In line with what I wrote in my latest newsletter about the reduction in the number of sales in Benahavis in the last year and adding the fact that the estimated inventory keeps on going up, it is more difficult to sell a second hand property in Benahavis now than one year ago. That effect is illustrated on the graph below where, in red, the tendency of Benahavis is shown with increases in the numbers of months to sell the complete inventory since the end of 2015. At the beginning it was just an increase in inventory because owners decided to sell after the long crisis of the real estate market but right now is a combination of less transactions and more inventory. Therefore, it is more complicated for a seller to sell now than two years ago and that makes a competitive asking price more critical than before.
On the other hand and talking about Marbella, the situation is completely different. We have increases in the number of transactions, 15,7% when compared with the same quarter of last year, and an stable inventory that makes that selling is easier than one year ago. The grey line in the chart shows exactly that. Benahavis and Marbella were showing the same tendency up to mid 2016 but, since then, the situation in Marbella is improving but not that of Benahavis. The Brexit vote marked an inflexion point for the tendency going for better in Marbella and for worse in Benahavis. In my opinion, as the general economy is going for better, the negotiations for the Brexit are showing points of agreement and, at least right now, the political situation is more stable, the real estate market at the Costa del Sol will confirm its improving tendency and I hope that for a number of years after the long crisis we have suffered. Furthermore, when talking to people in this real estate business of the Costa del Sol, a number of them confirmed that sense that the market is still slow but with signs of recovery.