The Costa del Sol has the largest amount of new housing available in all the Mediterranean costal areas, with 2,482 new properties. The Costa Blanca comes next with 2,110, according to data given by ST-Valuation Society (ST) at the end of last year. The amount of new property around the coast of Malaga beats that of Madrid (2,158) and Barcelona (1,072).
According to ST-Valuation (ST), the supply of new housing on the five main Mediterranean areas totals 5,594 units for sale. The Costa del Sol and Costa Blanca take the lead by a large margin. On the Costa Dorada there are 378; Costa Cálida has 345; The Costa Brava has 279. The total is even higher than the entire Community of Madrid (5,474).
Whether apartments of single family homes, the statistics includes any new properties constructed since 2010, which have yet to receive a first-occupation licence, and which are currently being marketed. It also includes properties awarded to, or claimed by, a financial institution if the dwelling has not previously been occupied.
“2016 was a year of recovery in activity, wisdom and the perception of a solid real estate market on which to grow and invest,” said ST CEO Juan Fernández-Aceytuno. “In 2017, the market is expected to consolidate, but it is far from the estimated cruising speed for a country of 45 million inhabitants and whose GDP grows at a rate of 3%,” he said.
Price on the Increase
The average price of new residential property in capital cities recuperated 1,9% during the last semester of 2016 to sit at 2.120 €/sqm. Yearly variation of prices is at 3.3% which confirms the stability trend observed in previous periods. The ST Confidence Index (buyer confidence in the real estate market) has reached 54,5 points and continues to grow over the neutral position of 50 points.
The report also highlighted the price of new residential properties. In cities with a population over 100.000 which are not capital cities prices have increased to 1.675 €/sqm. This represents a yearly variation of +1,1%.
For more details about New Built Properties on Costa del Sol, please contact Status Homes.