The mentioned municipality registers the third greater increase of value of all the Andalusian coast, a 13,4%, followed closely by Fuengirola and Torremolinos.
The central zone of the Costa del Sol has inherited the leadership that Marbella has exercised since the beginning of the real estate recovery in terms of prices . Thus, Mijas is the municipality on the coast of Malaga where home prices rose the most between the first quarter of 2017 and 2018: 13.4%, which also rank third in the Andalusian ranking, behind Cartaya (+17, 1%) and Almonte (+ 15.2%). In fourth and fifth positions, immediately after Mijas, are Fuengirola, with 11.9%, and Torremolinos, with 10.9% . On the other hand, during that period the prices froze in Marbella, according to the report ‘Housing on the coast 2018’ prepared by Tinsa.
The business technical director of this firm in Andalusia, Rafael Jiménez-Salas, who has presented this study today in Malaga, believes that this slowdown may be due to the fact that this municipality is already reaching a ceiling after accumulating several years of strong upturns . And is that Marbella is still the municipality of the Andalusian coast with the highest average price of housing (2,069 euros per square meter). In addition, it is one of the least traveled until it reaches pre-crisis levels (31.4%). What the experts dismiss is that this is a symptom of a slowdown in real estate activity in this town, which remains at the top of both the offer (with 284 work visas in 2017, the third highest volume of the Andalusian coast) and the demand (with 4,285 purchases in 2017, the record of the Andalusian coast without counting the capital of Malaga).
The technicians of Tinsa discard the risk of overheating in the market , despite the fact that the mentioned municipalities register double-digit price increases. “We have to analyze all the other indicators, and if we do, we will see that in terms of production we are far from pre-crisis levels,” says Jiménez-Salas, who places the entire Costa del Sol in “clear recovery”, with about 90 active real estate promotions.
‘Housing on the coast 2018’ is an X-ray of the situation of the holiday home market in Spain , based on statistical information and the local experience of Tinsa’s technical network in the 63 areas (16 of them in Andalusia) in which The study divides the peninsular coast and islands. In Andalusia, the news is that the coasts of Huelva and Granada, which were still finalizing their adjustment last year, are added to the group of stretches of coastline where one can already speak of “signs of recovery”. A situation that has also occurred in the eastern part of Almeria, on the strip between Roquetas de Mar and Adra. In terms of price evolution, the Huelva municipalities of Cartaya (+ 17.1%), Almonte (+ 15.2% and Malaga-based Mijas (+ 13.4%) show the highest growth of values ​​on the Andalusian coast between first quarter of 2017 and the first of 2018, according to provisional data from the Tinsa appraisals.
Andalusia joins the most optimistic perception that is also breathed at the national level . The proportion of areas that technicians identify as “in adjustment” in Spain is reduced by half (from 22% to 11%), while the stretches of coastline that are framed increase from 36.5% to 22.4%. in a situation of «clear recovery». In this scenario, the most optimistic, you would find the whole Costa del Sol and the surroundings of Tarifa, Sotogrande and Zahara de los Atunes.
Andalusia joins the most optimistic perception that is also breathed at the national level . The proportion of areas that technicians identify as “in adjustment” in Spain is reduced by half (from 22% to 11%), while the stretches of coastline that are framed increase from 36.5% to 22.4%. in a situation of «clear recovery». In this scenario, the most optimistic, you would find the whole Costa del Sol and the surroundings of Tarifa, Sotogrande and Zahara de los Atuns.
All the municipalities of the Costa del Sol analyzed in the report recorded increases in average price above 4% between the first quarter of 2017 and 2018, with the exception of Marbella, which has remained stable in this period. The highest evolution in the interannual rate in the Andalusian region corresponds to the Huelva municipalities of Cartaya (+ 17.1%) and Almonte (+ 15.2%) and the Malaga Mijas (+ 13.4%), followed by Fuengirola (+ 11.9%), Torremolinos (+ 10.9%), Punta Umbría (+ 9.7%) and Nerja (+ 9.3%).
Tinsa technicians note that the intense growth experienced in Huelva seems rather a rebound effect after a long period of adjustments rather than a sample of consolidated recovery. The improvement of the confidence, the return of the credit and a greater interest of the foreign tourism is favoring the reactivation in the Eastern zone of Huelva. In the western zone, the technicians point out that there has been a noticeable increase in purchases, although it is not yet being translated into prices in a generalized manner.
Along with the acceleration of prices (there are 20 Andalusian coastal municipalities with revaluations higher than 5% compared to 15 in last year’s report) there are still adjustments in other locations. The greatest decreases in the last year are located in Mojácar (-8.3%), Puerto de Santa María (-5.2%) and Vejer de la Frontera (-4.7%), followed by San Fernando (-4 , 6%), La Línea de la Concepción (-3.4%) and Barbate (-1.2%)
The technicians point out that, in some enclaves, the holiday is working better than other segments and the average value of the municipality may not be reflecting the specific behavior of the second home product, which would be smaller in supply. This would be the case, for example, of El Puerto de Santa María, in Cádiz, where technicians point to a positive evolution of this segment or that of Mojácar (Almería), where the tendency of the holiday home would be more similar to that of its neighboring Vera Playa, which is stabilized with specific increases for certain products and locations.
