If you’re looking to purchase a property in some the Costa del Sol’s swankiest areas, you will need to have deep pockets with the average price per square metre in some areas reaching a whopping €6,000 per square metre.
A study by real estate services and investment company CB Richard Ellis (CBRE), suggests that the more desirable areas of the Costa del Sol such as Marbella are attracting a different kind of clientele.
Instead of investors speculating for a high return on their investment, wealthy foreign buyers with budgets of between €500,000 and €1 million, are now snapping up homes for personal use, attracted by the Costa del Sol’s year-round tropical climate.
The Spanish Costa’s have been a firm favourite with British, French and German investors for many years, however, there has been increased interest from other nationalities including those from nordic countries such as Norway, Finland and Sweden.
The study also revealed that the characteristics of new build properties are also changing, with higher quality homes being built incorporating a more clean, contemporary design with straight lines and large windows.
Prior to the crisis, little consideration was placed on the clients needs or the quality of the build as everything was being brought up by investors regardless. However, this appears to be a thing of the past with today’s more discerning buyers looking for that something special.
The most expensive properties can now be found in areas such as Marbella, Nueva Andalucia and Benahavis with prices averaging around €6,000 per square metre.
Popular towns including Torremolinos and Fuengirola have also seen a rise with an average price of €4,000 per square metre compared to just €2,500 for resale properties.
Other coastal favourites such as La Cala de Mijas have seen similar hikes with new builds going for an average of around €3,000 per square metre.