The Ministry of Housing published in December the data regarding the number of properties sold in the municipalities of the Costa del Sol, providing information that might seem contradictory. Although the number of properties sold is negative at –5.6%, it has improved compared with previous quarters, especially in Marbella, Estepona and Mijas, three of the municipalities of the Costa del Sol where, along with Malaga city, most property deals are closed.
If we separate the data into new and second hand properties, it shows that a rise in sales of new built properties. Sales of new builds rose by 80% in Estepona, 62% in Marbella, nearly 30% in Malaga city and in Mijas an extraordinary 192%. Overall, we have a rise of 33% on the Costa del Sol. Sales of second hand properties, on the other hand, have decreased by 9.9%. In our area, we have a decrease of 3.2% in Estepona, 5.3% in Marbella and 20.8% in Benahavis. Sales of new properties have cushioned the general drop in sales. Furthermore, we need to consider that these deals were probably closed during the last few years and the units are now being delivered. This is in line with comments regarding sales statistics of the last two years. It seems that private sales contracts for new builds, that were signed for new promotions but did not show in sales figures, are being closed now.
My opinion remains similar to what I have said previously: although the fall in sales is definitely concerning, I don´t think we need to be alarmed. There is a lot of competition on the market, with high levels of inventory, so prices need to be competitive in order to keep activity on listings and, as a consequence, sell the properties.
HOME SALES IN BENAHAVIS
HOME SALES IN MARBELLA
SECOND HAND HOME SALES AT THE COSTA DEL SOL
