Foreign buyers help re-spark Costa home sales
August’s 2,359 home sales was the best monthly figure since May 2008 but experts warn that the road to recovery will be long. This can be good news if you are looking to invest in property.
A RETURN of foreign buyers, in particular Germans, has helped contribute to an uptick in Costa home sales that’s injecting a bit of long-missing optimism in the property sector.
While nobody is popping any champagne just yet, data released last week by the National Statistics Institute (INE) shows that home sales in Málaga jumped by 25.6 per cent in August compared to July, and by 29.5 per cent compared to August of last year.
In fact, the 2,359 home sales in the province during August was the best monthly figure since May 2008, when 2,745 sales were recorded.
Developers and other experts in the sector hailed the figures as good news but cautioned that the road to recovery will be long and will depend on various factors including prices, access to financing and a reduction in the existing stock of some 22,000 unsold flats in the province.
José Prado, president of the Málaga Builders and Developers Association (ACP), highlighted the fact that in the first half of this year 1,814 homes have been sold to foreign buyers, up 20 per cent from the same period last year. He attributed the resurgence mainly to the German and Dutch markets, while British and Irish buyers have yet to return in force.