{"id":12933,"date":"2024-02-01T10:26:08","date_gmt":"2024-02-01T09:26:08","guid":{"rendered":"https:\/\/andaravillas.es\/?p=12933"},"modified":"2026-03-20T14:33:25","modified_gmt":"2026-03-20T13:33:25","slug":"how-the-costa-del-sol-property-market-is-expected-to-perform-in-2024","status":"publish","type":"post","link":"https:\/\/andaravillas.es\/nl\/how-the-costa-del-sol-property-market-is-expected-to-perform-in-2024\/","title":{"rendered":"Hoe de vastgoedmarkt aan de Costa del Sol naar verwachting zal presteren in 2024"},"content":{"rendered":"\t\t
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When we talk about the Costa del Sol property market, quite often this conjures up images of luxury property for sale in Marbella<\/a>, but in fact, it covers many areas and types of real estate, from mansions on the New Golden Mile, Estepona<\/a> to beachside apartment in M\u00e1laga city centre.<\/p>

However, it is the municipality of Marbella which consistently takes pole position as the most sought-after location for buyers looking for a dream home, an investment property<\/a> or a second home on the Costa del Sol. This article outlines Marbella\u2019s enduring pulling power and suggests that it will continue throughout 2024.<\/p>

Sales of property in Spain, Costa del Sol<\/strong><\/h3>

In 2023, the Spanish property market experienced an overall downward trajectory, seeing property sales fall by 15.3%. More specifically, resales sales fell by 11.2% and new build property sales decreased by 15.3% compared to same period in 2022.<\/p>

However, within these figures, there are five regions which have performed better than the rest of the peninsula, including the Costa del Sol. The Registrars Association\u2019s statistic show that 35,500 transactions were completed on the Costa del Sol in Q1 to Q3 2023, making the region the fifth most buoyant property market in Spain behind Madrid, Barcelona, Alicante and Valencia.<\/p>

Similar figures provided by the recent annual ‘Market Study and Evolution’ conference<\/a> for Leading Property Agents of Spain Association (LPA)<\/strong> suggest that several areas on the Costa del Sol have performed particularly well. Marbella saw the smallest drop in the number of transactions, between 5 and 7%, as compared to the national average drop of 14.9% (figures until September 2023). Marbella\u2019s smaller decrease in the number of transactions can be attributed to a higher proportion of luxury property sales, a market which has not been affected by the cost-of-living crisis or higher interest rates.<\/p>

Luxury property sales in 2024<\/strong><\/h3>

In 2024 underlying lack of supply will continue. Unprecedented demand against chronic shortage of new build apartments, houses and villas and supply of resale properties will continue to slow down the transaction rate.<\/p>

Eric Muller, Director and founder of Andara Villas<\/a>, a specialist luxury real estate agent and award-winning property developer based in Marbella, explains: \u201cSustained demand for luxury property in Marbella and the Golden Triangle is inevitable due to the lack of available land and luxury property stock in highly sought-after locations.\u00a0 As high-end real estate agents, we are aware luxury property such as Andara Villa 1 and Andara Villa 2<\/a> will be snapped up as soon as they are released on the market, because there isn\u2019t enough high-calibre property available to buy. These villas are also unique in the fact that they sit on a substantial plot of land on Marbella\u2019s Golden Mile as plots of land in such prime locations are extremely limited.\u201d<\/p>

Consistent demand from foreign buyers<\/strong><\/h3>

International buyers account for a large percentage of the Costa del Sol property market. In Q3 of 2023, overseas buyers represented 35.5% of the market share, (3rd<\/sup> highest in Spain), of which 10.1% were UK buyers, Germans 7% and French 6.7%.\u00a0 The high demand from foreign buyers is expected to continue throughout 2024, with attention specifically aimed at the areas of Marbella<\/a>, Estepona<\/a> and Benahav\u00eds<\/a> known as the \u2018Golden Triangle\u2019 and the rest of the western Costa del Sol. In this relatively small region of the Costa del Sol, around 35% of all real estate stock is priced over \u20ac1 million, and 3% of these properties are priced at over \u20ac10 million.<\/p>

Property prices in 2024<\/strong><\/h3>

Spanish property experts, Idealista, <\/a>report that throughout 2023 (until November), prices rose by 13% which is 6% higher than the national rate, compared to the same period in 2022. Whereas property prices on the western side of the Costa del Sol rose by approximately 15% and are expected to continue to rise above national property prices throughout 2024. Driving factors include the lack of new-build property supply and the purchasing power among buyers will keep Marbella property prices on an upward trajectory.<\/p>

If you are considering investing in luxury homes in Marbella, get in touch<\/a> with Andara Villas for specialist high end real estate agent services.<\/p>

\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhy is Marbella considered the most sought-after location on the Costa del Sol?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

Marbella consistently attracts buyers due to its luxury properties, prime locations like the Golden Mile, high-end amenities, and lifestyle appeal. Even as the broader Spanish property market slowed in 2023, Marbella saw only a small drop in transactions, highlighting its enduring popularity.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat is the outlook for luxury property sales in 2024?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

Demand for luxury homes remains strong due to a shortage of available land and high-calibre properties. Resale and new-build stock is limited, so high-end properties on Marbella\u2019s Golden Mile and the Golden Triangle are expected to sell quickly once released.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWho are the main buyers of Marbella\u2019s luxury properties?<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

International buyers make up a significant portion of the market. In 2023, foreign buyers represented over a third of sales, with UK, German, and French clients leading. This demand is expected to continue in 2024, particularly in Marbella, Estepona, and Benahav\u00eds..<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t