FOREIGN BUYERS IN COSTA DEL SOL, SPAIN
One in three buyers in Malaga province is a foreigner
Foreign buyers are very active in Costa del Sol.
According to official statistics, foreign buyers account for 34% of transactions in the province of Malaga. The most popular destinations are Benahavis, Estepona – Bahia Dorada, Malaga, Marbella, Mijas – Fuengirola, Manilva, Puerto Banus, San Pedro – Cancelada, Torremolinos – Benalmadena.
Malaga’s province is therefore the 3rd most popular region with foreign buyers, after Alicante (43%), and Tenerife (40%).
Doing the maths, 34% of the total of 26,436 properties means that 9,000 properties were bought by foreign buyers in the province of Malaga.
Foreign buyers bought for 3 billion euros of real estate in Malaga and Costa del Sol
Given that foreigners bought 9.000 properties last year, it represents an astonishing 3 billion euros spent on flats and houses. Indeed, the average property price in Costa del Sol is considerably higher than in the rest of Spain, the average property being listed for sale at 353.000 euros.
Three out of four buyers of New Homes in Costa del Sol is a foreigner
What’s more astonishing is that in Costa del Sol, 75% of new home buyers are foreigners. However this may still increase, as last year a total of 12.4 million tourists visited Malaga, beating the previous record.
What’s the typical foreign buyer of new homes in Costa del Sol?
Despite the fact that you should market your properties to a maximum number of buyers, let’s have a look at your typical client. Indeed, the typical foreign buyer of New Homes in Costa del Sol is aged 45 to 54, looking for a flat as a second home, with two bedrooms, a garage. What’s more, he would be willing to pay between 250,000 and 350,000 euros, financed by a loan for 80%.
What should you tell a foreign buyer to convince him that now is the right time to buy?
One of the strongest arguments is to show how prices are still considerably lower than they were 10 years ago, before the crisis.
If you are looking to buy a property in Spain, feel free to get in touch! I’m happy to discuss with you and give you some advice and free tips.
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