More foreign Property Buyers surge to the Costas this Summer

British property investors still account for the largest group of overseas buyers, having an overall 15% stake in the Spanish property market. In 2012, the General Council of Notaries recorded a total of 38,312 property purchases made by non-resident, overseas buyers. This was a 28.4% gain on sales made to foreign buyers in 2011.

The Costas are as popular as ever and recent price declines have made property in places like Marbella at the Costa del Sol far more affordable. Increased accessibility thanks to low cost airlines adding constantly to their routes has put the Costa del Sol back on the map as far as overseas property investors are concerned. Boasting 300 days of sunshine and an amazing array of things to do, the Costa del Sol offers second home buyers and investors good long-term prospects.

There are already 22 different flight routes between the UK and Malaga, the nearest airport for Marbella; with 7 new routes between Germany and Malaga as well as additional routes from Russia, Norway and Denmark being offered, the property market has been given a much needed boost from new and established markets. Flight routes from and to Turkey as well as New York, which had previously been cancelled, are now back, adding not just revenue to the region’s tourism sector but also contributing to a decrease in unsold homes in Andalucía.

Home builders like Taylor Wimpey España have seen a huge increase in enquiries for their off-plan and key-ready homes. Developments like the La Floreste de la Mairena offer penthouses and apartments with Italian designer kitchen in surroundings of outstanding natural beauty - and within just a short drive of Marbella city centre. Located in the pleasant and leafy-green neighbourhood of Elviria in the east of Marbella, and within a short walk of the beach and great amenities, these the development is set to become another “hit” among the developer’s buyers. Prices start at EUR 178,000.

The developer’s other star attraction is located at upmarket Benahavis, a smart part of Marbella, where the rich and trendy like to play golf and sip their aperitifs. Avalon, beautifully situated alongside the famous and prestigious Los Arqueros Golf course, boasts luxurious and well-designed penthouses and apartments. It’s a 20 minute drive from Marbella’s centre and an equal distance to the neighbouring resort of Estepona.

Land prices in Spain have seen a dramatic drop since the construction industry was hit hard by the economic downturn. Close to Benahavis and also just a 20 minute drive from Marbella’s city centre, the exclusive area of El Madronal offers wealthy self-builders and those  happy to buy off-plan a good choice of land for around EUR 700,000, although there are also some “quick cash sales” around that have asking prices of EUR 350,000 for a sizeable plot of land.

According to the Spanish Ministry of Development, during the first 3 months of this year land prices reached record lows. The average price per square metre stood at EUR 157.20 in urban areas, an 11.5% decline on last year. Although this is unlikely to affect areas such as El Madronal, where buyers need to be seriously well-off to buy land and build a home - the typical home has at least 4 bedrooms and acres of sun terraces lining a sparkling blue swimming pool large enough to home a medium sized whale.

This is Marbella living at its best: homes with large mature gardens are surrounded by outstanding natural beauty, boasting both mountain and sea views. There is a good smattering of local shops and family attractions are never far away. After just 30 to 40 minutes’ drive residents reach popular attractions like Tivoli World and Selwo Park or Fuengirola Zoo. The area boasts water parks, horse-riding, golf, sailing and diving, not to mention one of Europe’s most thrilling nightlife experiences in the centre of Marbella.

El Madronal villas and mansions rarely come on the market for less than EUR 1 million, but recent price drops across Spain mean there are amazing luxury bargains around, just waiting to be snapped up by foreign buyers looking for exclusivity which El Madronal has in heaps.