In line with the record numbers of real estate transactions on the Costa del Sol that took place in 2021, the luxury real estate market, for this article this means properties sold above one million euros, also had a record year and even to a greater extent than that of the sale of properties that are not considered high-end. Just by looking at graphs 1 and 2 for Marbella and Benahavís you can see that the numbers were outstanding in 2021 compared to previous years which, except for 2020, were also good.
GRÁFICO 2 - NÚMERO DE VIVIENDAS VENDIDAS EN BEHAHAVÍS 2º TRIMESTRE 2021
If you look in more detail at the Marbella data you can see that, overall, transactions in the high end market have gone from 6.6% in 2017 to 10.5% in 2021 which is a percentage increase of almost 60% in 5 years which mainly took place in 2021. If you go into more detail looking at the higher ranges, that is, from €1.5 million to €4 million and above €4 million, the rises are more than double and more than triple respectively showing the boost that the Marbella luxury residential market has undergone in the past year.
If you go into the same detail in Benahavís, the numbers are even more impressive. The high-end market has risen from 8% of total sales in 2019 to be above 16% in 2021 which means doubling the percentage of sales of luxury product. Again, as in Marbella, the main drivers are the higher price ranges, from €1.5 million to €4 million and above €4 million, where sales numbers have almost tripled in just two years solidifying the positioning of this location as a luxury destination.
In summary, 2021 not only brought records in real estate transactions in most of the locations of the Costa del Sol but also greatly strengthened the luxury market in the two municipalities most dedicated to that segment of the area, Marbella and Benahavís.