A Genuine International Market
One hundred per cent hotel occupancy, queues on the highway, packed bars and restaurants… the story is similar all over the Costa del Sol. Summer 2015 has been a roaring success.
The place is packed with tourists, all lapping up the very best of what the Coast has to offer – the fabulous beaches, world-class shopping, Andalucian charm, 30-degree temperatures. With Greece and northern Africa firmly off-limits for now, vacationers have been heading to the Costa in their droves, with Brits in particular attracted by the heady exchange rate of 1.40 euros to the pound. But it’s not just the Brits who have been flocking here. The traditionally strong tourist markets of northern Europe, such as Scandinavia, Holland, Belgium and Ireland, have been well represented as always, but they have been joined by swathes of visitors from the Middle East, the Far East, the United States and other areas of mainland Spain.
It’s a stimulating mix, a United Nations in the sun, but what does it mean for the local property market? The summer months used to be the time for local estate agents to take it easy, put their feet up and lie on the beach for a couple of months. Not this year! Agents who we have spoken to report record-breaking numbers of enquiries and viewing trips, with some clients having to be turned away because of congested diaries, low staffing levels and the difficulty of actually getting access to properties that are rented out to holidaymakers. At Cloud Nine Spain, in July we enjoyed our record month since we began the business 12 long years ago, and signs suggest that the rest of the year will continue to be just as busy. In keeping with the influx of multinational tourists, our clients this summer have come from every corner of the globe, with sales agreed with residents of the UK, Ireland, Belgium, Norway, Switzerland, Dubai, Kuwait, Australia and China. There is no pattern to the type of property being bought or the typical sales price of each property. We have helped broker deals from €112,000 to over €2 million, from Benalmádena to Alcaidesa. Yep, we’ve been kept on our toes! And it’s not just here on the ground that we’ve been busy. Our phones haven’t stopped ringing and our emails haven’t stopped pinging, with an increase of 200 per cent on our enquiry levels from this time last year. The general feeling in the market is that people now want to spend money again, and they are increasingly willing and motivated to indulge in luxury purchases, such as the dream second home in the sun. And for many people, there is no better place to spend it right now than the Costa del Sol.
With a property market offering real value for money, true rental potential for investors, better overseas travel connections than ever and a truly cosmopolitan, high-quality Mediterranean lifestyle, there are currently no deterrents for buyers.
