The Real Estate Market in Marbella
It’s a good time to buy? The higher the price of the house will rise until it begins to fall? These are some of the questions that our clients usually ask us…
Today we have a lot of data to be able to analyze and take stock of the situation in a very specific way. Both the INE and our own data at local, national and international level we are continuously studying these details. It is surprising that in Marbella we are skimming the sales numbers of 2004-2006 when the largest number of sales in our history occurred.
Although it is true, although we have a rebound of 3% compared to last year the average prices of the square meter in Marbella remain in the same range, taking into account the great diversity that our municipality has where we can find neighborhoods that its average price is 1.500€ and other areas are above 6.000€.
On the other hand, we believe that luxury villas are sold every day, but the number of transactions of these are still kept at bay in the area, since only 218 properties over one million euros were sold throughout the province of Malaga the last year.
As I commented previously, the amount of information that is accessed by everyone, causes deviations and changes in trends. Today is a fact tested by our office that there are buyers who are assessing the purchase of a property due to the unstable situation caused by new news from banks and the national government.
The triangle of the Costa del Sol and its own idiosyncrasy
Marbella, Estepona and Benahavís, comprise a really exceptional area for the real estate sector, in the same way they have very different peculiarities. Marbella continues without PGOU and without the possibility of developing new land for promotion, a situation that the other municipalities have taken advantage of to take advantage of the number of new housing developments. Circumstance that some colleagues of guild seems to us until well…, not to have as much offer as we had in the past causes that the buyers in the house of second hand stays a little and the average prices do not increase. The promotion of new homes in our municipality reached up to 40% of the sales that were made.
On the other hand, just because of the same situation, we find big upswings in neighboring municipalities, which take advantage of this situation by notably increasing their average prices per square meter and the number of transactions.
Concluding, putting your house for sale is an important decision as well as deciding to buy a home, understanding the real estate market today depends on different circumstances and taking the best option will be determined by the information you can count on at that time.