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Luxury home sales grow 20% in Marbella by 2023
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FEB
Luxury home sales grow 20% in Marbella by 2023
This year sales in Marbella's luxury real estate market increased by 20% over 2022, when "less than 10% of sales are made through mortgages," according to the general manager of real estate agency Panorama. Features, Christopher Clover.
This is according to the company's Marbella Real Estate Market Report 2023, which states that "Marbella has experienced exceptional growth over the last year, reaching unprecedented levels of sales in all types of housing". This trend "was also reflected in the rest of the country, with global real estate investments increasing by a third over last year and reaching more than 17.5 billion euros".
According to Clover, last year "the city of Marbella recorded the highest number of sales in 16 years, with a growth rate of 119 percent in the last decade and a total of 42,744 properties sold." Added to this, "sales in the so-called golden triangle formed by Marbella, Estepona and Benahavís have increased by 123 percent in the last ten years".
Despite a significant rise in interest rates in Spain in the last quarter of 2022, which made it more expensive to buy a home, Clover reported that "less than 10% of purchases and sales in Marbella's luxury sector are backed by mortgages". In this regard, the CEO of Panorama Properties stated that "during 2023, we observe that luxury property sales are even stronger than last year, with an increase of up to 20% at the top end of the market.
Price competitiveness
Regarding starting prices in all categories, he noted that in Marbella they "grew by an average of 15% between June 2022 and 2023, reaching a new all-time high of €4,233 per square meter, approximately double that of a decade ago." . In the province of Malaga, the growth of newly built homes was 3.4% and 11.2% for used homes.
Globally, Marbella ranks 16th, ahead of Madrid and Dubai. Monaco is the most expensive city in the world to buy the best apartments. The average selling price is more than 50,000 euros per square meter. At the same time, it ranks ninth among the 50 most expensive municipalities nationwide, ahead of Sant Josep de Sa Talaia in Ibiza (6,295 €/m2), which makes prices on the Costa del Sol remain attractive and competitive.
According to the report, prices for new or renovated luxury apartments in the Marbella area, on the most desirable coasts of the Golden Mile, range from 6,000 to 25,000 euros per square meter, sometimes even more for very exclusive apartments. . Prices for new or renovated villas in the area range from 8,000 to 14,000 euros per square meter.
This is according to the company's Marbella Real Estate Market Report 2023, which states that "Marbella has experienced exceptional growth over the last year, reaching unprecedented levels of sales in all types of housing". This trend "was also reflected in the rest of the country, with global real estate investments increasing by a third over last year and reaching more than 17.5 billion euros".
According to Clover, last year "the city of Marbella recorded the highest number of sales in 16 years, with a growth rate of 119 percent in the last decade and a total of 42,744 properties sold." Added to this, "sales in the so-called golden triangle formed by Marbella, Estepona and Benahavís have increased by 123 percent in the last ten years".
Despite a significant rise in interest rates in Spain in the last quarter of 2022, which made it more expensive to buy a home, Clover reported that "less than 10% of purchases and sales in Marbella's luxury sector are backed by mortgages". In this regard, the CEO of Panorama Properties stated that "during 2023, we observe that luxury property sales are even stronger than last year, with an increase of up to 20% at the top end of the market.
Price competitiveness
Regarding starting prices in all categories, he noted that in Marbella they "grew by an average of 15% between June 2022 and 2023, reaching a new all-time high of €4,233 per square meter, approximately double that of a decade ago." . In the province of Malaga, the growth of newly built homes was 3.4% and 11.2% for used homes.
Globally, Marbella ranks 16th, ahead of Madrid and Dubai. Monaco is the most expensive city in the world to buy the best apartments. The average selling price is more than 50,000 euros per square meter. At the same time, it ranks ninth among the 50 most expensive municipalities nationwide, ahead of Sant Josep de Sa Talaia in Ibiza (6,295 €/m2), which makes prices on the Costa del Sol remain attractive and competitive.
According to the report, prices for new or renovated luxury apartments in the Marbella area, on the most desirable coasts of the Golden Mile, range from 6,000 to 25,000 euros per square meter, sometimes even more for very exclusive apartments. . Prices for new or renovated villas in the area range from 8,000 to 14,000 euros per square meter.
Diseñado por CRM Inmovilla