Marbella, long synonymous with Spain’s glamorous coastal allure, continues to burnish its reputation as a magnet for real estate investment. The first half of 2024 revealed a property market marked by resilience and dynamism, underscoring the city’s enduring appeal. Below, we dissect the latest figures to illuminate key trends shaping Marbella’s real estate landscape.

Home sales surge

Marbella’s property market recorded 2,524 home sales in the first six months of 2024, a 10% year-on-year increase and a remarkable 19% above the ten-year average. This makes it the third-best half-year performance on record, according to government data. Stripping out the pandemic-induced buying frenzy of 2022, this year’s performance is surpassed only by 2021, itself a testament to Marbella’s capacity to capture demand in a competitive market.

Prices climb for a decade

Residential property asking prices continued their upward march, rising 12% over the year to an average of €4,631 per square meter, as per data from Idealista. This marks the tenth consecutive year of price increases in Marbella, a trajectory that underscores its allure as a premium destination for both local and international buyers.

Over the past decade, Marbella has seen cumulative sales growth of 18% and an eye-catching 105% surge in asking prices since the first half of 2015. These figures reflect the broader trend of high demand and limited supply that has characterized the region, driving price resilience even amidst broader economic uncertainties.

Construction activity rebounds

The pipeline of new housing development also surged, with housing starts across Málaga province—Marbella’s administrative region—rising by 25% to 4,870 units. This figure stands 61% above the ten-year average, signaling robust confidence among developers in the market’s continued strength.

The bigger picture

Marbella’s property market has emerged as a microcosm of broader shifts in the global luxury real estate sector: resilient demand, price growth driven by scarcity, and a continued influx of capital seeking refuge in premium destinations. While risks such as economic volatility and geopolitical uncertainty linger, the city’s track record over the past decade offers compelling evidence of its enduring allure.

Marbella, once the exclusive preserve of the jet set, has broadened its appeal while maintaining its cachet, positioning itself as a cornerstone of Spain’s real estate market. The first half of 2024 has done little to dissuade that notion—on the contrary, it has only reinforced Marbella’s role as a bellwether for Mediterranean luxury living.