Costa del Sol property decrease 5.4% in 2010!

After the recent article on the decrease of new properties on the market in 2010, I thought it would be worthwhile to review the statistics for the province of Malaga and the Costa del Sol.

On a happy note the Costa del Sol real estate sector is gradually starting to rid itself of its unsold stock that has been dampening the local property market.

While reviewing the information from the Ministry of Development, in 2010, the homes left without a buyer was reduced by 5.4%. This is the first fall since the beginning of the current crisis and contrasts quite dramatically with 2009, when there was an increase of 7.5% properties without buyers.

Leaving aside percentages for a moment, by December 31st 2010, there were still 21,443 unsold properties on the market. The equivalent of 3.12% of all unsold properties in Spain. This ranks it about 10th in Spain for the province with the most unsold properties. But only make up 2.03% of all properties in the province, below the national average of 2.7%

In fact Malaga has performed substantially better that the national figure (0.08% decrease) and far better than the figure for Andalucía (1.18% decrease). The rate of construction has been steadily declining with the 2010 figures being similar to the 2009, but the sales of new property are recovering and although this year has not started as positively as the last, we at least have seen a definite pick up since April and expect that this will be reflected in the end of years statistics.

Andrew Bellés

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