Buyers are looking for larger homes josele

"Historic year" for the sale of luxury homes in Marbella

One real estate professional has said: “The increase in sales in 2021 was a record, especially at the high-end for homes above three million euros”

JOAQUINA DUENAS

Monday, 17 January 2022, 10:46 | Updated 10:56h.

"Surprising", "historic" and "magical", these are some of the superlatives real estate agents are using to describe 2021 as sales skyrocket in the golden triangle of Marbella, Benahavís and Estepona.

"Covid has accelerated the real estate market in Marbella because it has changed how and where people want to live, 2021 has been a historic year " said Christopher Clover, managing director of the Panorama agency, which has been operating in Marbella for 52 years

José Carlos León, owner of Nvoga Marbella Realty and president of the Leading Properties Agents (LDA), an association of agencies on the Costa del Sol, said, “The increase in sales in 2021 has been a real record, especially at the high end for homes above three million euros and in the entire area of Marbella."

Diana Morales, founding partner of Diana Morales Properties-Knight Frank, which opened in 1989, agrees with the analysis. “It has been very surprising and we exceeded the number of sales we had in 2019, which was already quite good for us in the three main municipalities of Benahavís, Estepona and Marbella. It has all been very unexpected because when the pandemic began in 2020 we were very pessimistic. However, the market held up and after travel restrictions eased, an avalanche of sales began to materialise,” she said.

Homebuyers are making their decisions on properties more quickly, Morales added, “Before they took longer. They came, they came again, and it could take a year or two before they said yes. Now that timeline is shorter. What is taking longer is deeds and procedures but that has to do with the limitations on travel.”

Clover said buyers are also seeking larger properties, “People want bigger houses with larger terraces, a place with the best climate and a good environment from which they can telecommute.”

The average price of properties is roughly 1.8 million euros. León added, “It has been a magnificent and magical year.”