Real estate market in Marbella and the Costa del Sol 2022 and forecast for 2023| REAL ESTATE NEWS
A year of high demand and price increase in the real estate market in Marbella
Real Estate Market in Marbella in 2022 saw high demand for luxury properties and holiday rentals. Transactions increased by 10% compared to 2021, driven by foreign buyers from Nordic and Eastern European countries. Nueva Andalucía, Puerto Banús and Golden Mile were popular areas for sales, with prices up 7% from 2021. Prices overall increased 5%. Marbella’s market remains stable with reasonable prices compared to other European coastal areas. The demand for luxury villas and apartments rose, as well as properties for holiday use, either as a second home or investment.
Other areas of Costa del Sol like Mijas, Estepona and Sotogrande also saw growth in property transactions and prices. The demand for luxury properties and holiday rentals throughout the Costa del Sol led to a 6% increase in property prices compared to the previous year.
Holiday rental demand increased in Marbella and the Costa del Sol, with many choosing the area for its range of outdoor activities and good weather. Rental prices increased by 8% compared to 2021, but remain attractive compared to other European tourist areas. Nueva Andalucía, Puerto Banús and Golden Mile were the most popular areas for holiday rentals, with a 10% increase in bookings compared to the previous year. Properties with private pools and sea views were in high demand.
In 2022, new luxury real estate promotions were launched in Marbella and Costa del Sol, particularly in Nueva Andalucía and Puerto Banús, offering properties with sea views, private pools, and high-quality services at higher prices than similar properties in other areas of the Costa del Sol, but still expected to be attractive to foreign buyers.
Forecast for 2023
The real estate market in Marbella is expected to remain active in 2023, with high demand for luxury properties and holiday rentals, an increase in foreign buyers, and stable prices with a slight increase of around 3%. New developments including luxury villas, apartments, and townhouses with modern amenities and high-quality finishes are planned for 2023 in Marbella and the Costa del Sol. The holiday rental market is also expected to continue growing.
The holiday rental market is also expected to continue growing in 2023, as more people opt for vacationing in the area due to its great weather, beautiful beaches, and wide range of activities. The most popular areas for holiday rentals are likely to remain Nueva Andalucía, Puerto Banús, and Golden Mile.
Overall, the real estate market in Marbella and the Costa del Sol is expected to remain strong in 2023, with high demand for luxury properties and holiday rentals. Foreign buyers will continue to be a driving force in the market, and prices are expected to remain stable with a slight increase. With new real estate promotions and developments planned for the area, there will be plenty of options for those looking to invest in Marbella and the Costa del Sol. As a professional real estate agent in Marbella, I would be happy to assist you in finding your dream property in this beautiful and sought-after area.
Writen by Patricia Durán | Jan 19, 2023