The Costa del Sol is one of the few regions in Spain where property sales and rentals have not decreased during the coronavirus lockdown. This is due to its secluded villas and apartments, which appeal to both local and foreign buyers looking for high rental yields and a good lifestyle.
The brisk market has meant properties spend very little time on the market – according to Idealista, 20% sell in under a week, 15% take just a month and 54% of listings find a buyer within three months. These figures put the Costa del Sol in second place nationwide, well ahead of Alicante and Valencia.
New-build properties have performed better than the national average and saw their share of sales rise during the first quarter, although resale property continues to lead the way. The resale market was boosted by the summer season and digital technology, allowing investors who were unable to travel to view their shortlisted homes to do so remotely via virtual tours and video calls.
While prices continue to climb across the region, it is worth highlighting that most statistics focus on a general picture and many are based on valuations rather than asking prices, which can be misleading. Valuations are often conducted by real estate agents with ties to the sellers, meaning they may not be able to act impartially when it comes to negotiating a price. property sales costa del sol