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Joaquina Dueñas
Marbella
Wednesday, 31 May 2023, 14:28
Following the property market boom on the Costa del Sol that came after the pandemic, it was expected that by 2022 prices would settle down. However, the arrival of new digital nomads has confirmed Marbella as a luxury residential destination.
The annual Marbella Real Estate Market Report produced by Diana Morales Properties, regional representative of international consultancy Knight Frank, noted that, "according to the sales and purchase data record, 2022 saw the highest annual growth in high-end prices since the global financial crisis".
The price of high-end homes in the town witnessed a 7.1 per cent increase last year, according to the consultancy's Prime Residential Price Index. The buyer profile has not changed much from the previous year, with a continued increase in buyers from Eastern Europe. The overall ranking is led by clients from Belgium, followed by the Netherlands and Poland.
The 2023 Outlook Report, meanwhile, points to an increase in investment in property, "whether for inflation protection, diversification benefits or to help in times of uncertainty a third of high net worth individuals are looking to increase their residential property assets," it said.
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