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New Construction Permits Soar on Malagan Coast

18 April  2019 – La Opinión de Málaga

New construction permits soared by 655% on Spain’s Costa del Sol over the past four years, reaching a high of 9,195 new construction permits in 2018, according to data compiled by Sonneil, a real estate brokerage, using figures from the Ministry of Development. To the north, the issuance of new construction permits rose by 31% y-o-y in Alicante to 6,331, an increase of 166% compared to 2014.

Acquisitions by international buyers boosted growth in both coastal cities. In 2018, Alicante and Tenerife marked a sales record for international clients with a percentage of home purchases of 41% and 38% respectively, followed by the Balearic Islands with 31% and Malaga with 28%. Foreigners buyers accounted for 28% of the total in Málaga and 41% in Alicante. 80% of the acquisitions by foreign buyers were for second-hand housing.

Original Story: La Opinión de Málaga

Translation/Summary: Richard D. Turner