Overseas property sales soared 29 per cent year-on-year in the second quarter of 2013, according to the Spanish Department of Housing. Now, foreign buyers make up one in six property sales in the country.
Nowhere is that more true than in the Costa del Sol. The coastal hotspot, always popular with holiday home hunters, has seen foreign purchases surge even higher: by 61 per cent year-on-year, way ahead of other areas, such as the Costa Brava (52 per cent) and Murcia (50 per cent).
Indeed, house builder Taylor Wimpey de España saw sales skyrocket 132 per cent this year compared to 2012, a rise driven by a Costa del Sol development, which sold 114 units in 11 months.
Why are buyers suddenly so keen on Spanish property? The price. Falling values across the country have left the market full of bargains waiting for investors to snap them up. As the most popular area of Spain for tourists and buyers alike, the Costa del Sol is enjoying the biggest boost of all.
So where is the cheapest place to buy? Where are the most expensive prime property?
TheMoveChannel.com analyses its listings and profiles the average property prices in Costa del Sol:
Cheapest single apartment – Estepona
The cheapest single apartment in the Costa del Sol is located in Estepona. The two-bed apartment is located to the port and the marina, the main areas of the town. Estepona has built up a reputation over the years as a destination for discerning tourists, with its 21km of coastline and traditional culture. The apartment’s low price tag of £33,103 may come as some surprise, but while the town also caters to lower price ranges, the property is being sold by a distressed seller: a reminder that thanks to the Spanish economy, bargains can be found in even the most unlikely of places.
Cheapest single house – Alhaurin el Grande
The cheapest single house in the Costa del Sol is priced at £29,708 and located in Alhaurin el Grande, Malaga. The cosy village is near the coast and just 20 minutes drive from Fuengirola, but the two-bed townhouse is a property in need of renovation: an investment project for those keen to stay away from the busier, more popular hotspots.
Most expensive single apartment – Marbella
There are no points for guessing where the most expensive apartment is: Marbella is known throughout the world as a celebrity hotspot, a playground for the rich and famous. Its high quality real estate meets their requirements, with 3 bed apartments priced up £3.39 million.
Most expensive single house – Estepona
Marbella may be the most glamorous property market in Spain, but Estepona is equally prestigious. Even being home to the cheapest apartment in the Costa del Sol, its quieter nightlife and high-class restaurants add to an air of exclusivity. It is telling that its most expensive house is £7,639,200, even higher than the most expensive home currently for sale in Marbella.
Individual listings can shed interesting light on a property market, but for a general indicator of where to buy, average prices are more reliable.
Average apartment prices
The most affordable apartments are in Torremolinos, one of the Costa del Sol’s earliest tourist resorts. The average value is just £96,455, helping to make the town a popular destination for holidaymakers and budget holiday home buyers alike. The most expensive apartments for sale are in Marbella, where the average price is £691,299.
Average house prices
The most affordable houses are in Manilva, just on the border with Cádiz. The average value is £124,698. The most expensive homes for sale are in Marbella, where the average price is £1,438,734.