The Marbella property market continues to thrive in 2024, reflecting broader trends seen across Spain. According to data from the Housing Ministry, property sales involving foreign buyers reached 64,735 in the first half of the year, representing a 1.2% increase compared to the same period in 2023. This trend highlights the sustained interest in Spanish real estate from international buyers, both expatriates and non-residents.
Steady Growth in Foreign Property Sales Since 2015
An analysis of the data from 2015 to 2024, as shown in the accompanying graph, reveals a consistent upward trend in foreign property purchases. After steady growth between 2015 and 2018, there was a dip in 2020 due to the pandemic, followed by a sharp rebound in 2022. That year saw a record number of sales driven by pent-up demand, with foreign transactions peaking at an all-time high. Although 2023 and 2024 have not reached the exceptional levels of 2022, they remain historically strong years for foreign buyer activity.
Post-Pandemic Recovery and Expats Driving Demand
The pandemic caused a brief decline in sales in 2020, but the market rebounded swiftly, particularly among expatriates already residing in Spain. This group has been a driving force in the recovery, as reflected by the 2.8% increase in expat property purchases in the first half of 2024. Sales to non-residents, who typically purchase second homes or investment properties, saw a slight 0.7% decrease. However, interest from this group remains robust, particularly in prime locations like Marbella.
Strong Growth in Q2 2024
Foreign demand strengthened further in Q2 2024, with overall sales to international buyers rising by 5.3%. Expats showed particular interest, with purchases up by 6.4%, while non-resident buyers increased their activity by 2.8%. This surge suggests that Marbella continues to be an appealing destination for international buyers seeking luxury homes, beachfront properties, and a Mediterranean lifestyle.
The Marbella Market’s Competitive Edge
Although foreign buyers now account for 19% of the total property market, down slightly from 20% in 2023, the overall market remains solid. Total property sales increased by 6.5%, with domestic purchases driving much of this growth. Despite the slight decrease in foreign market share, Marbella remains a highly attractive location for both expatriates and non-resident buyers.
Why Choose Marbella for Property Investment?
The data clearly shows that Marbella continues to be a top choice for international buyers. The region’s unique blend of sunny climate, luxury living, and vibrant lifestyle makes it a sought-after destination for property investments. Whether you’re an expatriate looking for a permanent home or a non-resident seeking a second home or investment property, Turlock Homes Marbella is here to guide you through the process and help you find the perfect match for your needs.
With foreign demand remaining strong, now is the perfect time to explore real estate opportunities in Marbella. Contact us today for expert advice on buying or selling properties in this beautiful region of Spain.
