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Happy New Year to all our property management clients and anyone who owns a property on the Costa del Sol! We hope you all had an excellent Christmas and New Year and are feeling positive about 2017. All the signs are that 2017 is going to be a great year for Spain, the economy, tourism and the property market. This means that your property will be increasing in value and there are excellent opportunities to make money from short term holiday rentals for tourists and long term rentals to the thousands of people arriving here for a better life each year.
Last November, Spain’s economy minister upped growth predictions for 2017, saying that they predict the economy will grow 2.3% and that 500,000 new jobs will be created. After a long period of uncertainty, a government was voted in with the experienced Rajoy at the helm and things can now settle down politically, which should boost growth.
2016 was a great year for the Spanish property market, with consistent increases in home sales, a 2.6% increase in house prices overall and even stronger increases on the coast and in the luxury sector. 2017 is expected to see a 5% increase in house prices and stable growth predicted until the end of the decade, so owning a property on the Costa del Sol is highly desirable once more.
To maximise returns, while property prices continue to rise, renting out your Costa del Sol property is a great option. 2015 and 2016 were record years for tourism, with the great year continuing into October with an 11% increase in tourism from abroad during that month. There was also an increase in spending and Brexit did not seem to have much of an impact, with 6% more visitors from the UK in October than the same month is 2015. The Costa del Sol has seen a big increase too, with traffic to Malaga airport increasing by 15.1% in the first ten months of 2016 and welcoming their 15 millionth passenger of the year in November – the first time this amount has ever been reached in a single year.
Expectations are that with the popularity of Spain as a tourist destination, the good infrastructure and the continued insecurity in other parts of the world, that 2017 will be another bumper year for Spanish tourism. If last year is anything to go by, hotel occupancy will be very high once more and the demand for holiday rental properties will continue to rise, both due to shortage of hotel rooms and demand for greater flexibility from accommodation.
This means there’s never been a better time to rent out your property, and we can help you to do it. Our Costa del Sol property management specialists can take care of your property and get it ready for rentals, and our marketing team can find short or long term clients for you. We will communicate regularly and set up an online account, so you can know what’s happening with your property when and where it suits you. We will handle deposits, payments, keys, maintenance and handle any problems for you and you will see the funds coming into your bank account each time we rent the property for you.
If that sounds good to you, we are particularly looking for villas with pools and centrally located properties in desirable areas such as Marbella, San Pedro and Fuengirola. Please contact us if you have a property that would fit the bill and let’s make 2017 a profitable year for you.