We are happy to publish on our blog the good news that appeared today in SUR provided by one of our colleagues, reporting the satisfactory evolution of the Real Estate market in the area in recent months and which we fully ratify:
“ Luxury housing on the Costa del Sol has established itself this summer as a safe investment in times of uncertainty. This is assured by the real estate agency Panorama, the oldest in Marbella, which every year prepares a detailed report on the progress of the sector in the city and its surroundings.
According to its statistics, the decrease in visitors registered due to the pandemic has not been an obstacle for the high-end real estate sector, “which has even increased its activity level”, according to its data it registered an increase of 13% in its sales in Marbella between June 21 and the end of August, compared to the same period last year. The outlook for the coming months is optimistic about the strength of the high-end, better-located housing market.
“Despite the severe decrease in foreign visitors this summer, with a reduction of around 50%; we have experienced an exceptional number of highly motivated buyers who have come to Marbella with the specific intention of purchasing homes in the area.
Which details that, compared to the same period last year; inquiries from potential buyers have generally increased by 25% since the state of alarm in Spain ended on June 21st, when restrictions on mobility fell. Also, the number of homes visited by potential buyers during this period increased by 16%. “We have also verified that the average sale price of homes registered in this period increased by 55%”.80% of the real estate segment in Marbella for homes of more than € 800,000 is made up of foreign investors and buyers.He further stresses that “buying real estate in the area is being viewed as a safe harbor investment in these uncertain days, perhaps as safe as gold is considered, and certainly much more so than the stock market or other investment opportunities.”“Lifestyle and real estate investment security are the main motivations for buyers today, now more than ever, for these reasons, many of the potential buyers who would have been interested for years in buying homes in this area are giving the definitive steps to buy now ». The search trends for new buyers are summarized, they are looking for homes with larger gardens, proximity to services and nature, homes with “office spaces” or offices to be able to work comfortably from home and quality construction.The analysis of these two summer months from our experience also confirms that prices in the upper segment of the luxury market have remained stable. In this sense, it points out that a high percentage of homes owned by owners interested in the sale have had a price adjustment reaching very reasonable levels, favoring purchase and sale operations. “We have also seen an increase in sales in the super luxury segment of the market, of homes above five million Euros,” he assures.