Costa News Spain Breaking News | English News in Spain.
The ASKING price in one of Costa del Sol’s most popular expat hotspots has risen by 17.2% since last year.
Manilva’s property values are soaring as international buyers look for bargains in the town, away from more expensive resorts.
According to the latest data from the Idealista portal, the average asking price in the municipality now stands at €2,934 per square metre.
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This means sellers are asking for roughly €235,000 for a standard 80-square-metre two-bedroom apartment in the area.
However, it should be noted that the actual prices that an average property in the municipality sells at is €2,381, according to Spain’s Notary’s Statistical Portal.
Manilva has one of the biggest annual increases in asking prices on the Malaga coastline, due to high demand in popular areas such as Puerto de la Duquesa y El Castillo.
Marbella, however, continues to lead the luxury real estate boom in the region with prices increasing by 10.6% on an annual basis.
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The average in the glitzy resort has reached a record €5,607 per square metre.
It means a typical two-bedroom pad in Marbella now costs an average of €448,000.
Prices are even more eye-watering in Marbella’s exclusive Nagüeles–Golden Mile district, which has hit €6,789 per square metre.
Almost all municipalities on the western Costa del Sol have seen a double-digit increase.
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In Torremolinos, prices jumped 14.6% to €3,925 per square metre, pushing the cost of a two-bed property up to around €314,000.
Fuengirola is not far behind, experiencing a 14.1% annual increase to reach €4,407 per square metre, or roughly €352,000 for a two-bedroom apartment.
Meanwhile, Mijas saw property values climb by 13.7% to €3,637 per square metre, making a two-bed home there average out at around €290,000.
Idealista’s experts believe that sustained price increases are driven by a combination a strong international market, tourism, and the severe shortage of housing stock in prime areas.
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