Report confirms the slowdown in the property market on the Costa del Sol

Report confirms the slowdown in the property market on the Costa del Sol
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By h.b. - Mar 26, 2008 - 8:20 AM

Archive Photo EFE

The report was published yesterday by the Aguirre Newman consultants and shows property is taking as long as 56 months to sell

A new report from the consultancy firm Aguirre Newman, on the residential tourism market on the Costa del Sol, has shown that the current slow down in the sector and uncertainty in the financial sector is leaving 45% of newly constructed homes on the coast without a buyer, some 20% more than a year ago.

The report says the area is now suffering from an excess offer with a shortage of both national and foreign buyers, and that resale flats along the coast are now taking nearly 52 months to sell, while villas are taking nearly 56 months.

What is described as a timid adjustment in price, around 5% has been seen, although it notes larger falls in some areas; 12% in Mijas Costa and 15% in Sotogrande. Aguirre Newman has also noted that the number of homes offered for sale ‘off-plan’ has fallen by 9.5%.

There is some positive news in the report, with a prediction of an increase in foreign demand for housing forecast for the last quarter of the year.

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