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Foreign Demand for Marbella Property in Q1 2022

Foreign Demand for Marbella
Property in Q1 2022
It has been widely reported that 2021 was a record-breaking year for luxury real estate in Marbella and large parts of the Costa del Sol, but has the trend continued into 2022? In this article we look at the most recent trends in this dynamic and fast-evolving property market.

Last year saw a rather dramatic upswing, not just in enquiries for Marbella real estate, but also record levels of property sales – particularly in the higher segments where prices range upwards of €1 million to €30 million-plus. At between €3-€4 million, the average transaction value was higher than ever, helping the overall turnover to beat previous records even if the number of properties sold remained higher at the peak of the 2000-2008 boom.

Moreover, the trend appeared to gather momentum as we moved out of spring and into summer, not slowing down as autumn neared. Quite the contrary in fact, and even the onset of winter did nothing to reduce interest and sales. Marbella property and the lifestyle that comes with it is more in demand than ever, and as we’ve described in a previous article about the 2021 Marbella property market, this received further impetus from the lockdown experiences of 2020.

Evolving conditions

The logical thing to assume is that, in the absence of major changes, this trend would continue into 2022, and – failing other changes – it has. With the worst of the pandemic and accompanying restrictions gradually fading, there was even more pushing the market forward, and indeed, until the outbreak of the war in Ukraine, the market seemed untethered and ready to grow even more strongly.

“We experienced a strong continuation of the demand that made 2021 such an excellent year,” says Torgeir Wemmestad-Haaland, founder and CEO of Solvilla. As one of the leading developers of luxury modern villas in Marbella’s prime residential areas, he and his team are well placed to assess the trends from up close. “Modern properties with quality and style remain the most asked for, and as stock was sold people began to buy more off-plan.”
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However, the onset of the war in Ukraine roughly a month ago cast a shadow of uncertainty around the world, undoubtedly causing some buyers and investors to assume a wait-and-see approach. That said, both the financial markets and the property sector have responded well, and this is also true of the luxury real estate sector in Marbella and surrounding areas. 

“We cannot look into the future, but for now this horrendous war seems to only underline the value of a safe living environment such as Marbella. Foreign demand remains strong across different parts of Spain, with Marbella very prominent among them, and I think the events of the past few years have only served to underline its intrinsic appeal even more.”