Average property prices in Fuengirola increased by 3.3% in the year to October 2019, ending the month on €2,301 per square metre. So, is now a good time to buy in Fuengirola, Costa del Sol?
Once a quaint little fishing village, Fuengirola has become a vibrant tourist destination and a top pick among those looking for a holiday or holiday home in the sun. Its central location on the beautiful Costa del Sol and easy access by road, rail and air have added to its popularity.
With a subtropical Mediterranean climate, Fuengirola is an unbeatable year-round destination. Its central location on the Costa del Sol offers more than 8 kilometres of gorgeous sandy beaches, lapped by warm, clean waters and with a great variety of leisure activities and water sports. Among the many beaches on this fine strip of coast, you will find seven main beaches: El Ejido, Santa Amalia, San Francisco, Los Boliches, Las Gaviotas, Carvajal, and Torreblanca. Each of them is different, for example San Francisco beach is ideal for children with its clean shallow waters, while Torreblanca beach is known for its beautiful views, and Eijido-Castillo beach is known for its dark, fine sand and slightly quieter atmosphere.
Plaza de la Constitución is the central square and acts as the nerve centre for celebrations and events all year round. Leading off from this main plaza are many narrower pedestrian streets where you can enjoy the excellent tapas bars and vibrant restaurants with pleasant outdoor terraces, or shopping in the many quirky independent boutiques.
Fuengirola boasts numerous eateries serving all manner of local delicacies as well as international cuisine. Temptation awaits on every street corner, from morning coffee and pastries in the sun to incredible seafood specialities and an array of colourful, mouth-watering tapas on display in bars throughout the day. Historically a fishing town, fish and seafood naturally feature heavily on any restaurant menu.
In terms of cultural sights, the town is most famous for the Sohail Moorish fortress, but also has a handful of interesting museums, a marina and a zoo. As well as local traditions and celebrations, Fuengirola embraces its cosmopolitan vibe with its annual International Cultural Fair that displays customs, cuisine, music and traditions numerous countries. This colourful event takes place in spring.
Year-on-year average property prices in Fuengirola have increased by 2.6%, ending October 2019 on €2,301 per square metre (Idealista), surpassing the prices in October 2008 when they averaged €1,998 per square metre. Compared to October 2014 when prices averaged
€1,550 per square metre, they have risen by almost 49%, giving a Compound Annual Growth Rate (CAGR) of 8.2% since then.
Property prices in Fuengirola: €2,300 per square metre
At the end of October 2019 average rental prices in Fuengirola showed an annual increase of 4.5%, rising from €8.9 per square metre to €9.3 per square metre. Rental prices have also surpassed what they were in October 2008, by 9.4%, and are nearly 41% higher than rental prices in October 2014 when they were just €6.6 per square metre.
The number of sales transactions in Fuengirola increased by 4.3% year-on-year in the second quarter of 2019, rising from 484 sales to 505 sales. Since the second quarter of 2014, when 343 transactions were registered, the number of sales have gone up by just over 47% and they are now only 5.3% below the number of transactions in the second quarter of 2007 when there were 533 sales.
Sales of new homes in Fuengirola have increased significantly, with the number of sales of new homes in the second quarter of 2019 increasing by more than ten times compared to the number of sales in the second quarter of last year. They currently represent 21% of total sales, compared to 31% in the second quarter of 2007, around the time of the peak.