Nothing promotes relaxation like being close to nature. Daily outdoor activities in the greenery can calm us down and improve our wellbeing.
Urban plans of cities that identify and address this need create a living that has residents health and happiness at heart.
This is exactly what influenced the mayor José María García Urbano to invest almost €100mln on regeneration of Estepona, an Andalusian town located to the east of Marbella.
Estepona entering a high-end property market
Be it a secondary outcome or not, thanks to the project he made Estepona the next high-end and luxury property spot right after Marbella.
Until not long ago, when we talked about the luxury villas or apartments sector, we automatically thought of Marbella only, a city identified with high-end homes.
For a long time, the luxury sector for which investors have been opting for did not include Estepona at all.
However, the beautification of the area and rediscovery of the urban centre in line with the protection, revaluation and respect for the natural environment and its integration in harmony with the urban framework of a modern city made new apartments on the outskirts of the city centre of Marbella a very attractive offer.
The regeneration contributed to improving the quality of life of citizens and building a more liveable and sustainable city, but also it started attracting property developers and companies that focus on building luxury apartments.
Current beachfront properties in this area are priced between €6,000 and €10,000 per square metre.
Beachfront properties for obvious reasons will always rank the highest, but open space, privacy & healthy and slow living is a new luxury now offered in Estepona too.
So what has changed in Estepona in recent years?
Almost €100 million has been invested in the last 7 years raising the status and attractiveness of the city. More than one hundred streets and urban areas (17km of roads and 50,000m of public space) were transformed into greener and environmentally friendlier neighbourhood. This rejuvenation and beautification won Estepona the Andalusian urban planning award last year.
Estepona has started major projects such as the complete regeneration of the old town, the gardening of all its streets and avenues, the expansion of the coastal
path throughout its territory, a new cultural and conference centre, the athletics stadium, a new public hospital and a large number of investments both in the city and in the urbanisations of the suburbs.
Now called the ¨Garden of the Costa del Sol¨, Estepona is ¨a living example to follow”, says the Minister of Development, Infrastructure and Land Management, Marifrán Carazo.
As a result, the predictions for the demand for housing in the Golden Triangle (Marbella, Estepona, Benahavís) will continue to be strong. The prices for luxury high-end properties in Estepona start from no less than €300k, together with multi-family homes that are for sale for one or more million euros.
All those advancements are making Estepona one of the most dynamic markets in real estate development on the coast. In January 2020, the average price per square metre in Estepona was recorded to be 2.208 EUR, which is an increase of 7.6% from this time last year.
The sales market in Estepona. Prices per square metre between March 2015 and July 2019.
Estepona’s rental opportunities on the rise
In October last year, the municipality recorded that a total of 73,000 residents live in Estepona. Of these, 53,775 are Spanish and the remaining 19,072 are foreigners; this represents 26.18%.
In 2018, almost a quarter of a million tourists were registered to stay in Estepona’s hotels and almost 85,000 tourists rented apartments. Considering that each year the region of Málaga is surpassing the number of tourists visiting the Costa del Sol, those figures are predicted only to rise in the coming years.
Estepona being the typical Andalusian town attracts more and more tourists every single year making the buy to let option investment an attractive proposition.
Just last month a report was released stating that Estepona’s rents have almost doubled in the last 6 years.
According to Idealista, we can rent an apartment in Estepona paying €9.50 per square metre, or €650 per 70m2 property. Although this represents more affordable options compared to Marbella (€10.60) or Málaga (€10,80), Estepona still shows a 6th consecutive year of growth. Back in 2014, a 70 square metre apartment could be rented for as little as €378, half of what we would need to pay today.
Rental market in Estepona. Prices per square metre between March 2015 and July 2019.
Whether you look for a holiday home, a property to invest in or you think of relocating altogether, we have access to some of the most sought-after properties in Estepona.
Those that we currently like the most are:
A completely exclusive residential complex due to its small number of homes and spectacular front-line beach location. Only 14 apartments of 1,2 and 3 bedrooms that make up an authentic eden by the sea. The project has a unique and groundbreaking design with the highest standards of quality. Priced from €670,000.
This project is a perfect place for golf lovers. Right next to the Atalaya Golf & Country Club, it offers spectacular views of the meticulous golf lawns as well as the Mediterranean Sea. 3 bedroom, 3 bathroom villas with a cosmopolitan style design in a tranquil environment to enjoy the sun, golf and nature. Priced from €385,000.
A stunning exclusive front line beach residential development on the New Golden Mile, within 10-12 min drive from the famous Puerto Banús.
With its prime location on the Mediterranean seafront, a small community of only 38 high-end properties and its complete collection of onsite amenities, the development is set out to be one of a kind. Priced from €792,000.
The transformation that Estepona has gone through in the last decade is worth paying attention to. It’s not just an attractive holiday place anymore, it’s where people choose to have their second or third homes. The positive factors of the market are the unquestionable style and quality of life offered by the area, reference of golf offer in Europe, security, very good health and private education as well as a flourishing and very powerful market for vacation and long term rentals.
Whether you look for a holiday home, a property to invest in or you think of relocating altogether, Nor Estates have access to some of the most sought-after properties in Estepona.