The Wall Street Journal today announced foreign investors are returning to Spain’s real-estate market. Spanish residential-property sales last year rose 10.6% from 2017, while prices were up 6.5% from the previous year. Overseas buyers are driving much of those sales, and most of them want new construction property buying off-plan.

That could be a problem in some regions, where there is a lack of new supply to meet the growing demand. Marbella is a case in point. The Mediterranean resort is popular with high-rolling tourists and property investors. It boasts golf courses, glamorous marinas and upscales boutiques and restaurants. The town attracts buyers in search of exclusivity and access to quality infrastructure and amenities.

There has been a ripple effect along the Costa del Sol, as buyers finding little available in Marbella look elsewhere. In 2018, values in estepona, 20 miles west, rose 13%. It is reported an off-plan development in Cancelada have increased as much as 50% since its launch 18 months ago.