The sale of luxury homes in Marbella reaches historic levels despite the pandemic

05 Ago The sale of luxury homes in Marbella reaches historic levels despite the pandemic

The houses between 3 and 12 million euros is one of the stripes in the sector most in demand by some buyers, 90% foreign, mainly British, Swedish and Belgian.

Marbella (Málaga), August 4.- The luxury real estate market in Marbella and the Costa del Sol has been boosted, despite the Covid-19 pandemic, to “historic” sales levels, even exceeding those that were carried out during 2019.

This is clear from the report prepared by Panorama Properties, the oldest real estate agency in Marbella, where it is found that the number of purchases, formalized and in the process of formalization, carried out in the first half of 2021 has increased by 68% compared to with the same period of 2019.

According to these data, for the municipalities of Marbella, Estepona and Benahavís, a 9.2% increase in sales is observed compared to the same period in 2020, with special attention to Marbella, where the increase is 22%.

In this way, Panorama also foresees that house prices, despite having adjusted during the pandemic and remaining stable at this time, will gradually begin to increase.

The 8.56% rise in construction costs recorded from the end of the first quarter of 2020 to the end of the first quarter of 2021, according to the Appraisal Society, are also contributing to this rise.

Houses between 3 and 12 million euros, the most demanded

It should be noted that, although there are homes available on the market in all price categories, those that reach between 3 and 12 million euros, or even more, have become the usual type of sale.

A way of reacting right now in the market that draws attention because «they are properties of a level that practically did not exist before the last crisis and of which there could even be a temporary shortage», point out the experts in the sector.

90% of buyers are foreigners

Regarding the nationality of the buyers, 90% of the luxury segment are foreigners, which «has provided great strength to the local market for so many years,» they highlight.

During the past year 2020, the three main nationalities of foreign buyers in the province of Malaga were the British (19%), the Swedes (13%) and the Belgians (9%).

Despite Brexit and against all odds, the British have been and continue to be the foreign nationality that invests the most in the purchase of real estate in Spain since the late 1970s.