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Andrea Jiménez
Marbella
Friday, 6 October 2023, 17:56
Last year Marbella recorded the highest number of sales in the last 16 years, with a growth rate of 119% over the last decade and a total of 42,744 homes sold. These are the headline figures from the latest report from Marbella real-estate company Panorama.
The residential real estate market in Marbella experienced an increase in activity last year, "reaching unprecedented levels of sales in all types of homes", said the firm. According to Panorama, starting prices in all price categories in Marbella increased by an average of 15% between June 2022 and 2023, reaching a new all-time high of 4,233 euros per square metre, "approximately double the average price per square metre of ten years ago".
Despite the significant rise in interest rates, Panorama's general manager Christopher Clover said that in the luxury sector in Marbella less than 10% of purchases are made with mortgages. "Throughout 2023 we have been observing luxury property sales even stronger than the previous year, with an increase of up to 20% at the top end of the market," he noted.
Globally, Marbella ranks 16th, ahead of Madrid and Dubai, with Monaco leading the way as the most expensive city in the world to buy prime real estate, with an average selling price of more than 50,000 euros per square metre.
According to the report, prices for newly built or refurbished luxury flats in Marbella range from 6,000 euros per square metre to 25,000 euros per square metre in the most sought-after beachside areas of the Golden Mile.
By nationality, the British continue to be the main buyers in the province of Malaga, with 16% of the total number of transactions, followed by the Swedish and Dutch, with 12% and 8% respectively. Belgians, French and Germans also stand out.
In the municipality of Marbella, 90% of properties worth more than two million euros are sold to foreigners. "The town is attracting more and more buyers who are looking not only for holiday accommodation but also for a second home where they can stay for several months of the year," Clover said.
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