Marbella Real Estate Market Report for 2023-2024
Between Continued Rise and Future Challenges
Marbella is one of the most beautiful destinations of the Spanish coast on the Mediterranean Sea, and for two decades Marbella has witnessed major transformations in the real estate market, as it has become the most attractive and main stations for real estate investors and buyers from around the world, and in this article we will provide you with an analysis of a number of key points in the real estate market in Marbella during 2023-2024 with the most prominent key developments and future expectations.
Rise in Luxury Real Estate Sales: The real estate market in Marbella in 2023 was marked by a notable increase in property sales, particularly in the luxury segment, with a 20% increase recorded at the high end of the market. This rise is partly due to growing demand for luxury properties in the region, which reinforces Marbella’s reputation as an exciting and robust real estate investment destination.
And in the chart below , we see a comparison of first-quarter sales figures from the past several years, with sales in the first quarter of 2023 still exceeding pre-pandemic levels by 18%—clear evidence of the market’s continued strength.
Price Increase: In terms of prices, between June 2022 and June 2023, Marbella saw a significant increase in asking prices for real estate of up to 15%. This increase effectively reflects the growing appeal of Marbella’s real estate market and indicates that the rise in actual sales prices is sustainable.
Sales Price Forecasts: Despite the notable price increases in the Marbella real estate market over the past two years, there are indications that prices in Marbella remain competitive, as Marbella currently ranks ninth both nationally and globally as an attractive real estate investment destination, which points to a promising real estate future for Marbella in both the short and long term.
A Thriving Local Economy: Marbella is experiencing economic growth thanks to several factors, and undoubtedly one of the most important of these is the strong real estate market in Marbella, which is considered one of the key factors contributing to tangible and clear growth in the local economy, along with other factors such as industry and services. In June, Marbella recorded its lowest unemployment rate in many years, and residential tourism also contributes to creating stable job opportunities and boosting employment.
Taxes and Costs of Buying Property in Marbella, Spain: Foreign investors can apply for financing of up to 60% of the property’s value when purchasing real estate in Spain, if they so desire. A down payment of approximately 40% of the property’s price is typically required. In addition, there are other costs and real estate taxes that must be paid, such as appraisal fees, notary fees, and registration fees. These costs apply regardless of whether you need a mortgageor not.
According to these available indicators and statistics, we can see that Marbella continues to attract investors and real estate buyers thanks to its thriving real estate market in addition to the diverse and suitable environment for everyone, and with the continued rise in real estate sales and encouraging expectations for the future of Marbella, there is no doubt that Marbella is considered one of the most attractive destinations for real estate investment at the present time and in the coming years.
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