Malaga attracting foreign buyers once more

The Spanish property market has received a welcome boost of late after it was disclosed that foreign buyers are once more looking towards Malaga.

Some 4,397 properties were bought by non-residents in 2014, up 7.4 per cent on the year before and 22 per cent on 2012.

RE/MAX Top, which runs offices in the southern resorts of Marbella and Malaga, said that the majority of their buyers were foreign. Miguel Bilbao, the company’s CEO, noted that 80 per cent of buyers at their office in Marbella and 50 per cent in Malaga were not from Spain.

He went on to explain that with tourism on the rise again and record numbers expected this summer, they forecast a large number of tourists to look at property during their stay. Furthermore, he said that many of those would be from the UK as the strong pound adds to the appeal of investing elsewhere.
A large percentage of property purchases last year were high-end homes, located in exclusive resorts along the Costa del Sol.

Bilbao noted that there was greater demand for such properties in the most desirable areas, which was why they were selling at a quick rate. However, he pointed out that interest in less costly properties was also increasing, with many over-50 British buyers seeing what was on offer.