Thumbs-up For The Costa del Sol
News suggests that tourism in the Costa del Sol continues to boom. According to the tourist board, September saw close to 80 per cent capacity, which is up on last year, making it one of the best years in the past decade. All indicators show the region is thriving. Today, many buy-to-let property owners in popular resorts are recording a bumper year with occupancy levels up to an encouraging 85 per cent.
New statistics from the Spanish Ministry of Housing show that property values in Spain have risen by an average of 10.8 per cent over the 12 months to the end of June. This represents a solid growth rate, be it much more sensible than some of the price rises we were seeing a while ago. The most sought after locations are still those that are close to the beach, near excellent amenities and in up-and-coming hotspots, though caution should be taken not to invest in areas with an oversupply of property.
Statistics also show that after last year’s expansion of 3.4%, Spain’s GDP is tipped to continue to be the best in Europe through this year and beyond. Investment in Spanish property construction has grown by 7.4 % so far this year, beating the 6% rise in 2005. Indeed, figures from Banco, Bilbao, Vizcaya and Argentaria show that over the past five years cement consumption levels have increased by more than 15% each year.
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