According to Premier Marbella news sources, the Marbella property market would appear to be out performing all other areas on the Costa del Sol with a notable increase in property sales. The National Statistics Institute (INE) have just published the annual report for 2014.
The INE report shows the Costa del Sol boasted the fourth highest property sales figures in Spain during 2014 with an overall rise in property sales of 15% in the Malaga province bringing the numbers up to half of the pre-crisis levels. Foreign buyers accounted for 40% of all the property purchases according to Public Works Ministry data.
The report also states that it was the first year since 2010 in which nationwide property sales increased, with a boost of 2.2% over 2013 and a total of 319,389 properties sold. The property market in the Malaga province far outperformed the country as a whole, with sales up by 14.6 per cent to 22,409 transactions.
A discussion has now opened as to whether 2015 the price stabilization will continue. A new report from Fitch rating agency suggested property prices will stay at 40% lower than the pre-crisis peak, with the market bottoming out. On a positive note the Spanish bank BBVA predicts economic growth of 2.7% this year due to falling oil prices, and foresees demand creating one million new jobs in Spain.
Welcoming this positive news on the Marbella property market, leading Marbella property specialist Romano Keogh commented that expecting property prices to recover to pre-crisis levels is to live far from reality.
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