The luxury property sector marks record highs on the Costa del Sol in spite of the uncertainty that europe faces
Since Russia invaded Ukraine in February 2022 Europe as a whole has found itself facing uncertainty. The energy sector is seeing prices rise every day and is being confronted with an energy crisis as European countries look to reduce their dependence on Russian gas supplies. On the other hand, inflation is seeing the prices of everyday commodities skyrocket, with each individual government taking measures to reduce its effects on its citizens. However, there is one sector that despite all of this has avoided being negatively affected. That sector is the sector of luxury housing.
During this summer, the market for luxury housing on the Costa del Sol has seen a dramatic increase. Expert in the sector and CEO of Orangestate, David Darby, stated in an interview with Onda Cero that he does not foresee a potential change in this trend for quite some time to come.
Whilst it stands true that the market for properties between 250,000 and 400,000 are seeing a slight decrease, this is not the case for the luxury housing market. A trend that has been noted since the invasion began is that the people who lived close to Russia or Ukraine, or on the boarders, and had purchasing power looked to invest in a property on the Costa del Sol. They opted to do this just in case the situation got worse.
In this article, we are going to cover just a few of the reasons why regardless of the uncertainty that Europe is facing, the Costa del Sol remains one of the best places to invest in real estate.
Operation ‘taking back summer’
After two summers that have endured the harsh effects of the Covid-19 pandemic, the DGT (Dirección General de Tráfico) launched the summer campaign of ‘taking back summer’ for summer 2022. This operation was a dynamic plan of action intended to reduce a build up of traffic, both on highways and interurban roads, for those leaving big cities to go to a costal rental or second home. With a staggering 978,000 people looking to travel to Andalusia alone, this plan aimed to reduce congestion on the roads, make them safer and ensure that those travelling got to where they were going as quickly and as easily as possible.
Soundproofing of the Juan Benitez neighbourhood in Estepona
For some time now, the neighbourhood of Juan Benitez has suffered from noise pollution due to the road infrastructure that surrounds it, mainly the motorway. Recently, the local government has approved the installation of acoustic screens in the area to reduce the effect of the noise on its residents. With a budget of almost 780 million euros, the project is expected to take around four months to complete.
The effectivity of the Emple@net program in Fungirola
Having been launched in 2019, the Emple@net program promoted by the Fuengirola City Council and funded with European funds has seen quite a lot of success. The employment rate of students has now reached an impressive 74% thanks to the program. Whilst, the current training itinerary of 28 courses has seen the 326 unemployed people in the area go down to just 84, since the program's inception.
Marbella’s continued support for social causes
Marbella has always been known for the quality of life that it offers to its residents, and to this day, it continues to show this. The City Council of Marbella has recently renovated the contract of 89,000 euros that it has in place with the charities Crece and Marbella Voluntaria, with this renewal alone over 250 at risk people will see the benefit. Marbella Voluntaria will receive more than 41 million euros to allow them to keep helping elderly people at risk of social exclusion, just as they did during the pandemic. Meanwhile, Crece will receive more than 47 million euros that will be divided among various aid programs aimed at helping children with both early and continuous stimulation. They also help children and teens with disabilities and their families.
The Costa del Sol has always been known for not only the remarkable lifestyle that it offers its residents, but also the quality of life that it offers them too. If you are considering a move to the area, then look no further than Orangestate. As professionals with years experience in the area, we can help you find the home that is perfect for you.
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