Spain has thousands of miles of beautiful coast
Coastal property is seeing a surge in prices of both property for rent and for sale.
According to data released by pisos.com, rental costs increased by 13.57%, while property for sale increased by 19.84%, when compared to 2016.
Although there are certain enclaves showing a greater recovery than others, generally all coastal areas are showing positive signs. Both sale prices and rental costs have shown significant increases over the last 12 months. The average price of a beachfront property is now 215,579 euros. This is 19.84% more than in 2016 when the average cost was 179,886 euros. In terms of rental costs, the average rent for a beachfront property has grown from 565 per week to 642 euros per week, an increase of 13.57%.
“The Spanish coast is more in shape than ever,” comments Miguel Angel Alemany, director of pisos.com. The head of the real estate portal does not hesitate to point out the boost that prices and rents have taken, with “double-digit increases in many areas.” He also points out that “the second residence is again a profitable asset, given the revalorization experienced by holiday apartments.”
Alemany goes on to say that “beyond consolidated destinations, such as the Costa del Sol, the Balearic Islands and the Mediterranean arch in general, holiday tourism is feeding on another type of demand not so dependent on the sun-beach binomial, which means other areas of the Spanish coast, especially in the north of the country, are gaining popularity and overcoming their stagnation, based on their cultural offers, gastronomy or natural environment.”
Prices
When looking at the average sale price for a middle floor apartment in coastal areas, we find the most expensive are in Costa Vasca (489,242€), Costa del Garraf (389,303€) and Costa Brava (337,899€).
The cheapest coastal property is to be found in Costa de Almería (126,654€), Costa Cálida (134,120€) and Costa de Azahar (141,721€).
All coastal areas show price increases when compared to 2016. The largest increases were in Costa del Garraf (24.78%), Costa Brava (24.70%) and Costa del Maresme (24.24%). The smaller increases were seen in the Costa Azahar (6.20%), Costa Verde (10.12%) and Costa de Cantabria (10.36%).
The Costa del Sol saw prices rise 22.92%. The average price of a middle floor apartment on the Costa del Sol now sits at 237,609€.
Rental Costs
In terms of the cost of renting coastal property, the most affordable areas are Almería (384 €/week), Rías Baixas (444 €/week) and Rías Altas (446 €/week). The most expensive are found in the Balearic Islands (1,489 €/week), Costa Brava (1,034 €/week) and Costa del Garraf (864 €/week).
The average price of renting on the Costa del Sol sits at 728 €/week, representing an increase of 19.74%, when compared to the same time last year.
The largest increases in rental costs in coastal areas are to be found in the Canary Islands where prices have risen by 23.63% over the last year. Other significant increases were seen in Costa Vasca (22.78%) and Costa de la Luz (19.85%). The smallest increases were seen in Costa Verde (2.30%), Costa Blanca (2.36%) and Costa de Azahar (4.32%).
In terms of rental profitability once again we see increases in all coastal regions. The most significant increases were in the Balearic Islands (4.09%), Costa de Valencia (3.35%) and Costa Cálida (3.09%). The smallest increases were seen in Costa Vasca (1.24%), Costa del Garraf (1.78%) and Costa de Cantabria (2.06%).
On the Costa del Sol the profitability of holiday rental property increased by 2.45%.
