The Costa del Sol, particularly the stretch from Málaga to Estepona, remains a highly attractive destination for property buyers in 2024. With its stunning beaches, vibrant culture, and excellent quality of life, this region offers a wealth of opportunities for those looking to invest in Spanish real estate.
Despite some downward trends in the Spanish property market, the Costa del Sol has performed relatively well. The region saw the fifth-highest number of transactions in Spain, with Marbella experiencing the smallest drop in sales compared to the national average. Due to limited supply, luxury property sales, especially in the “Golden Triangle” of Marbella, Estepona, and Benahavís, remain in high demand.
Property prices on the western side of the Costa del Sol, including Estepona and Marbella, rose by approximately 15% in 2023 and are expected to continue growing above national property prices throughout 2024. Factors driving this growth include limited new-build property supply and strong purchasing power among buyers.
Rental rates in Estepona have also seen significant increases, with a year-on-year growth of 34.9% and a 10.8% increase in Q1 2024 alone. This presents attractive opportunities for investors looking to capitalize on the strong rental market.
When buying property in a foreign country, it is crucial to work with a reputable real estate agency with in-depth knowledge of the local market. They can guide you through the process, from finding your ideal property to navigating legal requirements and paperwork.
Choosing a real estate agency with a strong presence in the Málaga to Estepona region, such as Hello Sun Real Estate Agency, can help ensure a smooth and successful property purchase in 2024.