April news pt 1
Spanish property prices set to rise 5% in 2016
Bankinters quarterly property market report has stated that property prices in certain areas of Spain will rise by 1.5% in 2015. This increase will be followed by a general increase of 5% in 2016.
The bank stated that the property market in Spain has started to gather momentum and the recovery will start this year. This will be down to the growth of the economy, higher levels of consumer confidence and easier access to finance. There will be an increase in demand for property which will see a rise in the number of property transactions of 15%.
The bank also stated that their forecasts show that demand for homes will grow to nearly 400,000 properties in 2015 and then increasing to 450,000 in 2016. This will mainly be driven by the resales market and it is anticipated that new homes will rise to 100,000 in 2016.
There are a large number of properties for sale but this will not stop the building of new homes. According to the bank much of the property for sale are in the wrong place. The bank argues that around 100,000 homes will never be sold unless prices drop further due to the unappealing locations they are in. However in some prime locations the demand is greater than the supply. The main reason that demand will increase is that there will be higher economic growth and employment. The growth forecast for Spain’s GDP is an expected 2.2% for 2015 which would lead to an increase in employment. It is also expected that investors will to capitalise on the buy to let market as the returns from this are higher than a bank investment.
Tourism figures up in January
The beginning of 2015 has delivered great news to the tourist industry in Malaga. Data released has shown that during January, Malaga received 10% more visitors than it did in January 2014.
Data released by Madeca, the Socio-economical Observatory of Malaga’s Development and Quality Foundation showed that during the first month of the year, Malaga province received a total of 199,246 tourists. There was a large increase in the number of Spanish residents that visited Malaga in January, a total of 93,493 visitors. This was a 15.6% increase compared to the same period the previous year. This is a great sign that Spain’s economic recovery is gathering pace.
The number of international tourists also increased with a total number of 105,753 visitors which was a 5.3% increase on the same period last year. There were also increases compared to January 2014 in overnights stays, which saw a total of 709,029 overnight stays, an increase of 4% and flights to Malaga-Costa del Sol airport totalled 5,657 which was an increase of 2.1%.
Tourism related profits increase on the Costa del Sol
Following the best ever year for tourism on the Costa del Sol in 2014, it looks like the coast is set to do it all again in 2015.
A report by the Exceltur tourism group on tourist destination hotel profits and employment registered the Costa del Sol along with the Canary and Balearic Islands as Spain’s best destinations where tourism related profits and employment increased the most in 2014.
The Costa del Sol’s coastal towns of Torremolinos, Benalmadena, Fuengirola, Marbella and Estepona received more visitors and in turn saw more profit than in previous years.
2015 has started well for the area with a reported 1.3 million people passing through the Malaga Costa del Sol airport thus far. A great start to surpass the 10 million record figure of 2014.
There has been a vast promotion of the Costa del Sol at travel fairs all over the world and there have been organised guided visits for tour operators. These projects have been implemented to boost the tourist industry further with the objective to beat 2014’s figures.
Malaga – one of Europe’s hippest destinations
Many tourists that have visited the Costa del Sol usually head for the numerous coastal resorts for their fantastic beaches, 320 days of sunshine and endless amounts of Sangria when frequenting one of the many bars and restaurants. However, following a multimillion euro regeneration investment and the opening of several new galleries and museums in Malaga City, the once forgotten capital city of the Costa del Sol is now one of the hippest destinations in Europe.
It is not just the new museums and galleries that are attracting visitors, existing older museums and galleries have become more popular as more people look to a more cultural aspect of their holiday. The cultural scene in Malaga is thriving and there are plenty of great restaurants, bars and gastro bars plus there is great shopping areas and an exciting nightlife.
The offerings available include the newly opened Pompidou museum and the St Petersburg State Russian museum as well as the established Pablo Picasso museum and many more established smaller galleries and museums. In 2016 there will be the new Museum of Fine Arts and Archaeology.
One of the stand out points that benefits Malaga greatly is that many of the museums and galleries are not overcrowded and most are in easy walking distance of each other. This allows visitors plenty of time to sample some fine Andalucian cuisine and refreshment.
Other places of interest are the Moorish Alcazaba fortress and Gibralfaro castle. These offer fantastic panoramic views of the city. There is also the city’s botanic garden, rated one of the finest in Europe.
With all this right on the door step of the Costa del Sol with easy transport links into the city from the coast adds to the attraction of Europe’s most popular holiday destination.
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