The real estate market in Marbella (Malaga) is booming, particularly in the luxury sector, with rising rents, increased foreign investment, and a notable surge in luxury property sales. According to a report by the real estate agency Panorama, luxury property sales in Q1 2024 rose by 19.47% compared to the same period in 2019, the last pre-pandemic year.
The "Marbella Real Estate Market Report 2024" also reveals that luxury property sales in the Costa del Sol's Golden Triangle, including Estepona and Benahavis, reached 8,243 in 2023, marking a 24.55% increase from 2019. This highlights not only the recovery of the luxury real estate sector but also a growing interest and demand.
Additionally, Marbella has earned international acclaim, receiving the "Best European Destination" award from the prestigious travel agency European Best Destinations.
Prices in Marbella
This increased interest in the town has been mirrored by rising prices, as the available supply is not keeping up with the excessive demand.
Property prices in Marbella have risen by 13.7% between June 2023 and 2024, reaching €4,812/m2, according to Panorama.
This average figure reflects overall property prices in the town, but for the luxury sector, prime villas in Marbella can fetch up to €14,000 per square metre, while the most exclusive frontline beach flats reach €30,000 per square metre.
These premium prices highlight the substantial purchasing power of buyers in Marbella. The agency defines a property as luxury if it exceeds €2 million, noting that fewer than 10% of buyers require loans or mortgages for such transactions.
Rental sector
Luxury rental prices have risen as well, with Panorama reporting an average of €19.20 per square metre, up 10.3% from June last year.
This price increase is driven by limited supply and a surge in luxury holiday rentals across Marbella and the wider Golden Triangle.
Buyer profile
Foreign investors play a significant role, making up 33.7% of buyers in the area, with the British comprising 18.58% of this group, according to Panorama. Swedes follow at 10.78%, and Dutch investors at 8.5%. Belgians, Germans, Americans, and Arabs also contribute, though to a lesser extent.
The city's future
Panorama forecasts that investment in the town of Malaga will surpass €800 million by the end of the year and anticipates further increases in the coming years. Christopher Clover, director of the real estate agency, states, “This momentum will not only continue but will accelerate, further solidifying Marbella as a leading real estate investment destination.”
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