Developers see improvements in Costa del Sol property sales

In the last few months, several promoters have seen increases in the level of Costa del Sol property sales, compared to 2009, although financing is still hard to come by.

If this is the case the next report by the Ministry of housing should reflect these positive trends as this was not apparent due the first trimester.

The local representative of the developer Myramar, Miguel Rodriguez Porras has stated that “We have seen an increase in sales as people are finally realising that many of the properties are not going to drop any further”. The developer has also confirmed that to date sales have increased four-fold compared to last year and has observed an increase in foreign buyers (British and Russians) for certain promotions along Mijas Costa looking for holiday homes.

The promoter also believes that in the following years VPOS (subsidized housing) will play an important role as in future up to 30% of future promotions will have to be reserved for this type of housing.

The greatest issue now affecting developers is financing. Even with all the properties sold it can take a year to get financing to start the projects.

It should be noted that this improvement in the new build market comes after one of the worst years recorded for many promoters. And although there are positive signs, only time will tell whether it will continue. And of course whether banks will start lending again at normal levels.

Andrew Bellés

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