THE average age of property buyers in Marbella has plunged to a record low of 42 years old.
A report by estate agents Lucas Fox Marbella also found foreign interest in Costa del Sol properties is on the rise.
Foreign buyers have contributed to 31% of this year’s home sales, a 3% rise from 2017.
Many of these buyers are entrepreneurs or CEOs, citing their ability to work remotely as a reason for moving.
The average age of those buying Marbella properties is believed to be dropping due to Brexit pushing Brits to secure a holiday home or even move to a sunny location.
Unsurprisingly, the properties that were most in demand were homes near the beach, especially in Torremolinos and Marbella. With their beaches recently awarded with “Q” status, a recognition of quality by the Spanish Institute for Quality Tourism, beachfront properties can expect to see this popularity rise in the coming years.
Meanwhile, overall property sales and prices are on the rise in Malaga province as well.
Estate agent Idealista said that properties in the province were 12% more expensive compared to last year.
If foreign buyers have contributed to 31% of this year’s home sales, does Spain really want the EU to go for a “No Deal” brexit?