Recovery of the property market in Marbella

Publication: 11 Oct. 2016
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In 2015, the number of sales of “luxury” goods increased by almost 10% compared to the volume in 2014, and has now almost reached the level of 2006 just before the crisis. As a consequence, house prices are starting to rise significantly in the residential areas of Marbella.

We find the same scenario all over Spain, however, the national recovery is only two years behind Marbella, which enjoys an international market, unlike the domestic market which mainly consists of buyers and Spanish sellers.

More proof in the improvement of the Marbella market, is shown by the evidence of house price increases in 2015, after eight previous years of consecutive decline.

Similarly, the number of residential homes seized by banks nationally, fell by 13% in 2015.

Other positive indicators of the rising market are the number of residential construction projects in Marbella together with tourism which has shown a constant growth of 4.9% in 2015 and with a record attendance for Spain of 68 million tourists, generating a record turnover of over 67 billion euros!

Tourism recovery always precedes the resumption of sales of properties.

Marbella, the pioneering city of residential tourism, is mainly based on the purchase of a second home, which is different from most other resort towns worldwide and tourism favors the residence.

In the fourth quarter of 2015, the EU buyers accounted for over 60% of all foreigners who bought property in Marbella and now the real estate market is generating 80% foreign buyers, in fact, they find an amazing variety of properties ranging from € 250,000 to several million euros.

In this present climate, we note the resurgence of the market “upscale” (prices above EUR 4 million), which represents more than 100 sales in 2015 in the Greater Marbella.