Why the End of the Year is a Great Time to Buy a Property on the Costa del Sol
According to an article in El País, experts outline why the last quarter of the year offers unique opportunities for property buyers. Here’s what you need to know:
Banks Are Offering Better Mortgage Deals
The fourth quarter is a pivotal time for banks, as they rush to meet their annual targets. “Every year, banks aim to hit their goals by offering more favorable mortgage conditions, especially smaller offices,” explains Simone Colombelli, director of mortgages at iAhorro. This makes it an ideal moment to secure a mortgage for buying a property in Marbella or anywhere on the Costa del Sol.
For existing mortgage holders, now is also a great time to improve their terms by switching lenders. According to Colombelli, “Small and medium-sized banks, rather than market leaders, will likely offer the best deals.”
A Unique Opportunity Following the Real Estate Credit Law
The new Real Estate Credit Law, implemented mid-year, caused delays in the third quarter. Banks have had to conduct more thorough solvency studies and adapt to a new communication system with notaries. Ricardo Gulias, general director of Your Mortgage Solution, notes, “Many entities are now pushing competitive mortgage products to make up for lost time.”
This presents a rare chance for buyers to lock in great deals on Costa del Sol new property for sale or Marbella new developments. However, Gulias warns that housing prices could rise as transaction volumes normalize.
Take Advantage of the Euribor’s Historic Lows
The Euribor, the key benchmark for most mortgages, remains in negative territory. Experts predict it will stay low, benefiting buyers with competitive variable-rate mortgages. Additionally, banks are engaging in a price war to promote fixed-rate products, ensuring stability and profitability.
Simone Colombelli points out, “We’re seeing historically low rates for fixed mortgages.” As a result, 64% of potential buyers, according to a study by Casaktua, favor fixed interest rates for added security.
Stabilized Property Prices
Prices in major cities like Madrid and Barcelona are stabilizing, while smaller towns are experiencing slight decreases. This market normalization makes it easier for buyers to negotiate and secure great deals on Marbella homes for sale or 2-bedroom apartments in Marbella. “It’s a good time to avoid potential price increases by purchasing now,” says Gulias.
Growth in New Property Developments
While second-hand homes dominate the market, new build apartments in Marbella and other areas are gaining traction. Between January and June, new property sales increased by 7.4%, according to INE data. Casaktua reports that 15% of potential buyers are now considering new developments, a significant shift in buyer preferences.
If you’re looking for a penthouse for sale in Marbella or a modern investment property on the Costa del Sol, now is the time to explore these options.
Conclusion
The end of the year is packed with opportunities for anyone considering buying a property in Marbella or exploring new developments on the Costa del Sol. With competitive mortgage rates, stabilized prices, and an increasing supply of new properties, there’s never been a better time to invest.
