Eyes on 2024 Marbella real estate market: turning challenges into opportunities
By Artur Loginov on - 4m. reading time
2023 seems to have passed in the blink of an eye, and here we are again, approaching a new year with new uncertainties but as always, outstanding possibilities!
Since the coronavirus time, life has been like a roller coaster ride. Marbella’s property market has gone through many ups and downs, and so have we. Yet Marbella has flourished, grown and risen above the most optimistic expectations. We are fortunate to live in such a beautiful location, one of the best in the world. I'm grateful to live and work in this fantastic, inspiring place! We are all part of it, all 150000 of us, and our actions can make a real difference in Marbella.
Another year… another time to reflect on how many goals we completed in the high-end real estate market of Marbella. After the drastic peak of increased demand in 2021 that shifted into 2022 with record-breaking statistics, we have seen a calmer and ‘normal’ 2023, still with excellent sales and constant demand. In contrast to the pessimistic forecasts for other real estate markets, high interest rates and political uncertainties, I see Marbella’s luxury real estate market of 2024 carrying on with the same healthy demand as in 2023, and possibly surpassing it.
Now, the temporary peaks and valleys are measured in weeks and not months anymore, and the long-term real estate market of Marbella will keep rising. Marbella is on a definite path to become a unique place on the planet. Because of the pandemic, we’ve learned the value of different things, and Marbella offers them all more than any other destination in Europe. It’s not just my opinion. The stream of people who have discovered this, is almost unlimited for our limited real estate market.
According to El Economista, November 10, 2023, and several other public sources, “Spain is the fourth most popular destination in the world, and the first in continental Europe to buy a luxury home. The main markets are Malaga, the Balearic Islands, Madrid and Barcelona." If you analyse this further, you can clearly see that Marbella (including the Benahavis area) is the number one location in the luxury home market, attracting interest and potential demand.
In 2024, I believe, the high-end real estate market in Marbella and Benahavis is likely to see a continued rise in prices, especially in the "5-star" locations and top-notch communities. Despite all the new stock coming in, the demand, in my opinion, will still be much higher than the supply of properties the market will be ready to offer.
While the ‘secondary’ locations are starting to slightly surpass demand with new stock, the asking prices may well be corrected, which is healthy for a more stable market with future steady growth. The rise of construction prices will only consolidate a further price division for both prime and ‘secondary’ locations, confirming that the old real estate saying "location, location, location" still holds true.
With joy, I have also seen a relevant swift in the luxury segment of the market, with buyers appreciating and demanding higher quality. They are prepared to pay significantly more for it, and some developers already consider this in their projects. No longer do cheaper prices motivated by more affordable quality serve as an attraction. A possible influence by more substantial market entries, like the USA, will only push further in this direction. In this sense, it makes me proud to represent outstanding homes that embrace high quality.
On a more personal level, after the most challenging year I have faced in my entire 15-year real estate career, I’d like to express my gratitude to Sergey Sinichkin, Dmitriy Vlasov, Natalia Vlasova, Bruna Karla Krüger, Olga Tolkunova, Ines Ponferrada and Borja Salas. Thank you for helping to build a company based on quality and excellence, pushing all of us toward higher goals. Together with other remarkable people who join us on this path, we will successfully create an outstanding future.
To our dear clients and friends, thank you for your trust, and giving us the opportunity to be part of your life on such an important journey as purchasing a new home in Marbella.
We have provided excellent service this year, and we assure you that we will do our best to do even better next year!
I wish you all good health, love and success in everything you do. May you achieve your greatest goals moving forward!
Merry Christmas and Happy New Year!
P.S. I would highly appreciate your feedback on Drumelia, our team members or me.
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Artur Loginov is the CEO of Drumelia Real Estate. He has over a decade of knowledge and was awarded the…