The strong adjustment suffered during the years of crisis is still evident in the differences in value that many municipalities maintain compared to a decade ago. In Casares, to give the most extreme example, the average price is still 56.5% below that of 2017. The value is not even half that of a decade ago in Roquetas de Mar (-53.7%), Ayamonte (-53.4%). El Ejido (-53%), La Linea de la Concepción (-51.9%), Manilva (-50.2%) and Vera (-50.1%).
Expectations about the foreseeable evolution of prices in the holiday home market in Andalusia for the next months are optimistic. In all the areas analyzed, technicians expect prices to increase this year, with the exception of Algeciras and surroundings of Chiclana, where they favor a stabilization.
In general, the stock of new construction pending sale has been drained. On the east coast of Huelva, in the Axarquía (Nerja), Sotogrande, El Puerto de Santa María and in the area of ​​Conil and Tarifa is practically non-existent, with some exceptions, such as Barbate.
Almería continues to stand out as the coast with the most problems of over-supply digestion , although this is not preventing it from starting to build a new product, as in Vera Playa or Rota. Between the nuclei with greater concentration of stock they emphasize Roquetas de Mar, north of Aguadulce and the urbanization The Toyo. In the area of ​​La Axarquía, the highest concentrations are in the annexes of Vélez-Málaga (Almayate, Chilches, Benajarafe and Caleta) and Algarrobo. The Costa Esuri urbanization, in Ayamonte, is one of the maximum exponents of oversupply, mostly in the hands of financial institutions.
Promoter activity
The number of new construction visas (first and second residence) in the coastal municipalities of Andalusia with more than 10,000 inhabitants increased, according to data from the Ministry of Development, 49% in 2017, up to 5,533 licenses.
Two of the five Spanish coastal municipalities with the most visas registered last year, excluding provincial capitals, are located in the province of Malaga: Estepona (748 visas) and Mijas (386). This last municipality almost equals the licenses registered by the city of Almeria, the second capital of Andalusia with the most visas (387), behind Malaga (1,283). It is striking the increase in the volume of licenses registered in Estepona, which multiplied almost by five the figure of 2016, and also that of Marbella, where the number of visas increased by 143%, to 284 new work visas.
In the vast majority of sections of the Andalusian coast, technicians point out that new housing projects have begun in some of the municipalities. Only in the area between Níjar and Aguadulce (Almería), in Algeciras and La Línea, it is pointed out that there are no new promotions underway.
Land market
As a reflection of the promoter impulse in some areas, the land market has also increased its activity. The technicians consider that the market has already acquired cruising speed in the surroundings of Marbella, Estepona and Manilva, as well as in the Axarquía. Movement begins to be recorded (isolated transmissions) in Granada and the southern area of ​​Almeria (between Roquetas de mar and Adra). The greatest tensions in the price of Andalusian raw material are detected in Costa del Sol, Tarifa, Zahara de los Tunas or El Puerto de Santa María.
Purchases in the municipalities of the coast of Andalusia analyzed in the report increased by 17.3% in 2017, to 48,454 operations, according to data from the Ministry of Development. Algeciras is the only stretch of coastline where Tinsa’s technical network does not have the perception that the number of holiday home transactions has increased.
Málaga capital (7,041 transactions, + 28% year-on-year), Marbella (4,285 transactions, + 7%), Mijas (2,907 transactions, + 16.3%), Estepona (2,681 transactions, + 26.6%) and Benalmádena (2,145 properties) , + 3.2%) lead the list of Andalusian coastal municipalities with more purchases, according to the Fomento statistics.
If capitals are excluded, Marbella appears as the third municipality with the highest number of transactions on the Spanish coast behind Orihuela and Torrevieja (both in Alicante). To Marbella they accompany him as promoters of the Mijas and Estepona lawsuit, in the national top 5.
The municipalities that increased the number of purchases in 2017 were Casares (+ 70.5%, up to 682 homes); Vejer de la Frontera (+ 65%, 159 units), Barbate (+ 39%, 206 transactions), Isla Cristina (+ 38%, 413 homes) and Rincón de la Victoria (+ 37%, 801 purchases).
The sale of homes by foreigners grew last year in volume in all provinces of Andalusia, according to data from the Ministry of Development. The participation of the international buyer is above the Spanish average (16.8%) in the provinces of Almería (24.3%) and Malaga (33.5%). In all the provinces, foreigners (residents and non-residents) bought more homes than in 2016. However, the weight on total sales has been reduced in Malaga and Cádiz in 2017 compared to the previous year. In Malaga it goes from 37.7% to 33.5% and in Cádiz from 7.6% to 6.7%, which leads to think of a recovery in national demand in these areas.