Costa del Sol property market booms
Costa del Sol property market booms as thousands more golfers take to the fairways in Spain
- Property prices in Malaga province up 8% in last year
- Taylor Wimpey España reports 38% increase in reservations by Brits
- Mortgage agreements in Malaga jump 22% in a year
- Number of golf licences in Spain rose by 13,166 in 2021
Newly released figures from Spanish real estate specialist Tinsa show that the province of Malaga enjoyed an 8.0% rise in house prices over the past year, as the Costa del Sol’s property market booms. Data from Spain’s National Statistics Institute (INE) also speak to the strength of the market, showing that 22% more mortgage loans were signed in Malaga between January and July 2022, compared to the same period of 2021.
Figures from leading Spanish home builder Taylor Wimpey España, meanwhile, show that reservations of properties so far in 2022 are above pre-Covid levels. And compared to 2021, reservations by British buyers are up 38% year to date.
Both coastal and golf properties are popular in the Costa del Sol. Golf in Spain has undergone a major resurgence recently, with the number of golf licences in the country growing by 13,166 in 2021. All golfers who are resident in Spain must obtain a licence from the Royal Spanish Golf Federation every year.
While golfers visiting from overseas don’t need to obtain a licence, they do need to provide a valid handicap certificate from their home club when playing on a Spanish course. According to a report from IE University, the Spanish Association of Golf Courses (AECG) and the Royal Spanish Golf Federation (RFEG), Spain attracts 1.2 million golfers from overseas annually, making it the world’s leading destination for international golf tourism. The report also found that 88% of those visiting golfers’ expenditure is spent outside of golf courses, with numerous other sectors benefiting from Spain’s position as a haven for golfers.
This is where golf ties back into the property market in locations such as the Costa del Sol. Many players seek second homes close to their favourite courses. So strong is demand for golf properties that Taylor Wimpey España has just launched a new development – Sunny Golf – at Malaga’s Estepona Golf resort, along with a new phase of its popular Green Golf development at the same location.
Sunny Golf will consist of 69 two- and three-bedroom apartments with panoramic views over the course, costing from €230,000 plus VAT. The new phase of Green Golf, meanwhile, will encompass 48 houses with three bedrooms and three bathrooms, priced from €348,000 plus VAT. Both developments come with communal pools and prettily landscaped gardens, while individual homes feature large terraces and light-filled, open plan living spaces.
Over at La Cala Golf, it is Natura that is attracting keen interest from golf property buyers. Homes there are available from €559,000 plus VAT. The three-bedroom townhouses each come with a solarium of more than 50 m2 and a private garden. They occupy a privileged frontline position at La Cala Golf, as well as benefitting from an on-site communal pool.
https://euroweeklynews.com/2022/10/05/costa-del-sol-enjoys-post-pandemic-golf-property-boom/