The luxury real estate market in Marbella, one of the most sought-after areas in Spain, witnesses a period of vigorous growth. Even though the pandemic-related restrictions are still in place, local agents say the sector is more active than ever and an uptrend is expected to continue.
According to Christopher Clover’s Panorama Properties, one of the leading real estate agencies, the demand for the luxury segment of the real estate market (i.e. properties worth over 1 million euros) is steadily growing to unprecedented levels in 2021. The luxury property market growth is exceeding forecasts.
“The surge in demand was a direct consequence of the coronavirus pandemic. The real estate market is very active despite the travel restrictions between European countries and even between Spanish municipalities. We can say that this wave of buying and selling is just beginning. It is an extraordinary and positive indicator of the market, which is likely to persist in the coming years,” Christopher Clover said.
Panorama Properties said that the trend towards increased investment in the luxury and ultra-high-end real estate market is not unique to the Marbella region, with high-net-worth individuals willing to invest in the real estate market around the world.
According to the company, the global real estate is now considered “a safe haven in these turbulent times and much safer than stocks or other investment alternatives. It is also a fundamental investment in quality of life.“
Marbella is currently one of the world’s most attractive luxury tourism destinations thanks to its climate, golf and sports facilities (there are 52 golf courses in the province of Malaga) and its infrastructure.
The study also showed that low interest rates contributed to the property market growth.