Luxury Real Estate Marbella 2024.

In 2023, the luxury real estate market in Marbella maintained its strength and appeal, a safe haven amidst a global economic uncertainty. Marbella continued to attract international discerning buyers, particularly from Europe, with significant interest from British, Scandinavians, German, French, and an increasing number of Ukranian and Polish buyers.

We at LuxuryForSale.Properties would like to provide a comprehensive and detailed analysis of the luxury real estate market in Marbella for the year 2024, with a look towards trends and expectations, offering a valuable insights for investors, developers, and other key industry stakeholders, highlighting market dynamics, buyer preferences, and emerging investment opportunities. Furthermore, this article seeks to identify and explain the drivers influencing the supply and demand of the luxury real estate panorama in Marbella market.

Sought After Areas in Marbella.

– Established Luxury Areas. Traditional luxury areas like: the Golden Mile or La Zagaleta, where ultra luxury properties are concentrated, continue to be the most sought-after areas by buyers looking for exclusive homes priced above five million euros.

– Areas with Potential. Marbella East, where significant hotel projects are underway, Los Flamingos, La Quinta and El Madroñal in Benahavís, are capturing important luxury residential developments, establishing them as new reference zones for both buyers and developers. Among the new destinations, Sotogrande also stands out, where new luxury projects have significantly raised the quality level of housing. The peaceful resort’s transformation over the last decade has caught the attention of international buyers and high-net-worth investors who opt for this quite location for their first, second or third residence.

New Luxury Developments and Projects.

The luxury real estate panorama in Marbella has delivered in the last year remarkable projects reflecting the growth and transformation of the sector in the area. Below, we highlight some of the most significant high-end residential developments, including branded residences:

– Sierra Blanca Estates. Pioneers in the branded residences joint ventures have introduced the concept with successful projects with homes of the highest quality such as: Karl Lagerfeld villas (5 villas), Design Hills Dolce & Gabbana Marbella (92 apartments) or EPIC Marbella by Fendi casa. (72 apartments and sky villas).

– Tierra Viva. An impressive development in Benahavis of 53 luxury villas, divided in 3 types named after gemstones in collaboration with Automobili Lamborghini.

– Elie Saab Villas. Urbania has started the development of the first Elie Saab villas in Spain.

– Banyan Tree and Angsana Real de La Quinta. This development will integrate signature rooms with exceptional amenities.

– Marriott’s W Resort Marbella. A hotel and residential complex representing an investment of 200 million euros, including a luxury W hotel and residences managed by Marriott.

– Four Seasons. A project planned to start in 2024, includes a hotel with 165 rooms and suites, 260 private residences, and 40 villas under the management of Four Seasons.

Marbella´s Sought After Property Features.

In the las years the luxury real estate market in Marbella Panorama has witnessed significant growth, marked by new trends and the types of properties demanded by buyers.

1. 1. Classic Villas with high-end interior Design. Villas featuring cubic shapes and large windows, are not the top choice for buyers anymore. Customer prefer andalusian style villas with meticulous and avant-garde interior designs with light tones, kitchens that are either integrated or semi-integrated with the main living area, spacious terraces and green areas, infinity pools,..
   2. Sustainable Homes. Buyers of luxury real estate are increasingly concerned about the environment and seek eco-friendly homes with a low environmental impact, such as Passive Houses, a trend that is becoming prevalent all over the place.
   3. Bright Spaces. Aiming for a sustainable home in harmony with nature, clients particularly value properties with abundant natural light and lighting systems designed to make the most of this resource.
   4. Natural Elements. Buyers not only seek lush Mediterranean gardens with unobstructed views of the sea or natural surroundings but also want nature to be a prominent feature within their houses. Stone, wood, and decoration with natural plants are the trends.
   5. Turnkey Villas. While in the past, built and fully equipped projects ready for living were less demanded, in recent years, they have become one of the most sought-after properties by elite buyers, ranging from apartments in high-end residential resorts like Puente Romano to majestic newly built or fully renovated estates in Sierra Blanca.
   6. Exclusive Services. Urbanizations or residential resorts offering additional services akin to those of luxury hotels, including: wellness, sports, leisure, or even gastronomic options, are shaping the real estate market in Marbella. This trend is already evident with the launch of branded residences projects.
   7. Security. The Costa del Sol is known as one of the world’s safest luxury destinations, however buyers are increasingly demanding exclusive properties within gated communities with high-end security measures.

Who is buying in Marbella?

Tech workers flush with cash are converting Marbella into the new Beverly Hills.

Business development related to innovation and new technologies are amassing major fortunes. Many of these entrepreneurs seek to invest in Marbella´s luxury real estate market expanding their property portfolios, and Marbella has become the perfect destination for many of them. The international nature of these investors is further consolidating Marbella as an stable real estate market, affecting the trends and prices of Marbella’s luxury real estate market.

1. 1. Changes in Preferences and Needs. Buyers from the innovation sector tend to look for smart homes that incorporate the latest in home automation, sustainable design, high-speed connectivity, and other technological comforts. Luxury Properties in Marbella have evolved to absorb the demand of these new wealthy investors. The arrival of these new high-net worth investors to Marbella are contributing to the dynamisation of the luxury real estate market, creating specific opportunities for construction companies, architects, and other professionals in the sector.
   2. Impact on the High-Quality Rental Market. Before investing, these new fortunes establish their residence in Marbella for extended stays, seeking luxury rentals with large outdoor areas, spaces adapted for work, and high-speed internet connections.

Prices trends for 2024.

Prices of luxury properties are expected to continue increasing, albeit at a more moderate pace compared to the last years. Probably an increase of between 4% and 5%.

Although the rise in interest rates has made buying a home more expensive in general, demand in the luxury segment is expected to remain strong, driven both by economic factors and the desire for a lifestyle change. Marbella luxury real estate market is not very sensitive to changes in interest rates, due to the involvement of very nigh-net worth foreign buyers.

Luxury Estate Agents Marbella.

In Marbella, the best estate agents embody professionalism, expertise, and a deep understanding of local markets. With unparalleled dedication, they guide clients seamlessly through property transactions. LuxuryForSale.Properties agents match discerning buyers with their dream homes, crafting unforgettable experiences in the process. ensuring every need is met and every dream home becomes a reality.