Data published in the local Costa del Sol press this week suggests that the average age of property buyers in the Marbella area is now as young as 42. This is as low a median age as has ever been recorded, with indicators pointing towards entrepreneurial foreign buyers as the key exponent of this change…
In the wake of Brexit, for example, the number of British home purchasers has not waned. On the contrary, confidence in Spanish property has remained solid, which is evidenced by the Brits continuing to lead the way in terms of foreign demand and overall real estate transactions.
Another factor is Spain’s glorious quality of life. Things are cheaper here than in many other European countries and there is (arguably) a much finer work-life balance, while the Spanish eating and drinking experience – having tapas and a glass of wine, for example – has been recently voted the best in the world.
Nowadays, ever more employees, freelancers and people in upper management have the option of living and working remotely, so the Costa del Sol‘s cocktail of excellent quality of life and affordable property is a massive pull for individuals with increasing geographical flexibility.
Areas on the Mediterranean coast like Marbella are also benefitting from major cities in the rest of the world being too expensive to live in for many people. Housing booms in London and Hong Kong, to name but two examples, have driven homebuyers further and further from the commercial centres, so long commutes, low-quality housing and inflated rental prices as an alternative to buying are the reality for thousands of businesspeople.
In the case of the latter, Bloomberg reports that an inner-city apartment is now over 19 times more expensive than an average Hong Kong resident’s salary. It is only natural, then, that an expat would think twice about moving somewhere with these housing expectations and prefer somewhere like the Costa del Sol.
After all, we do have over 320 sunshine days per year and some of the world’s best gastronomy… and VIVA have a huge variety of properties for sale – for every budget and in all locations – at www.yourviva.com!