After the recent release of the 2023 closed transaction data by the Land Registrars, we have delved into the specifics of the luxu-ry real estate market. The charts in this article are based on that information, and we’ve drawn some interesting conclusions:
1. Marbella's Luxury Market Outperforms General Market: While overall sales dropped compared to 2022, Marbella’s luxury real estate market fared better than the general market in 2023. Luxury market closings decreased by 12.4% from the record year of 2022, which is still an improvement over the 18% decline in the general market. As shown in the chart, transactions over one million euros rose to about 13% of all closed deals in Marbella, doubling the numbers from 2017. This growth is mainly in high-end properties priced above 1.5 million euros, while closings for properties between 1 and 1.5 million euros declined, likely due to reduced inventory at these price levels.
2. Benahavis Luxury Market Surpasses 2022: The luxury market in Benahavis outperformed its 2022 record. Remarkably, the number of luxury real estate closings in 2023 slightly exceeded those of the previous record year.
Most growth occurred in prop-erties priced between 1.5 and 4 million euros, while sales of prop-erties over 4 million euros dropped by 45%. Overall, uxury trans-actions made up 17% of all deals in Benahavis.
3. Rising Prices in the Luxury Market: Luxury property prices continue to climb. This trend is especially notable in Benahavis, where prices are nearing those in Marbella. Over the past decade, luxury prices in Benahavis have increased by an impressive 64%, compared to a more contained 30% rise in Marbella.
In summary, the luxury real estate market on the Costa del Sol remains robust, even outpacing the already resilient general mar-ket. However, we must be mindful of the geopolitical uncertain-ties emerging in the first.