Recent currency exchange rates have encouraged more foreign buyers back to the Costa del Sol's property market with increased sales through 2014 – 2015.
With the British pound is at a seven year high against the euro, a five hundred thousand euro property would have set you back around £416,000 a year ago, against just £370,000 in today's market, translating into being 12% more affordable.
Also new legislation relaxing the requirements for Spain's golden visa is allowing non-European Union buyers to gain citizenship if they invest 500,000 euros and upwards in the real estate market.
Since its implementation in 2013 Spain's golden visa, has seen more than 500 foreigners granted the new golden visa, with many of the buyers coming from Russia, China, or the Arab nations and it has earned the Spanish economy an estimated €750 million so far.
The biggest increase in sales on the Spanish mainland is Marbella on the Costa del Sol which is proving the most popular. Latest figures from the Spanish National Statistics Institute have shown that the sales increased by 28% in 2014. The increase in sales has shown that Marbella is now 12% higher than their 2007 peak.
With a steady increase in sales over the past three years it is forecast that the trend will remain upwards for the foreseeable future. Many of the charms of Marbella being great all year round weather, stunning coastline and the cosmopolitan atmosphere of the town offers something for everyone. The streets of the old town provide a real flavour of the true Spanish style of architecture, intermingled with tiny shops and restaurants.
Marbella is one of the Mediterranean coastline's most desirable cities when it comes to owning a second home or a retirement property. Demand is strong, especially from buyers living outside of Spain. Marbella has everything that the perfect holiday location needs, making it the ideal place for buyers to own their dream second home.
Predictions from Spanish banks are positive for the year ahead, but have warned owners not to expect the inflated prices of the boom. Reports from the BBVA, Spain's second biggest bank and Santander agree that improved expectations for economic growth and improving financing conditions will mean that sales will grow alongside a modest improvement in prices. Interest rates are expected to stay at historic lows and a steady growth in demand will boost prices but it warns that the Spanish property sector will never be as important to the economy as it was before the crisis.