Marbella Real Estate Prices.
Real estate prices in Marbella depict a captivating narrative of luxury and allure. Nestled along Spain’s sun-kissed Costa del Sol, Marbella is renowned for its opulent lifestyle and Mediterranean charm. Its real estate market, a tapestry of modern villas, chic apartments, and lavish estates, reflects a blend of cosmopolitan sophistication and coastal tranquility. With a backdrop of azure waters and majestic mountains, property prices in Marbella symbolize exclusivity and prestige, attracting discerning buyers worldwide. Yet, beneath the surface of glamour lies a dynamic market influenced by global trends and local nuances, making Marbella real estate a captivating saga of investment and indulgence.
A shortage of Luxury Properties.
According to the most important Spanish real estate portal, Idealista, the number of properties for sale on their portal has dropped on average 6% in the province
of Málaga during the last year. A study performed by Idealista for Panorama found that the stock of properties for sale in Marbella dropped on average by 8.83% from the first quarter of 2022 to the first quarter of 2023, and up to 40% in certain key, prime or super prime areas. Clearly, and in accordance with the laws of supply and demand, a diminishing stock of properties coupled with an increasing demand always leads to an increase in asking and selling prices.
Evidence of the shortage of new or refurbished properties for sale is the relatively small number of building projects approved in Marbella last year. Of the 7,075 residences approved by the Colegio de Arquitectos of Málaga in 2022, only 690 were for Marbella, whereas in Estepona there were 1,067, Mijas 909 and Benahavís, 157. Without a doubt, the main reason for the reduced number of project approvals in Marbella is the lack of fully-zoned building land, a problem dating back at least a decade. This has not only driven up fully-zoned land prices but also pushed property developers to buy development land in Estepona or Benahavís instead. Even though new, fully-zoned development land will come on the market with the definitive approval of the new general zoning plan of Marbella, expected in 2024 (already initially approved on 30 March, 2023), the time necessary for the development process indicates a likelihood of a continued shortage of properties for at least three, or four, more years.
Marbella Luxury Real Estate Prices.
Asking prices in all price categories in Marbella have risen, on average, by about 15% between June 2022 and June 2023, reaching a new all-time high of
€4,233/m2– approximately double the average asking price per m2 of 10 years ago. Although this figure does not represent real sales prices, it is an excellent orientation with respect to what the increase in real sales prices will have been on average in Marbella. Average price statistics are available for the whole province of Málaga, with the Property Registry noting price increases for the whole province at 3.4% for new properties and 11.2% for resale properties. Official
statistics for new properties are misleading, however, as they are only recorded when the title deeds are issued and therefore don’t include properties that are sold off-plan or under construction.
Marbella Prices Predictions.
Notwithstanding the enormous price increases of the past two years, there is hard evidence that Marbella real estate prices, even at today’s levels, are very competitive: Of the 50 most costly municipalities in Spain, Marbella is only number nine on the list, which is headed by Sant Josep de Sa Talaia in Ibiza, at €6,295/m2.
Globally, Marbella is in 16th place, just ahead of Madrid and Dubai, as quoted in the Knight Frank 2023 Wealth Report, with Monaco leading as the most
expensive city to buy prime property in the world, at an average sales price of over €50,000 per m2.
As a general rule of thumb, prices for new or refurbished luxury apartments in the Marbella area start at €6,000/m2 and go right up to €25,000/m2 in the most sought-after beachfront areas of the Golden Mile, sometimes even higher in the case of certain unique properties. Prices for new or refurbished villas, start in the region of €8,000/m2 and go up to €14,000/m2. 
According to an article published by the Bank of Spain in June 2023, despite the increase in mortgage interest rates, “due to the scarcity of new construction, the high costs of construction materials and the favorable financial situation of the different buyers in the market, the price of housing will continue to demonstrate resistance to decrease, in spite of the other variables in the residential market, such as sales volume or the number of properties approved for construction.” Even with the post-pandemic surge quieting down, and inflation decreasing to a core rate of 5.9% in June 2023, we believe that prices will continue to increase, but the increases in the coming months will be more
moderate.
LuxuryForSale.Properties Real Estate.
We currently has properties for sale in Spain, London and Dubai. Because of our extensive list of contacts worldwide this provides us access to properties that are not commonly available on the open market or represented on our website for confidentiality reasons. To find out more about these luxury real estate prices in Marbella or another markets contact us at: www.luxuryforsale.properties.