The real estate landscape in Marbella and Benahavis is evoking a sense of stabilization as we venture into 2024, resonating with sentiments shared by seasoned real estate aficionados within our network.
Reflecting on the previous year, the market showcased a remarkable narrative with closed transactions reaching an all-time zenith. The accelerated pace at which properties were being acquired, often within a mere week and occasionally at figures surpassing the initial asking price, fueled a significant elevation in property prices.
With the onset of 2024, the local real estate domain has embraced a wave of optimism, standing resilient against some unfavorable economic forecasts. Although the sales graph has witnessed a slight descent compared to the bustling activity of the previous year, the vigor in transaction activities has remained robust, and property prices are embracing a phase of stabilization. This equilibrium is a positive indicator, fostering a steady demand without triggering any undue alarm.
A Closer Examination of the Luxury Sector
The Marbella Narrative
- High-end Market Dynamics: Venturing into the luxurious realm of properties priced above 1.5 million euros, a subtle increase in sales activity has been observed. This contrasts with a marginal 0.6% decline in the sales of properties priced between 1 and 1.5 million euros, a segment impacted by a shortage of available listings. The fervor observed in high-end property transactions over the preceding five years has moderated slightly, yet the momentum resonates with the pinnacle of activity witnessed in the previous year.
The Benahavis Chronicle
- Luxury Market Trends: The storyline in Benahavis mirrors Marbella to an extent but unfolds with its distinct local nuances. The property segments exceeding 4 million euros, alongside those priced between 1.5 and 4 million euros, continue to witness an upward trajectory in sales. However, the segment encompassing properties between 1 and 1.5 million euros experienced a dip, primarily attributed to the scarcity of available inventory. Remarkably, the segment priced between 1.5 and 4 million euros witnessed a sales volume surge, tripling over the past five years with an additional 2% ascent as 2024 commenced.
The Estepona Escapade
- Emerging Luxury Market: Estepona, a gem along the Costa del Sol, is gradually marking its presence on the luxury real estate map. With a blend of traditional charm and modern luxury, the market here is enticing for those seeking a serene yet opulent lifestyle.
- Sales Dynamics: The appetite for high-end properties is budding, with an encouraging trajectory observed in sales of properties priced above 1.5 million euros.
- Pricing Tiers: Prices are on a rising trend, reflecting the growing allure of Estepona’s luxury real estate, yet still offering a value proposition compared to Marbella and Benahavis.
Encapsulating the discourse, despite the economic turbulence casting shadows, the high-end real estate market has embarked on 2024 with a promising outlook. The market is witnessing an increased percentage of transactions within these elevated price bands, with prices continuing their upward march as we navigate through the early chapters of this potentially uncertain year.
