The demand for Marbella homes is at an all time high, explains Christopher Clover, director of Marbella’s oldest real estate agency Panorama
What is the current situation in Marbella and the Costa del Sol?
We have observed exceptional activity and sales in the past year since June 21, 2020 when the lockdown was lifted, which this year has accelerated month after month to a level of activity we have never witnessed at any time in our history. The demand is almost at a frenzy level, and is a direct result of the coronavirus pandemic, as our own statistics and that of most real estate agencies in the luxury end also confirm. This is happening in spite of the mobility restrictions between countries and even between municipalities in Spain, which makes us believe that this wave of purchasers is just beginning, and is an outstanding, positive sign of the market to come as the travel restrictions relax.
Comparing the first five months of 2021 to 2019 how are we doing?
Well enquiries are 2.4 times above those of 2019, before the pandemic, while the number of sales in the same period has increased by 81%. Meanwhile, the average sale price sold by our agency in 2021 is more than double that of 2019, going from €930,000 to €1,960,000. And all this, with a severely reduced number of foreign visitors and restriction of movement.
Which areas are registering the greatest demand?
There has always been a demand for buying homes on the Costa de Sol, however, the areas that historically lead this demand are Marbella, Benahavís and Estepona, the so called ‘Golden Triangle’. Within there you have the ‘ultra prime’ areas such as Beachside Golden Mile or La Zagaleta.
What do these areas offer compared to others on the Costa?
Marbella is a unique resort city, with the best climate in Europe and a low volume of construction, compared to the jungles of concrete seen in other tourist destinations, a true ‘garden city’ at the southernmost point of Europe. The main motivating factor is the incredible quality of life.
On top of that the purchase of real estate here is now considered as a ‘safe harbour’ investment in these uncertain days, as safe as gold, and certainly much more than the stock market.
What segment of the market is more active? (first, second, luxury … homes)
The luxury end of the market, including homes above €1 million and the super luxury segment (properties priced above €3 million) are the segments with greatest activity, although there is strong movement in all market sectors.
What kind of houses and features are currently in demand the most?
Larger gardens, proximity to services and nature and ‘office spaces’ to be able to work comfortably from home are some of the key demands. Also the demand for newer homes, with state-of-the-art facilities and high-quality construction has been increasing dramatically since the last crisis.
What is the buyers’ profile?
The market for the high-end luxury segment (let’s say for homes above €800,000) is made up, at least 85%, of foreigners, which has given it so much strength for so many years compared to the national market. The buyers are always of the same nationalities: Europeans in general, with the UK as leaders, followed by Belgians, Swedish, the Dutch and others. In total, there are 140 nationalities living in the Marbella area. We have have buyers from the Middle East and the United States, and of course, Spanish buyers. There has been a great demand from successful young millennials with high purchasing power who choose only the best properties with a lot of privacy and the highest possible qualities.
Panorama has a team of more than 26 professionals who speak 12 different languages, they specialize in the sale and rental of high quality villas, townhouses and apartments on Marbella’s Golden Mile and surroundings areas
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