Marbella Real Estate Market Insights: The Marbella real estate market reached a significant milestone in this last year, achieving its highest number of home sales in 16 years. Official reports indicate a noteworthy 15% increase in property prices across the board between June 2022 and 2023. This surge in sales activity fuelled an impressive 119% growth over the past decade. There has been a total of 42,744 homes changing hands.
Remarkably, the Marbella housing market has experienced an extraordinary surge in demand, achieving unprecedented sales levels across various property types. Commencing with a 15% average rise, Marbella property starting prices soared to a record high of 4,233 euros per square meter, nearly doubling the average price per square meter compared to a decade ago.
The Luxury Market in Marbella:
Even amidst rising interest rates, Marbella's luxury real estate sector exhibited resilience, with less than 10% of luxury properties financed through mortgages. Remarkably, the luxury property market in Marbella saw a robust 20% increase in the top-tier segment in 2023.
On a global scale, Marbella secured the 16th position on the list of the most expensive cities to purchase prime real estate, surpassing major cities like Madrid and Dubai. Monaco stands at the pinnacle as the most expensive city, with an average selling price exceeding 50,000 euros per square meter.
The report also highlights the price range for newly constructed or renovated luxury apartments in Marbella. Prices range from 6,000 euros per square meter to 25,000 euros per square meter, especially in the highly coveted beachside areas of the Golden Mile.
Buyer Demographics
The British continue to dominate the property market in the province of Malaga, representing 16% of total transactions. This is followed by Swedish and Dutch buyers at 12% and 8%, respectively. Belgians, French, and Germans also make significant contributions to the diverse pool of buyers.
In the municipality of Marbella, foreign buyers acquire 90% of properties valued at over two million euros. As Marbella remains a magnet for those seeking holiday accommodations and second homes for extended stays throughout the year. For investors, these trends signify a thriving Marbella real estate market with substantial potential for investment returns.
We hope you found these Marbella Real Estate Market Insights helpful! Don't miss our latest listing, located in central Marbella, just 150 meters from the beach. Check it out here.
We have Holiday properties in marbella too - Follow this link to go to our Holiday Property website.