2024 Property Market Analysis: Marbella and Costa Del Sol Real Estate Trends
Written by Wesley Lally
As we have navigated through the end of 2023 and now the start of 2024, the property market in Marbella and Costa Del Sol has shown remarkable trends that are reshaping the real estate landscape. This analysis, combining insights from Wesley Lally from Property in Malaga, offers a comprehensive view of what’s happening in this vibrant market.
Despite global economic headwinds, Wes reassures that the Spanish property market, particularly in Marbella, is far from a crash. The market has demonstrated resilience with a steady rate, especially in Marbella, where Wes scores it a robust 7.5. This is attributed to a consistent flow of high-value buyers, surpassing the pre-COVID era.
2023-2024 has been a period of unprecedented growth for Marbella. According to Propertyinmalaga.com, the region witnessed the highest sales in 17 years. A staggering growth rate of 120% over the decade culminated in 42,744 homes sold. Moreover, starting prices across all categories surged by 15%, reaching a new peak of 4,233 euros per square meter.
A new dimension in Marbella’s property market is its luxury segment. According to Hiscox, a third of Spain’s high-end homes are in Malaga, with Los Monteros in Marbella being the most expensive area. With over 2,500 homes listed above three million euros, this segment represents a significant portion of Spain’s super-luxury market.
A pivotal factor in the rise of property sales in Marbella and Costa Del Sol is the Golf Property Market. Known for its world-class golf courses and resorts, this region has become a magnet for golf enthusiasts and lifestyle buyers. Properties in golf developments offer a unique blend of luxury, leisure, and scenic beauty, making them highly desirable.
This demand has led to a surge in sales, particularly in areas like La Zagaleta, Finca Cortesín, and near the prestigious golf courses of Marbella. The allure of a golf-centric lifestyle, coupled with the region’s mild climate and beautiful landscapes, continues to drive property sales, solidifying Marbella and Costa Del Sol as top destinations for golf property investment.
Marbella’s luxury market features exclusive areas like La Zagaleta, Sotogrande, Puerto Banús, and Finca Cortesín, known for their opulence and high-end amenities. Despite not leading in price, La Zagaleta stands out as Europe’s most exclusive residential area. These areas attract a diverse international clientele, contributing to Marbella’s 16th rank globally in prime real estate.
Luxury properties in Marbella show a wide price range, with beachside areas reaching staggering highs. The British continue as the main buyers, with a notable presence of wealthy Madrid residents, who are increasingly choosing Marbella as their primary residence post-COVID.
While the overall Spanish market has cooled, with a 5.3% decrease in sales, Marbella and Costa Del Sol defy this trend.
The decline in Malaga’s property transactions contrasts sharply with the booming Marbella market, highlighting regional disparities.
Experts like Wes from Property in Malaga are optimistic about 2024. Predictions suggest continued interest and stability in the market, especially in sought-after areas like Marbella and Costa Del Sol.
The property market in Marbella and Costa Del Sol is a tapestry of complexity and opportunity. While Malaga sees a dip in transactions, Marbella’s market booms, driven by luxury buyers and international interest. This dynamic presents unique opportunities for investors and homeowners alike.
If you’re interested in Purchasing a Property in The Costa del Sol, please contact the team at Property in Malaga by visiting www.propertyinmalaga.com
