Marbella has established itself as a top destination for the ultra-rich, attracting families of extraordinary wealth who are choosing to live in the area year-round rather than just visiting for holidays. According to the Panorama Group’s annual report, the resort has become a consolidated ultra-prime residential destination, appealing to the most affluent classes on the planet.
The tourism sector in Marbella is thriving, with record-breaking numbers of visitors and a significant increase in overnight stays. The UK continues to lead the way in terms of arrivals, followed by Germany, France, Belgium, and the US. The low season in the winter months has virtually disappeared, with a constant influx of tourists throughout the year.
In terms of property sales, both nationally and locally, figures have been strong, with a notable spike in sales in 2022 following pent-up demand from Covid. Prices in Marbella have risen by an average of 13.7% between June 2023 and June 2024, reaching an all-time high. Despite the increase, Marbella remains competitive compared to other luxury destinations in Spain.
British, Dutch, and Swedish buyers are the top foreign investors in Malaga, with British buyers leading the pack. Contrary to initial concerns following Brexit, British buyers continue to invest in the luxury property market on the Costa del Sol. Confidence in the Spanish market remains high, with resilient demand for quality homes, especially in golf-related properties.
Looking ahead, Marbella’s property market is expected to experience sustained growth, driven by increasing demand and investor confidence. The lack of supply coupled with rising demand will likely lead to higher prices, although the increase in the most expensive areas may be more moderate. The success of the market will also benefit neighboring areas such as Estepona and Benahavís.
In conclusion, Marbella’s property market is on track for exceptional growth, with indicators pointing towards continued upward momentum. Maintaining and improving the quality and sustainability of the environment, as well as the professionalism of services in both the private and public sectors, will be crucial moving forward. Ultimately, the quality of life in Marbella – from the sunshine and welcoming community to the variety of events and activities – is what truly matters to residents and investors alike.
