In 2024, Spain’s housing market demonstrated notable growth, with Marbella emerging as a standout performer. The city’s real estate sector exhibited resilience and dynamism, attracting both domestic and international investors.
Sales Performance
Marbella recorded 2,524 home sales in the first half of 2024, marking a 10% increase compared to the same period in 2023. This figure is also 19% above the ten-year average, positioning it as the third-best half-year performance on record. The surge in transactions underscores Marbella’s enduring appeal in the real estate market.
Price Trends
The upward trajectory in sales was accompanied by significant price increases. Asking prices in Marbella rose by 13.7% between June 2023 and June 2024, reaching an average of €4,812 per square meter. This represents more than double the average asking price per square meter from a decade ago.
Luxury Market Dynamics
The luxury segment of Marbella’s property market witnessed remarkable activity. Developments such as the UNO urbanization, featuring apartments and villas priced up to €10 million, sold out entirely before construction commenced. Similarly, properties promoted by Sierra Blanca and designed by Dolce & Gabbana experienced swift sales. This heightened demand is largely driven by international buyers from the United Arab Emirates, United Kingdom, Netherlands, and Poland, among others.
Regional Comparisons
Within the Costa del Sol’s “Golden Triangle”—comprising Marbella, Estepona, and Benahavís—Marbella led the luxury housing revival. In the first quarter of 2024, sales in this area increased by 5.4% compared to the second half of 2023 and saw a year-on-year rise of 3.16%. This sustained growth reflects the region’s robust demand for high-end properties.