Not counting houses under construction or off-plan sales, among Benahavis, Estepona Y marbella more houses were sold in 2021 than in the previous 15 years. In fact, figures from the Ministry of Public Works indicate that 8,624 sales were registered between the three municipalities, a record that exceeds the records for the years 2006 (6,870), 2007 (6,782) and 2017 (7,447), the year with the most sales. of the historical series. But those figures have multiplied in the first half of 2022, which, when compared to the same section last year, has an increase of “79% in the case of Benahavís, 115% in the case of Estepona and 65% for Marbella”. The data is from Report on the Marbella Real Estate Market who has published Panorama Properties and that leaves some interesting points in the real estate market in this part of the province of Malaga.
The document not only collects the data that confirms the upward trend in the luxury property market, it also points out examples that are not very common in the country, since it indicates that “it has even registered bids for the purchase of certain luxury properties, a quite unusual event in the Marbella market”. In addition, this increase in demand coincides with a peculiar moment in the real estate market. In fact, the increase in of spending on real estate construction during 2021, something that does not help in this type of decision, but that has not slowed down the demand for homes, especially luxury homes, in the aforementioned triangle of towns, but especially in Marbella. locality the Sales increase “It has been estimated at 15.8%, with an average starting price in the municipality of €3,658/m2 (compared to €2,604/m2 in the entire province of Malaga), according to the Idealista real estate portal”, collects the study.
Price increase and buyer profile
Christopher CloverCEO and owner of Panorama Properties points out that the price increase it is even more noticeable in luxury homes and points out in the document that “during 2022 the highest prices have been in apartments on the beachfront, located in the Marina de Puente Romano urbanization, Golden Mile, reaching 31,019 euros per square meter”. It also refers to a significant increase in the sale of houses and properties that exceeds four million euros and as an example it puts the 150 transactions of this type so far this year compared to “the 65 registered in 2018”. Clover notes that purchases are increasingly being made via video conferencing and digital tools, and points to a small trend shift among shoppers.
An “increasingly younger” homebuyer profile and highlights that “between 85 and 90% of luxury property buyers in the Marbella area are foreign origin“. Among the origins, “the British nationality continues to predominate despite Brexit (16%), followed by the Swedish market, which is booming (14%) and the Belgians (9%). “Poland, United States, Europe East and Middle East are places that are also beginning to have repercussions among the luxury residents of Marbella.
Regarding the russian market, it is explained that it has “virtually stopped” after the conflict with Ukraine. This market represented less than 2.1% of sales in 2021, although the report also indicates that “inquiries and sales made by customers from countries bordering the war zone, such as Poland, Lithuania, Latvia, Estonia, have increased considerably. and Romania”. For the authors of the report, Marbella has established itself as a refuge destination for investors and a place recognized worldwide for the quality it offers to a very special type of clientele.