This summer has seen record numbers of tourists visiting Spain with over 7 million visitors in August – an increase of 9.4% over the same period of 2010. Many hotels on the Costa del Sol enjoyed 100% occupancy over the summer. Figures show Q3 has been very busy with Spanish property prices rising slightly as a result.
According to statistics from Kyero.com property prices in Spain increased from €263,000 in June to €266,100 in September. This could suggest a shortage of quality properties in some regions or simply an increase in demand.
Conti – overseas mortgage specialists – recorded a 7% increase n Spanish property enquiries in August with many agents noticing an increase in enquiries and viewing trips.
Marc Pritchard, of Spanish developer, Taylor Wimpey España, said “The price rises in certain parts of Spain is an encouraging sign for investors with locations such as the Costa Blanca, Costa Calida, Alicante and Murcia experiencing marked price increases. Alicante, for instance, has experienced improvements in its infrastructure, seeing a second airport terminal open, which is always good news when it comes to attracting more visitors.”
Prices in Alicante have risen steadily over the last year. In December 2010 the average property price was €220,000 rising to €231,000 in September 2011, according to figures from Kyero.com.
Surprisingly, with the average price of property in Malaga at €299,500 (September 2011), which is above the national average, buyers do seem to be renewing interest in the Costa del Sol, traditionally a popular area for ex-pats.
Malaga has even been nominated as a candidate for the 2016 European Capital of Culture, which could boost future tourist numbers as well as property sales.