The Costa del Sol, also known as the Sunshine Coast, is a year-round destination for sun-seekers and real estate buyers from all over Europe and the rest of the world. With its beautiful beaches, picturesque towns, world-class golf courses and vibrant nightlife, the Costa del Sol has something for everyone. But like any real estate market, the Costa del Sol has its ups and downs. In this blog post, we take a closer look at what 2023 has in shop for the Costa del Sol real estate market.
The COVID -19 pandemic has put a damper on the real estate market as demand from foreign buyers has decreased and tourism has declined. However, the market is beginning to recover and prices have remained relatively stable. According to recent data, the average price of a property on the Costa del Sol is around €300,000, with the highest prices in cities such as Marbella and Estepona and the lowest in more rural areas.
One of the most popular trends in the Costa del Sol real estate market is the increasing demand for new construction. New homes tend to be of a higher standard than older homes and many buyers are attracted to the modern designs and energy-efficient features of new properties, as well as the opportunity to customize the property to their own tastes. As a result, prices for new-build properties are expected to remain strong in 2023.
Another trend that is expected to continue in 2023 is the increase in demand for luxury properties. Costa del Sol is known for its luxury resorts and high-end restaurants, and many buyers are willing to pay a premium for properties in these areas. Additionally, prices for luxury properties are also expected to remain strong in 2023 due to the increasing number of high-net-worth individuals looking to invest in the region.
On the other hand, prices for properties in more rural areas of the region are expected to remain relatively stable in 2023. These properties tend to be less expensive than those located closer to the coast or in more developed areas, and they offer a more peaceful and relaxed lifestyle.
The Costa del Sol real estate market is also seeing an increasing trend toward "smart homes." These are properties equipped with the latest technology, such as home automation systems. This allows homeowners to remotely control various aspects of their home, such as lighting and heating. This type of property is becoming increasingly attractive to buyers who want a higher level of convenience and comfort.
The Costa del Sol real estate market has also seen an increase in the number of properties offered for long-term rental. This is partly due to the fact that many buyers prefer to rent out their properties to generate an income rather than sell them. There has also been an increase in the number of people looking to rent property on the Costa del Sol, as more and more people are choosing to live in the region on a long-term basis.
In summary, the Costa del Sol property market is currently recovering from the effects of the COVID -19 pandemic. Prices have remained relatively stable and there are a variety of properties to suit all budgets. New construction and "smart homes" are becoming increasingly popular, and demand for properties for long-term rent is also on the rise. If you are considering buying a property on the Costa del Sol, now is a good time to do so, as prices are likely to rise once the market recovers.
If you're looking for advice on buying a property on the Costa del Sol in 2023, Casa Select can help. Our team has extensive knowledge of the local real estate market and can help you find the perfect property for your needs and budget. Contact us today to discuss your options and begin your search for your dream Costa del Sol home.
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