Marbella’s Buoyant Property Market Set to Continue in 2024

The property market in Marbella was impressively buoyant in 2023, and expectations remain hugely positive for this year. This is especially the case in two real estate spheres where Marbella excels: luxury homes and interest among international buyers.

Promas Estates’ own experience and analysis of 2023 sales figures confirms the view of other industry insiders that Marbella maintains its status as one of Spain’s most highly coveted destinations for people looking to buy a holiday home or settle permanently on the Costa del Sol, as well as for investors seeking profitable buy-to-let options in the high-end market.

Here are just some of the reasons why arranging an appointment with the knowledgeable, friendly and experienced Promas Estates team should be a top priority this January if you would like to join so many other contented homebuyers who are already living the dream on the Costa del Sol.

Record Population

A city’s ongoing growth is always a good marker of how popular it is among people seeking a new place to live, and Marbella certainly dazzles in that respect.

According to official census figures, Marbella’s residential population increased by nearly 10,000 during 2023, topping 165,000 for the first time. That total figure swells even higher when “non-official” residents (i.e. those not formally registered on the municipal “padrón”) are taken into account.

Then there are the hundreds of thousands of visitors who spend their holidays, or more extended stays, in the municipality, including many celebrities who have bought their own homes for discreet getaways. Last May, for example, basketball legend Michael Jordan enjoyed a break in Marbella – where he is a regular visitor – and was spotted at various favourite spots including dining at a top restaurant on the Golden Mile.

Overall, Marbella is the seventh most populous city in Andalucía, with a larger population than three of the region’s eight provincial capital cities (Huelva, Cádiz and Jaén).

Multicultural Diversity

In total, a remarkable 153 nationalities are represented on Marbella’s residential register. Clearly, that makes the municipality a key focal point on a national level for foreigners planning a move to Spain.

Final statistics for 2023 are still being confirmed but, according to the Consejo General del Notariado (General Council of Public Notaries), in the first semester foreigners represented 21.4 per cent of home buyers in Spain, the highest proportion since these figures have been formally compiled and registered. Andalucía, highlighted by its flagship Marbella destination, played a key role in this impressive growth.

Most of the foreign buyers in Spain (68 per cent) were purchasing a principal residence, 21 per cent were buying a second home, and 11 per were taking advantage of excellent opportunities for buy-to-let property investments.

The three most highly-valued aspects of buying a property were proximity to services, the abundance of “green” spaces, and being near the sea.

As Bloomberg noted in a special report last year, “Wealthy Europeans are flocking to the country in search of homes, drawn to the sunny weather and relaxed lifestyle.”

High-End Services

The Costa del Sol’s multi-billion-euro high-end housing sector is forged on a solid core of major real estate agencies such as Promas Estate. However, its ongoing success and appeal to buyers also relies on the services of a diverse and expert infrastructure of other companies and individual specialists.

These include engineers, surveyors, interior decorators, landscape gardeners and state-of-the-art installation providers, as well as lawyers, notaries and financial advisers. All can be found conveniently in Marbella, and Promas Estates is always on hand to recommend the most reputable and reliable associates.

Luxurious Puerto Banús

When it comes to luxury living, Marbella’s famous Puerto Banús is the Costa’s del Sol’s capital of glamour and it continues to reinforce its status as one of Spain’s showpiece destinations.

Last year, the sophisticated marina and residential hotspot was once again named among Spain’s top-five centres of luxury, together with Madrid, Barcelona, Ibiza and Mallorca.

Back in 2022, the authoritative European Best Destinations website named Marbella as its most exclusive and prestigious destination, with Puerto Banus’s exceptional array of top-brand boutiques (including Bulgari and Louis Vuitton) coming in for special mention, as well as the area’s enviable climate, gourmet restaurants, renowned golf courses and elegant soirées.

Positive Overall Market

Marbella’s high-end property market will always be the premier showcase of its signature-defining allure but the overall real estate market at the start of 2024 also remains hugely appealing.

After a positive 2023, when Promas Estates was pleased to note solidly impressive interest in Marbella properties across the spectrum – from magnificent beachside villas to spacious apartments, and family-friendly townhouse estates to rustic hinterland homes – and we confidently expect this trend to continue in 2024.

The lure of living or holidaying in Marbella has never waned. In fact, year on year, the area becomes even more popular among foreign buyers drawn to one of the Mediterranean’s most desirable, well-serviced and safe resort areas.