller coaster type markets and property cycles. The impact of wider economic cycles have always had a knock on effect locally. This certainly used to be the case with the Costa del Sol property market like many ‘expat locations’.

It's changed significantly.

Stability in the Costa del Sol Property Market

My two-decade tenure here has observed the Costa del Sol's transformation from a transient tourist haven to a robust community of expatriates and Spaniards alike, seeking permanence or at least seasonal sanctuary. This evolution is underpinned by enhanced infrastructure, improved standards and amenities, promising an upward trajectory for the region's allure among the affluent.

2023's record-breaking passenger traffic through Malaga airport underscores the region's escalating prominence, spurring further infrastructural advancements to accommodate this growth.

A notable shift over the past decade has been the predominance of equity-rich buyers, contributing to a more stabilised market environment.

Opportunity to secure your ideal property on the Costa del Sol, despite the competition

Buying a good property in the current climate has become somewhat of a competition. Those buyers who have their finances ready, be they full equity, or mortgage buyers are more likely to succeed. Buyers who are ready to move quickly to sign reservation and purchase contracts (subject to due diligence of course) will be the ones to secure the premium properties. The price will depend on the circumstance of each seller and their motivation to sell.

Are you interested in buying a property on the Costa del Sol in 2024?

If you genuinely intend to buy a property this year, it’s time to get serious. Make sure you are completely ready to do so. That means that if you need or, want to

have a mortgage, make sure the ‘offer in principle’ is in place and that a mortgage is only subject to a property valuation. It is the prepared buyer who is going to buy the property that you want.

Buyers visiting in the first quarter of the year generally face less competition from other buyers, so if the timing works for you, it could work to your advantage.

For those contemplating a journey into the Costa del Sol property market, our expertise and insights stand at your disposal. Reach out, and let us facilitate your path to not just any property, but to the right one.

Perhaps now is the opportune moment to secure a property on the Costa del Sol.The pivotal question arises:

Will you be the one stepping forward to claim this opportunity?