2022 was a fantastic year for the Spanish Property Market, with record sales and a healthy market that continually grew throughout the year.
The outlook for 2023 is set to be a little more stable, perhaps with some minor price decreases, which is great news for prospective buyers on the Costa del Sol. However, with the current inflation rate and the subsequent cost of living crisis, we could see figures start to plateau or even trail off slightly as we head further into the year.
If you are thinking of buying or selling this year on the Costa del Sol, here’s some important factors to consider:
Bankinter’s analysis and markets department, believes that residential house prices will fall in Spain by up to 3% in 2023. So, if you’re looking to sell, now is the time to do so if you want to get the best price for your property. For buyers, this means your budget may stretch a little further or allow you a bit extra to undertake some minor renovations or interior design updates to make it your home away from home!
The Costa del Sol is a unique area of the world that doesn’t tend to be as affected by high and low seasons, in comparison to other tourist resorts in Europe. In fact, we dare say that there is no high and low season here as everything remains open almost all year round, which is one of the biggest pulls when it comes to living in the area. As such, the demand for property never seems to wane, making it a great place to invest in.
International buyers have returned to Spain en masse, with property investors from Scandinavia, the Netherlands, Poland, Germany, France, UK and Belgium top of the list. European population estimates also point to a significant increase in the number of retirees and Spain ranks as one of the most attractive retirement destinations, meaning demand for a place in the sun is without a doubt set to continue.
In 2022, Andalucia had more than 9.4 million visitors, with rising numbers in the off season too. In November alone, Andalucia welcomed 600,000 international tourists, 22.1% more than in the same period the previous year. 2023 is set to be another buoyant year, which
is great news for property investors or second home-owners looking to rent out their property to provide additional sources of income.
The wheels are officially in motion regarding Spain’s latest visa offering. This new visa route is set to allow many more people to live and work remotely in Spain on a much easier basis. This could potentially attract a slightly younger demographic to the Costa del Sol, who are able to work remotely and enjoy life in the sun, free from the shackles of an on-site office job.
Trust only the best when it comes to navigating the property market on the Costa del Sol. Our dedicated team of property experts will be by your side every step of the way. Take advantage of our expert customer service and in-depth knowledge about every single property on our roster. There’s nobody like Propertissimo, your real estate agent on the Costa del Sol and beyond.
Whether you’re looking to buy, sell or simply enquire about what life on the Costa del Sol could offer you, just get in touch with our team and we’ll be happy to guide you.
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