The Costa del Sol property market is thriving, despite setbacks from the pandemic. Today we delve into why the market continues to flourish with the example of the stellar property developer: Otero Group.
Why the Market is Looking Up
Although Marbella is traditionally a second home tourist town, we have observed that many of its current owners have decided to make their second home their primary residence, spending more time in the area.
The Andalusian government has reduced the transfer tax by up to 3%, setting a single general rate of 7%, and has reduced the stamp duty tax from 1.5% to 1.2%, as an interim measure until the end of 2021, with the possibility of extending this reduction in the future.
Inheritance and gift tax was already virtually eliminated in April 2019, making Andalusia one of the most fiscally favourable regional governments in Spain. Important tax reductions are also pending approval by the regional government. These tax cuts will certainly help to boost property sales in the region.
Mortgage interest rates have remained at historic lows. Even those with high purchasing power who buy homes in the area are benefiting from these low rates, as it is more profitable for them to invest their money in their businesses.
This is happening not only in our area but throughout the country: the month of March 2021 closed with a high number of 10-year mortgages granted in that month alone.
According to statistics from the Official Association of Architects of Malaga, property development in Costa del Sol is going global. Otero Group in Marbella is a part of this significant change.
In addition to the fact that this sector had already been growing for a few years, the end of the pandemic and travel restrictions have led to à strong comeback reactivation of the luxury real estate market, especially on the Costa del Sol.
Villas in particular make for an excellent investment. Proof of this is that all the major investors consider luxury real estate to be a very safe investment, only increasing in value as time goes on.
In addition, there’s been a change of trend in the international buyer. The profile is a client who knows that he can work remotely, and what better place to do so than from the Costa del Sol, with its exclusive facilities, infrastructures, international schools, leisure activities and top of the line restaurants. Marbella is also very well connected to Europe, and so it attracts a plethora of nationalities.
The international buyer has also changed its focus and main objective. Their objective is to reside in Spain and enjoy the benefits of Marbella and the Costa del Sol, rather than having a mere holiday home.
This trend has been occurring in recent years, especially in technology entrepreneurs or senior executives who can afford to reside with their families in the Costa del Sol.
Otero Group – An Attractive Investment
Otero Group is a leading expert in luxury real estate developments next to golf courses on the Costa del Sol. It has a hundred or so villas in different locations on the Costa del Sol, with prices ranging from just over 500,000 euros.
Prices range from just over 500,000 euros to 7.7 million. For example, their latest and most exciting project is a gated community known as “The Secret”. It’s made up of a combination of plots, where dream villas will be built, within an exclusive gated resort complex, with extended facilities.
This fascinating location, within Real de La Quinta, borders the natural environment, declared by UNESCO as a Biosphere Reserve.
The Secret offers a unique opportunity to acquire a luxurious villa with panoramic sea views. As a gated and completely private community, it has armed security guards, offering double security and peace of mind for these exclusive properties.
The complex incorporates a private golf course, a navigable lake with an artificial beach and beach club, restaurants, stores, etc. The Secret is an opportunity to own a luxurious villa in an absolutely privileged and breathtaking environment, with panoramic privileged and impressive environment, with panoramic sea views.
Blv. Principe Alfonso de Hohenlohe.
Urb.Carolina park, local 36B – 29602 Marbella.
+34 951 569 722
+34 622 087 223
Calle San Lorenzo, 2
Planta 4, Málaga, 29001
+34 951 773 002
+34 622 087 223