Prior to the economic crisis the western Costa del Sol was home to 51% of Andalucía’s luxury properties (valued at over 1 million Euros), however the housing market saw a dramatic change with prices plummeting as the bubble burst. The number of Andalucía’s luxury properties found in Marbella, Estepona and Benahavis now totals 86%.
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Recently disclosed at the DOM3 Association’s annual conference, the figures demonstrate the strength of the luxury sector during the harshest of market conditions. Highlighting concerns that Marbella is losing out on potential investment due to the town halls sluggish licence procedures, the association called for action to maximize on the opportunities for jobs and wealth that the sector generates.
Since 2010 the number of property sales in Marbella, Estepona and Benahavis has increased 139% with the regions average sales prices ranked as Spain’s sixth highest in 2016. Last year the value of property transactions in this small pocket of southern Spain reaching 280 million Euros, reportedly creating 3,000 direct and 9,000 indirect jobs.