According to the latest report from the consultancy firm Aguirre Newman, on the residential tourism market on the Costa del Sol, the current slow down in the sector and uncertainty in the financial sector have left 45% of newly constructed homes on the coast without a buyer, some 20% more than a year ago. The area now suffers from excess offer at a time when both national and foreign buyers are getting scarcer. As a result, it is now taking nearly 52 months to sell a flat, while villas are taking up to 56 months. There has been a small adjustment in price of about 5%, with bigger drops in some areas, such as Mijas Costa (12%) and Sotogrande (15%).
MORE THAN 4 YEARS TO SELL A FLAT