According to Premier Marbella news sources, there is renewed optimism in Marbella property market with data just released showing 2015 has seen record numbers for new building projects in the Malaga province. Planning approval in the third quarter was given for 922 new homes, a figure that has not been achieved since 2010. This year a total of 1,792 permits were approved, which is three times the amount for the same period in 2014. There are six new residential projects underway in Marbella, which will include construction of 200 apartments.
The figures released by the College of Architects show that so far this year approval has been given on 716 new homes on western Costa del Sol area, of which 444 are in Marbella. This wave of new development, which is 4 times more than last year, has renewed the optimism in the Marbella property market. The general secretary of the Association of Builders & Developers of Malaga, Violeta Aragón while recognizing that the sector is still not in total recovery and at an all-time low, activity has resumed to levels not seen for some time. She stated that there is still a long way to go to reach the normal rhythm of 12,000 approvals per year.
Leading Marbella property specialist Romano Keogh commented that the ACP figures released coincide with the general sentiment in the Marbella property market, whereby demand cannot be met from the housing stock resulting in the propulsion of new developments which will be completed within the next 3 years.
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