THE average house price in Marbella has broken the €800,000 mark for the first time, leaving huge swathes of the local population unable to get on the property ladder.
Marbella has seen property prices skyrocket by 38.3% since 2022 with average prices now sitting at €803,522 for a residential property – around €4,894 per square metre, according to the General Council of Official Notaries in Spain.
The increase is adding pressure to residents of all parts of the coast, as previously ‘affordable’ neighbourhoods are creeping up in price.
READ MORE: Property prices in Spain have more than doubled since 2014
In San Pedro, average prices have climbed to €714,050, shooting up 40% in the past 3 years.
This increase across the coast is taking an especially high toll on young couples, who are struggling to keep up with the rising costs with the much slower rising wages.
Most shockingly, home purchases by buyers aged 18–30 in Spain have plummeted from 22.5% of all transactions in 2007 to under 10% today.
Foreign buyers, who currently make up over 20% of all real estate transactions across the region, have increasingly received the finger of blame for this development.
This international demand across every price bracket is gobbling up all available properties that go on the market, contributing to a local and national shortage of homes.
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