‘The demand for residential tourism properties has fallen by 6.2 per cent over the past year on the Costa del Sol, with a 4.7 per cent drop in value and the ‘For Sale’ sign staying up three months more than in the recent past, from 32 to 35 months. It is also significant that the luxury residential development of Sotogrande, in the province of Cadiz, has replaced Marbella as the most expensive place to buy a house on the Southern Spanish coastline. Average house prices in the Marbella are still, nevertheless, a good deal higher than in other municipalities in the region.
In fact, according to the latest official data from the Ministry of Housing, the average price per square metre of a house of less than two years old is 3,377 euros, while houses of more than two years old have dropped to 2,713 euros. In spite of the fact that the residential tourism market for housing is shrinking, house prices in general have risen by eight per cent over recent years, which is light years away from price increases of previous years.’
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