Marbella, November 30, 2023-The vibrant city of Marbella was the epicenter of a comprehensive analysis of the real estate sector during the “Market Study and Evolution” sessions organized by the Leading Property Agents of Spain Association (LPA). With the participation of over 600 professionals from the field, the event served as a platform for collective reflection and knowledge exchange, emphasizing the importance of public support in terms of connectivity, transportation, and services.
Marbella: Competitive and Stable
Marbella solidifies its position as a real estate benchmark, remaining competitive both nationally and internationally. It ranks ninth in Spain and sixteenth globally in terms of housing prices per square meter. The analysis reveals a dynamic market that, despite challenges such as inventory shortages, remains stable.
Significant Changes in the Market
The real estate market has undergone notable changes, marking milestones in 2022 that seem challenging to maintain in the long run. The pandemic has triggered a migration from northern to southern Europe, especially benefiting Mediterranean regions. Although demand remained stable in 2023, national property transactions experienced an 8% decline, with the luxury segment being a key player.
Challenges and Opportunities in Marbella
Marbella faces challenges marked by inventory shortages, especially in beach areas. Despite this, the new construction market shows promising data, with hopes for an improvement in supply availability. Average prices per square meter stand at €4,237, a 15% increase from 2022, highlighting the city’s competitiveness.
Tourist and Rental Properties: A Evolving Market
Tourist and rental properties have also been subject to analysis, revealing that 56% of units in Marbella are primary residences. The most profitable typology is apartments, with a net profitability of 6% on the second line of the beach. Additionally, the implementation of a new Decree Law for Tourist Homes to regularize the sector was highlighted.
2024: Price Adjustment and Stability
The outlook for 2024 appears calm and stable, with a price adjustment in the second-hand market and limited supply in new construction. Stabilization of construction costs and a moderate adjustment in interest rates are aspects considered in Marbella’s real estate horizon from the second half of 2024.
Infrastructure as Key to Development
Experts have agreed on the critical importance of improving infrastructure as a fundamental element to support the anticipated scenario. Public support in terms of connectivity, transportation, and services is considered essential for sustainable and attractive development of urban areas.
LPA: Commitment to Excellence and Professionalization
The Leading Property Agents of Spain Association (LPA) has played a crucial role in the development and strengthening of the real estate sector in Marbella. With significant growth since its founding in June 2020, LPA focuses on fostering a transparent, cooperative, professional, and customer-oriented sector. With future initiatives such as the creation of a sales school and a Code of Ethics for Good Practices, LPA seeks to raise the sector’s standards.
In conclusion, the event was a call for the professionalization of the real estate sector and a reflection on the challenges and opportunities shaping the current market in the region. Marbella, with its competitiveness and stability, emerges as a key player in the future real estate landscape.
See photos and videos from the event here.