LAST year, foreign nationals purchased three out of every ten new homes built along Spanish coastlines.
Consultants DBK estimate the value of this market to be situated in the region of some 15'700 million euros.
In total, 135'000 new homes in coastal resorts were sold last year, nearly six per cent of them in the Balearics.
Andalucia accounted for 34.4 percent of this figure, Valencia 25.9 percent, Catalonia and the Canary Islands each claimed 13.3 percent, Murcia 7 percent with the Balearics in sixth place with 5.9 percent (926 dwellings). According to the consultancy, this sector of property promotion is one of the main markets for second homes in the world.
They point out that in the last four years, growth has been at a year on year average rate of 15.8 percent.
One of the principal characteristics of this sector in most recent times, is that sales have been finalised through a vast number of dealers, as opposed to having been managed by just a few key agencies. According to DBK, over the course of last year, five leading companies were responsible for just 8 percent of sales, while the 10 largest agencies accounted for only 13 percent. The consultancy predicted that in the near future, the joint value of new homes sold on the coast, except in regional capital city enclaves, could experience an increase of 22.3 percent in 2003 compared with 2002 and 24 percent in 2004. Furthermore, it indicates that in the short and medium term, the sector will increasingly promote residential developments located inland, a short distance from the coast. Such complexes will be of higher quality, and better equipped with sporting activities, especially golf courses. The consultants also forecast a growth in the number of homes in coastal areas bought by foreign citizens, who could, in the medium term account for 50 percent of the client total.
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