Foreigners looking for property on the Costa del Sol

Whether its for the beaches, the people, the traditions or for the wonderful climate all year round, the Costa del Sol remains the preferred area for foreigners both for those who come to spend a few days or those who decide to buy a residence. The Malaga coast is a great attraction with a lot of difference: it only competes with the Costa Blanca and Catalonia, but it continues to win with a lot of difference. Foreigners, usually European, but also Chinese or Russian citizens have shown great interest in the area for several years now. The cost of living which is much lower than in Northern European countries, the quality of life – especially marked by the good weather and the leisure on offer have made it very desireable for foreigners to look for Costa del Sol property.
The statistics of recent years support all the efforts that have been made in the form of promotion. In fact, half of home buyers in municipalities like Benalmádena or Mijas are foreigners. Even 70% of residents in Marbella are from outside Spain. Out of the more than 300,000 Britons living in Spain, 55,000 citizens have taken up residence in the province of Malaga, as reflected in the Property Registry.
The latest statistics published by the Ministry of Development show that Malaga and Marbella have been consolidated as the two municipalities leading the list in the recovery of housing sales, accounting for a third of operations in the province. In turn, this data published at the beginning of January 2017 has confirmed that the foreign buyer is and will continue to be a key player for the housing sector. In La Opinion De Malaga website you can see the sale of houses is at its best level in 9 years with Málaga and Marbella out in front.
What is the appeal of the Costa del Sol?
The Mediterranean climate that ensures more than 300 days of sunshine a year and the Costa del Sol has excellent air connections with many countries through Malaga Airport. The golf courses, beaches, gastronomy and the properties and residential complexes that are on sale always surprise and delight international visitors.
In addition to all the tourist potential that is found in the area, the Costa del Sol and the city of Malaga have a high quality of health, educational and leisure services that attract the attention of a large part of foreign citizens. According to a Eurobarometer of the European Commission, Malaga is the only Spanish city that is in the ranking of the 10 cities with the highest quality of life. Musical, sporting events, clubs, resorts, luxury areas or conventional areas … it is difficult not to find what you are looking for on the Costa del Sol.

How is the foreign profile buyer of housing?
Europeans are the ones who top the list of buyers for excellence in the Costa del Sol. British followed by French, German, Swiss or Belgian, Russian, Norwegian, Chinese or Americans are loving the beaches and weather of the Andalusia region. This European buyer profile is one that seeks a second residence in a sunny country and away from the cold climates of the North of the continent. Typically, these buyers are looking for a second home to relocate once they retire. A part of them does not seek to spend more than 300,000 euros and this is possible thanks to the fact that there are so many different housing options on the Costa del Sol.
Thus, of all foreigners who buy a house in Spain, the British are still the protagonists. In fact, at the moment there is no fear that the Brexit affect a change in levels of home purchase, as expressed in a newspaper article 20Minutos . It is expected that the province of Malaga and especially the area of the Costa del Sol will continue to be the leader in home sales amongst foreigners.
The British are inclined to buy apartments and houses in Marbella or coastal areas such as Sotogrande, which have different home prices. However, they often look for cities that are well-connected and have international services, such as schools.
However, it is advised that if the pound continues to devalue, the British will see house prices and the cost of living in Spain higher than previous years, so it is possible that the purchase of houses may change. The British buyer profile focuses on houses close to quality services such as shops, leisure areas and golf courses or sports clubs in a suitable environment. In addition to the price, as a first variable, foreign buyers seek according to their budget and the typology of housing, opting for single-family housing.
Meanwhile, Germans are often inclined to use larger budgets as they look for luxury apartments and large properties. High quality materials and wide spaces are some of their priorities. The Germans often give great importance to luxury and want quality properties and expect to find a quiet area with an unparalleled quality of life with an excellent health system and good leisure services.
The profile of German who buys a house on the coast is usually a married couple aged about 40, with children and high income.

Chinese and Russian on the Costa del Sol
But it is not only Europeans who are looking to buy property on the Costa del Sol. Foreign citizens who buy a property that exceeds 500,000 euros can obtain a residence permit which allows them to live in Spain totally legal. Thus, it is how a large number of Chinese citizens have sought in Spain homes that are near important educational centers and then rent the rooms to young people who come to study in Spain.
Meanwhile, Russian citizens show interest in localities such as Marbella and Estepona where there are luxury single-family dwellings on large plots. They seek privacy and are unfurnished. They usually adjust their budget frequently.

What will happen in this year 2017?
Marbella is one of the key points on the Costa del Sol that continues to attract foreign buyers thanks to its location between sea and mountain, its microclimate or golf courses. Housing developments usually sell a very large percentage of their apartments to foreigners in record time.
And it is that outsiders look for the location of their future homes to be privileged to have views of the Mediterranean Sea and the golf courses, have a good communication and the value for money is correct. Foreigners are looking for high quality and design houses.

Posted on 14/02/2017