REAL ESTATE – MARBELLA – The situation of the real estate market on the Costa del Sol in 2021
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The situation of the real estate market on the Costa del Sol in 2021
In a period so affected globally by the Covid crisis, we thought it was important to analyze the Marbella property market as restrictions are eased, travel reopens and there are clear signs that real estate demand is growing. We want to analyze what all these factors have in store for us on the real estate market on the Costa del Sol.
Looking back, we would agree that property sales on the Costa del Sol remained surprisingly high during the Covid period last year
Being subjected to such a radical and sudden change in their daily routines, many people around the world had the opportunity to question their lifestyle and reevaluate their priorities. Being locked up for long periods of time in their home, people realized that they were not happy in their environment, and this triggered a widespread desire to improve their lifestyle, which in turn has become increasingly feasible, since now a large number of professionals work remotely.
For many, the ideal mix of factors is to switch to a warmer climate with more freedom and space while still staying within Europe, a two to four hour flight from major business centers. This definitely places the Costa del Sol at the top of the list, with its amenities, cosmopolitan atmosphere and outdoor lifestyle.
This has led to changes in the profile of the buyer and the property
The type of buyer hasn’t changed much, but now most of our clients are requesting properties that offer more indoor living space as well as enough green space outdoors. They want modern homes with the latest amenities, but that also provide a sense of space, open views, and proximity to nature, and naturally this has all been determined, at least in part, by the Covid experience.
Clients are also requesting additional lifestyle spaces, such as guest quarters, private gym, home offices, and leisure areas.
These are currently the hottest areas
The province of Malaga has taken advantage of Madrid and Barcelona and is attracting significant international attention, not only among home buyers but also with international firms that settle in this area; Within the Costa del Sol itself, the metropolitan area of Marbella continues to be the most demanded, as the urbanizations Sierra Blanca, Cascada de Camoján, Guadalmina Baja, La Zagaleta and Los Flamingos, are the most popular residential areas at the moment.
At the moment, people are buying for other reasons
The Costa del Sol has always been a place for retirement and as a holiday destination, but nowadays it is becoming more and more a place where people buy to live full time or to spend periods in their second home. longer time periods. Both have their impact on the type of properties in demand, as it is increasingly required that houses in Marbella have more space and comfort.
We also see a greater increase in young families with young children, who move to this area and make the most of the educational facilities and lifestyle that the Costa del Sol offers, within a cosmopolitan environment.
The “telework” factor has already had a notable impact
It is certainly here to stay, and in the months and years to come it will establish itself as a lifestyle trend, increasing the appeal of places like Marbella as an ideal lifestyle destination.
We see the evolution of prices stable in 2021
Property prices in Marbella remained stable during the Covid period and are now slowly starting to increase, which, taking into account the real estate boom in which we find ourselves, makes this an excellent time to buy and profit. of the strong growth in prices that we expect in the short and medium term. I hope that real estate values do not skyrocket and that we maintain a balanced and sustainable market.
What is important is that there is no real sense of speculation, as buyers are overwhelmingly end-users right now, and not specifically investors, although every home buyer is, of course, an investor in his or her own right.
Some people think that we will soon have a product shortage on the Costa del Sol
It all depends on the area in question. In some parts of the Costa del Sol there is an abundance of properties of similar style and price, while in others, such as Marbella’s Golden Mile, we have found supply shortages relative to demand for some time. The new urban plan, which should be operational shortly, will create more clarity and make it easier for Marbella to have more (and sensible) development. The demand for these new projects will be strong.
We see the British buying on the Costa del Sol in order to have an established position in this area
There is a long relationship and indeed a love story between the UK and the Costa del Sol, and this is unlikely to change. The respective governments will eventually work together to ensure that Brexit does not produce lasting damage, and the desire of British buyers to obtain residency status in Spain could provide a boost in the property market. But today more than ever, we are not dependent on a single market, we are also seeing rapid growth in markets such as Poland, Estonia, Canada or the United States.
We think that we have already survived the worst with regard to the Covid and are slowly returning to «normalcy»
But we can’t really predict what will happen in the next few months or years but, as in many countries, most of the people in Spain will have been vaccinated by the end of the summer and this should be a firm step in the right direction. I think this will be a good summer and that people will enjoy and appreciate their stay even more, since we never know the importance of things until they are deprived of them. This will make it a more pleasant experience than usual.
The Costa del Sol continues to be one of the most important tourist and lifestyle destinations in the world, and especially within Europe, it is a concept built over 50 years of experiences and memories. So we hope that things will recover strongly, and if not once, definitely gradually.
We would like this region to be able to optimize its attractiveness and potential
As we grow, we need to continue improving and developing our infrastructure, that is essential. The coastal road is already overwhelmed, and because of this, an obvious solution is for the toll road to be free or at least at a much more affordable rate, thereby diverting traffic to this underused infrastructure. We would love for traffic and long-distance traffic especially to move to this highway, above the Costa del Sol, but if it can also be used by a greater number of local vehicles, which would greatly alleviate traffic and large traffic jams in the coastal highway.
Security is also of the utmost importance, which is why we must insist on law enforcement, as we have seen how effective it was in the past. We also have to start thinking about the type of cities and municipalities that we want in the future, and work towards their implementation, so it is of great importance to have a government team that thinks 20 or even 30 years in advance and that be planned. Even the Costa del Sol cannot depend solely on the weather!
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