In 2021 the volume of residential property sales in the three municipalities comprising the “Golden Triangle” Marbella, Benahavis and Estepona, reached a historic peak. This trend continued into 2022. There is indisputable hard evidence of the positive evolution and popularity of the greater Marbella area.
Martin Juncher, CEO & Partner
The covid period made people considerably more focused and aware of where they actually want to live and this trend is global, cf. The Economist, April 30th 2022.
The market demand in the first semester of 2022 showed an enormous 73% increase in sales compared to the same period in 2021. The increase in sales from 2020 to 2021 was 56% according to the Spanish Ministry of Public Works, www.fomento.gob.es and comparing with the pre-covid figure of 2019 the increase in 2021 was 30%.
Further we have seen a significant increase in the residential luxury property segment; an explosion of sales over €4.000.000 and unusual bidding wars caused by the decrease in luxury housing inventory and the increase in buyer demand driving prices of luxury real estate as well as sale of properties under construction upwards everywhere.
To meet the market demand between 250 and 270 major development projects are planned along the Costa del Sol over the next few years.
In terms of pricing the real estate portal Idealista has estimated the increase in average asking prices in Marbella (from mid 2021 to 2022) to be 15,8% with an average asking price of €3.658/m2 in the municipality compared to €2.604/m2 in the province of Malaga as a whole.
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