The reality is that this year Spanish property sales are on the increase and in large numbers but the number of internet registrations and enquiries are higher and the quality is very good compared with others. So the obvious question is why?
I could see this explosion was happening as early as January this year. December is normally the quietest month of the year and January normally one of the busiest. However this year where we normally see a tenfold jump in enquiries it was very minimal. Also agents sending us clients from their own website and portals had the same comments more enquiries and very good quality enquiries. By good I mean clients with realistic expectations as to what their money could buy them, especially in Marbella. This has carried on throughout the year and right now it’s even better. Interestingly it’s across all languages the enquiry even better in english where levels are actually up and are of a vastly higher quality than the other languages.
What has happened?
The number of visitors to our various websites has actually increased and the registrations have and sales in the market place have so here is where most sales are coming from. They are coming from 3 major sources of leads: number one is Internet enquiries through our amazing website. 2nd are other international agents who recommend their clients to us. Having spoken to a lot of fellow agents this is very much the case. Thirdly are existing clients of ours and thirdly referrals from clients who were very happy with the service they got from us when they bought.
The big question is how much longer will this continue for and what does the small real estate agent in Spain do now they can’t get clients from the internet?
Interesting times ahead.
Marbella Property Market Expansion.
According to recent market price trackers and reports, Marbella’s real estate market is thriving, showing consistent growth and promising prospects for the future. This raises the question of what factors contribute to Marbella’s success and whether this trend will continue.
Recent data indicate a continued upward trend in prices for Marbella real estate in 2023. Real Estate Brokers in the area also confirm that overall demand remains stable. Furthermore, this presents a favorable opportunity for prospective buyers as property prices have not reached their previous record highs.
Marbella’s allure as a top Mediterranean destination for international buyers remains crucial in its ongoing success. Experts note that this global interest safeguards the region’s value growth, making it resilient against temporary fluctuations caused by factors like interest rate changes.
The shift in global lifestyle preferences towards increased outdoor living, leisure time, and remote work, which gained momentum during the pandemic, continues to gain traction without any indications of slowing down. This rising demand is further fueled locally by the growth of high-tech sector jobs in nearby Malaga, bolstering the stability of real estate growth in the Marbella area. These factors ensure a solid foundation for a wise property investment without the excessive trends seen in previous decades.
Marbella and its surrounding region: A Coveted Destination.
Spanish property prices have been consistently rising since the end of the pandemic, particularly in the coastal areas well-suited for remote work and lifestyle preferences. This information is supported by the data, indicating a positive trend in the market.
Despite the global economic uncertainties over the past year and a half, Marbella is experiencing a consistent and robust demand for relocation and investment. Both the data and observations on the ground support this trend, indicating that people are still keen on moving to and investing in Marbella.
Currently, the demand in the real estate market remains strong, although buyers are seeking something different. The interest in villas priced over one million euros has decreased due to higher interest rates and more expensive home loans. As a result, there has been a significant increase in demand for luxury apartments, penthouses, and townhouses in the 500,000-to-one-million-euro range that have recently undergone renovations. Whenever these refurbished properties become available in the Marbella area, there are eager buyers, leading to upward pressure on prices. Additionally, in the ultra-luxury segment of villas priced over 3.5 million euros, the market remains less sensitive to economic changes and thrives.
While attention is often drawn to the remarkable growth rates in the famous districts, the overall Marbella real estate market is experiencing more moderate and consistent price increases. The quieter areas, like Elvira/Cabopino or San Pedro, still offer considerable value. In these regions, the year-on-year price rises were approximately 16% and 10%, respectively, aligning more closely with the regional average and global inflation, as the February tracker data indicated.
Buyers who prefer to avoid busy urban centers are finding appeal in areas with lower square-meter prices. These locations offer them more space and low-density developments enveloped by natural surroundings, like La Heredia or El Madroñal.
Marbella Real Estate Younger Buyers.
In the Marbella region of Costa del Sol, there have been notable shifts in the demographics of foreign buyers of Spanish property in recent years. With the market rebounding and reaching a prosperous state, it is intriguing to observe the changes in the data about the individuals presently investing in the locality.
A younger demographic is currently propelling the Marbella real estate market.
According to a report in the Financial Times newspaper in the UK, the local real estate industry has provided feedback on a significant transformation in the age, nationality, and employment status of individuals interested in relocating or buying a second home in the southern Spanish region. The traditional stereotype of non-Spanish property buyers in Marbella being older retired British men who enjoy playing golf in warm weather no longer holds.
Recent statistics indicate a gradual decline in the proportion of British property buyers, with other nationalities now taking their place. The real estate market in the area currently consists of a substantial number of Scandinavian buyers, as well as those from French-speaking regions such as Belgium, France, and the Middle East.
The changes in the Marbella real estate market are not limited to nationality alone; buyers’ age group and employment status have also shifted considerably. Buying property in Marbella is no longer predominantly aimed at using it as a second home for holidays, winter retreats, or golf trips during retirement. Nowadays, those moving to the Costa del Sol are often working, frequently remotely, and their priorities are centred around the quality of the wifi connection rather than proximity to a golf course.
As a result of these changes, the average age of property buyers has decreased to around 42 years old. Real estate agents now commonly show properties to young Swedish programmers instead of elderly English pub owners.
Spain remains a popular choice for homebuyers in the EU, not just because of the desirable lifestyle factors but also due to the financially profitable market for investors. The cost of real estate in the Marbella region and throughout Spain provides good value for money; investing in Spanish property is a wise choice compared to other countries.
LuxuryForSale.Properties Real Estate.
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Whether you are a buyer or a seller, we help you realise the full potential of your property investment.
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