2021 on Costa del Sol - How did it go?

Published on 1 January 2022 at 22:28

2021 ranked as a particularly strong year for real estate on the Costa del Sol. The latest Observatory of Urban Environment (OMAU) report for Malaga province reiterates this consolidation.

The OMAU finds the market very dynamic, particularly in Malaga City and the western part of the province. OMAU states that 80% of properties are sold in these 4 areas; Malaga, Marbella, Mijas, and Estepona.

Furthermore, the report states that prices rise by 9.53% in Marbella during 2021 to reach an average of €4,425 per square metre, which is the highest on the Costa del Sol. Properties in Málaga increased by 8.83% last year and in Estepona by a much more moderate 1.14%. 

By the end of Q2, sales had picked up momentum and registered a 5.4% increase, while all international mobility remained severely restricted. But it was from the summer and onwards that the Costa del Sol property market took gear.  In September, sales of all property types were at the highest for the year, according to the Spanish Institute of Statistics

Most statistics provide a picture of the Costa del Sol generally, an area that encompasses a variety of property markets and includes some of Spain’s most expensive real estate. Therefore, it’s worth putting the spotlight on specific areas to find out how they have fared over the last 12 months.

  • Benahavís– prices increased by 13.3% to reach €2,906 per square metre.
  • Estepona– the increase was 7.2% to €2,467 per square metre.
  • Manilva – values soared by 10% to €1,730 per square metre.
  • Marbella– prices saw a sharp rise (10.4%) to €3,410 per square metre.
  • Sotogrande– property went up by 7.6% to €2,443 per square metre.

(figures based on asking prices on Idealista property portal)

New homes follow a different price curve to resale properties – the average square metre for new properties at the end of September stood at €2,569, considerably ahead of the average €2,087 for resales.

This type of real estate has posted consistent gains throughout 2021. Between April and June, new-build prices increased by 9.8% compared to the same period in 2020. In the third quarter, the rise was only slightly more moderate (6.8%).

 

 

 

Get in touch with us now if you also are considering to buy a property on Costa del Sol.