Property prices in Marbella shoot Up, with a unusual high percentage increase in the last year on the Costa del Sol also saw prices rise above 10%, hitting all-time highs, according to property listings website Idealista 👉
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If there was a place in Spain that represented the price spiral of the real estate market, it would be Marbella. The Costa del Sol town has registered the largest increase of all the large Spanish municipalities in the last year. Prices have increased by 19.9%, which represents an average cost of 4,121 euros per square meter, an all-time high, according to data compiled by the Idealista real estate portal.
Two other towns in the province of Malaga also saw prices rise by more than 10%. Mijas and Fuengirola, with 14.2% and 12.1% respectively; Also all-time highs. The capital, Malaga, experienced an 8% increase in prices between January 2022 and January 2023.
Idealista, included in his report 16 provincial capitals that have registered year-on-year increases in housing prices higher than inflation. Among them are: Santa Cruz de Tenerife (18.7%), Alicante (13.2%), Valencia and other important residential markets such as Palma de Mallorca (9.9%), have the highest average price among those 16 capitals, with 3,467 euros/m2. Seville (8.1%) and Malaga (8%) also reached historic highs with 2,365 euros per square meter. Together with them, many other provincial capitals complete the markets that have grown above the CPI in the first month of the year.
Since inflation began to rise in Spain, many headlines and expert opinions warned that real estate demand in Marbella along with the rest of Spain would slow down and that the price would correct its upward trajectory.
However, the pressure of demand on supply grew in 2022 and stood at levels higher than those reached in the two previous years. Without going any further, at the end of 2022 it increased 0.11 points compared to 2021. And the price of housing in Marbella and Spain has continued to rise: in January 2023 it grew 5.4% more than a year ago.
Especially at the high end of the Marbella property market, it appears to be reaping the benefits of demand for villas in well-known sections of the city and neighboring municipalities.
With the current political and economic instability and the conflict between Ukraine and Russia, investors are intensively looking for an investment in Spain, located on the Costa del Sol.
If you are thinking of some interesting investment options in Marbella, we can offer you advice. Get in touch with Spain Realty Lux, we will be happy to help you with your investment projects.
