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Tourists are the lifeblood of a region like the Costa del Sol. Marbella and the other holiday hotspots up and down the coast rely on a regular influx of national and international visitors to grease the wheels of the local economy. So here at Aqua Estates we’re happy to report that there were a record-breaking number of tourist visitors to Spain this August, encouraging news not only for hoteliers, retailers, restaurant and bar owners, but also for owners of Marbella property and the wider Costa del Sol.
A Frontur survey carried out by Spain’s Institute of Tourism Studies found that 7.64 million tourists came to Spain in August alone, which is a figure that has broken the record since the Frontur surveys began back in 1995. Of course the Costa del Sol is one of the most visited regions of Spain, indeed such is the popularity of the Málaga province with tourists that the international airport will be extended to include a second runway in early 2012. Málaga airport can now receive a staggering 20 million visitors a year and is the largest non-hub airport in Europe. An estimated 4.8 million tourists visited the Costa del Sol between the months of June and September of 2011, according to figures from sopde (Sociedad de Planificación y Desarrollo) in its Balance Turístico Verano 2011 (Summer 2011) report. During the June to August period, airport arrivals were up by 4.48% with 2.1 million arrivals, 66% being returning visitors. Over 1.8 million visitors chose to stay in hotels and other lodgings, preferring 4-5 star hotels over 3 star, and as a result employment in the Costa del Sol’s tourism sector was up by 4.3%. According to the report, the direct economic impact of this influx of tourists amounted to €3.47 million.
So what does all this good news for tourism mean for Marbella property owners? In short, confidence, something that is in short supply in the world’s real estate market right now. It stands to reason that property in a tourist destination will hold and ultimately increase its value as long as that tourist destination is booming. Whether you’re looking for the best summertime rental yield for your Puerto Banus property or year-round rental potential for a San Pedro villa, the number of people visiting this region is key to your success. Similarly, long-term capital appreciation on any property in and around the Marbella area relies to a large extent on the strength on the local economy, one which is fuelled by tourism. So both current and potential owners of Marbella property can feel confident that investing in property in this tourist region is money well spent.
