2022 will go down in the annals of the Spanish real estate market as one of its busiest ever. Sales of new-build and resale properties both hit record levels and foreign demand soared. The region’s appeal remained strong in the face of the travel restrictions and economic uncertainty that dominated the rest of the country.
The brisk property market was evident in the way homes spent little time on the market. According to a survey by Idealista, 20% of properties in the Costa del Sol found buyers within a week of going on the market. Another 23% sold in a month and 54% found a buyer in less than three months. The figures are even higher in property hotspots like Malaga, where homes often find a buyer within just a few days of entering the market.
Prices were also on the rise, although not as much as in previous years. According to Tinsa, the valuations company, prices in Marbella and Estepona are still 15% below their 2007 peak.
But there are signs that a recovery is underway. In Q1 2021, resale sales climbed by more than 20% on the year in Malaga city and jumped 24% in the Costa del Sol as a whole. New-build sales also sped up, accounting for 27% of the total during the quarter and more than the national average. property sales costa del sol