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Property sales in Marbella soar
According to the most recent figures released by the Ministry of Transport, Mobility and Urban Agenda, Costa del Sol has seen an all-round surge in sales over the last year. Activity in the so-called Golden Triangle, Marbella-Estepona-Benahavis, has been particularly intense.
For example, in the year to Q2, sales of all types of property in Marbella soared by 74.4% compared to the previous four quarters. Benahavis experienced an even larger uptick with transactions almost doubling to increase by 92.5%. In Estepona, the market was slightly less busy, but the rise of 41.5% in sales hardly indicates a quiet market.
New-build sales skyrocket in Marbella
Renowned for its top-of-the-range new construction, sales of new property in Marbella have experienced the highest increase of all. Ministry statistics show that in the year to Q2, some 686 new builds changed hands. This figure translates to a 98.8% rise over the previous year.
Shift in trend on the Golden Triangle
The sharp increase in new-build sales in Marbella indicates a change in tendency in the area. New development in Marbella had previously lost ground compared to other parts of the Costa del Sol as developers preferred next-door Estepona and Benahavis.
However, figures for Q2 reveal a shift in trend in the Golden Triangle. Sales of new homes in Estepona rose by 21.6% in the year, while those in Benahavis fell by 40.9%.
Indication of luxury demand
The giant leap in sales of new development also illustrates the consolidated demand for luxury properties in Marbella. New real estate in the area tends to be overwhelmingly at the higher end of the market, building homes with specs at the top of their game.
A look at the current market listings for Marbella’s new development demonstrates this point. For example, new home prices start at €650,000, with those in the upper echelons costing at least €5 million. Regular listings for Marbella real estate reveal a similar tendency.
Busy Costa del Sol market
The figures for the Golden Triangle reflect a bigger picture, showing the high demand for real estate on the Costa del Sol generally. Ministry statistics show that sales of all property in the area went up by 42.5% in the year to Q2.
However, the best comparisons need to go back further in time to before the arrival of the pandemic. Sales of Costa del Sol property in 2019 totalled 30,700 and reached 43,743 in the year to Q2 this year. The difference translates to a rise of 45.97%, showing that the market has easily surpassed pre-pandemic levels.
Find your luxury property in Marbella
If you have Marbella on your radar for your Costa del Sol home, do get in touch with our team. We’ve been helping foreigners purchase homes in the greater Marbella area since 1992 and, as a result, know more than a thing or two about the market.
