Once very much a part of the skyline, from 2008 onwards the cranes disappeared from the Costa del Sol as the construction industry drew to a standstill, off-plan sales dried up during the crisis years as buyers lost confidence. However, you only need to look at any major town to see things are changing, off-plan sales are back in fashion on the Costa del Sol.
Record tourist numbers along with a recovering economy are driving a resurgence in construction on the Costa del Sol, towns and municipalities throughout the Málaga province are witnessing increased planning applications for new build properties and investment projects. With an expected one billion euro’s of investment in 2017, this year is set to be a pivotal year in the recovery of the construction industry.
Already outstripping last years figures, Málaga city is leading the way with 500 million euro’s of inward investment, however all towns across the region are reaping the benefits.
With 40% growth in new construction compared to 2016 already, Míjas is a key example. In 2016 the municipality doubled the previous years figures with 120 million euro’s investment and is on course to do the same in 2017 having already received in excess of 150 million euro’s investment by the end of October.
According to the towns planning councillor, Andrés Ruiz, investors are showing great confidence in Míjas with most licence applications being for the construction of sustainable new homes. Similarly small and medium sized businesses which will help reduce unemployment are also showing great confidence. “We have set ourselves a major challenge to reduce the amount of people out of work in Míjas and, above all, make the municipality attractive to investors” stated Andrés.
Both Fuengirola and Estepona are also looking positive with projects valued at 10 million euro’s due to begin by early 2018 in Fungirola, whilst in Estepona last years figure of 83 million euro’s has already been surpassed with projects valued at 113 million being reached by the end of October.
The situation in Marbella is slightly unusual due to the past problems int he town hall and the annulment of the PGOU urban plan at the end of 2015, however the number of permits granted by Marbella council is growing each week. On October 9th for example licences were granted for property investments totalling 17 million, around 90% of which going to two large residential complexes in Nueva Andalucía with the remainder being invested into private villas in east Marbella.
These are all positive signs for the construction sector and the wider economy in cities, towns and municipalities throughout the Costa del Sol.