Mijas Costa Property Market Update – Summer 2023
Keith from Target Property Spain brings you the latest property market update for Mijas Costa as we approach the summer of 2023. The last few years have seen an exceptionally busy market, with demand outpacing supply. Anyone who has been looking for a property in this region will know firsthand about the ongoing shortage of stock. However, Keith predicts a shift is on the horizon.
With rising interest rates, mortgage payments are now climbing, which could lead many owners of holiday homes to reconsider their investments. As interest rates move from historic lows of 0% to higher levels around 4-5%, property owners may find themselves with higher monthly mortgage payments. This financial pressure could prompt them to sell, leading to an increase in available properties after the summer months.
Keith foresees that the market will transition from a seller’s market to a more balanced one. Although prices aren’t expected to drop drastically, vendors may become more open to offers as more properties become available. For those still on the hunt for a property, Keith recommends waiting for the market to adjust, as a larger selection of properties is expected later in the year.
Stay tuned to the Target Property Spain website for more updates, and make sure to follow Keith’s insights as the market continues to evolve.
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