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MALAGA CITY: Has been ranked as the happiest place on Earth by the Happiness Research Institute.
By Sally Underwood ESIDES the obvious attractions of buying on the Costa del Sol great weather, fantastic food, rich culture - are increasingly the potential investment opportunities of the area. The recent boom in house prices, with properties in Malaga alone rising in price by 11.1 per cent in 2018, as well as a raft of new developments, means the Costa del Sol remains one of the world’s hottest property destinations. Last year in Malaga Province, sales among international buyers rose by 5 per cent from the previous year, with an average of more than 2,700 transactions per month. Even further growth can be seen among the new-builds market, with sales increasing by 7 per cent last year, taking these types of transactions to 19 per cent of all property sales in the province. Meanwhile, visits to the province via Malaga Airport have also continued to in-
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Continuing to rise crease year on year, showing there is still potential for growth in the short-term let property market. In 2018, Malaga Airport received 19,021,704 passengers, a 2.1 per cent increase on the previous year. In fact, since Spain’s economy has been in recovery, the airport has attracted almost a further six million passengers a year. On top of its other charms, Malaga City was even ranked the happiest place on Earth by the Happiness Research Institute, whose research
21km of coastline at Estepona continues to attract major investment.
showed people smiled more on average in this city than anywhere else on earth. Perhaps this combination of potential investment returns and relaxed living is why experts have suggested proper-
ty prices in the area will continue to grow by between 5 and 7 per cent in 2019. While the British expatriate market is expected to remain strong, experts say the Costa del Sol will continue to draw in investors from around the world, including Belgium, the Middle East, the Americas, Scandinavia, the Netherlands, Russia, and Asia. One area of the Costa del Sol in particular is said to be increasingly up and coming among property hunters; Estepona. This 21-kilometre stretch of
coastline, as well as more than 100 square kilometres of fertile inland continues to attract major investment. Following a large-scale beautification project of the town’s centre, which saw upgrades to its parks, plants and streets, Estepona is becoming a mid to high-end property destination for second home buyers. This popular year-round destination has also caught the attention of several large developers, including Taylor Wimpey, who are planning to build between 350 and 400 homes across the Costa del Sol, Alicante, Mallorca and Ibiza. The company has set its sights on a €12.3 million investment in La Galera, Estepona, building 48 townhouses. The project could mean a big boost for Estepona; in total, more than 2,500 families from up to 30 different nationalities have acquired a Taylor Wimpey Spain home on the Costa del Sol in the last decade.