Costa del Sol Property Market Update – February 2024
Keith from Target Property Spain provides an update on the evolving real estate market on the Costa del Sol as we reach February 2024. With nearly four years since the COVID pandemic, the area has seen significant changes. The market, once dominated by Northern European buyers, now sees a global range of clients, including many from France and Germany, and an increasing number are relocating permanently rather than just buying holiday homes.
The demand for properties, combined with a shortage of stock, has caused prices to rise, but the steep increases seen post-2014 recession are not repeating. Luxury property prices in Mijas Costa have remained relatively stable, with more reasonable price adjustments compared to other markets. While it’s still a vendor’s market, Keith notes that vendors are becoming more open to offers, signaling a shift toward a more balanced market.
With interest rates rising and the surge of post-COVID demand calming down, the market is starting to level out. Buyers can expect to see stronger market corrections this year, which should bring more reasonable property valuations. Keith emphasizes that while the market is not yet a buyer’s market, it’s moving toward a fairer environment, and savvy buyers can still find great deals if they receive expert guidance.
The Costa del Sol remains a desirable and affordable location to live, with its sunny climate and easy access to global destinations, making it an attractive option for those who buy smartly. Keith suggests seeking out good advice to ensure you’re getting the best value in the current market.
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