The director of Lucas Fox Marbella shares his overview of the property market in Marbella in 2015
Stephen Lahiri, Director of Lucas Fox Marbella talks us through the property market in the region in 2015, looking at significant trends, key developments and shares with us his outlook for what lies ahead in 2016.
How would you sum up 2015 in your region?
It has been another good year in Marbella for Lucas Fox. We are now a team of 6 so as to meet the increasing numbers of buyers to the region. In particular there has been a significant increase in the number of new projects that have been launched to meet the increasing demand of buyers looking for customized and turnkey homes. The trend has continued with most interest in prime locations (close to facilities and with views) and with greater emphasis on quality and design. Such is the demand now, that most good projects do not hang around for long and many are selling out, off-plan, in a matter of months.
Who are the key buyers and where?
Most buyers in Marbella are foreign, and as always the nationality mix is varied with a highest percentage coming from Northern Europe from countries such as Scandinavia, UK, Holland, Germany, Belgium, Switzerland, and increasingly France. However there is also a large proportion of buyers coming from further afield such as the Middle East, USA and Asia. Most of these buyers are buying second homes, although there are also a significant number of families, particularly from Northern Europe, who are choosing to relocate there. We are continuing to see the age range of buyers coming down from previous years to around 40 – 50 years old.
What types of property are proving most popular and why?
Contemporary villas, apartments and town houses are all popular with the focus very much on good quality design. Accessible locations with sea views and close to facilities continue to be important factors. As Marbella commands an increasing premium, however, buyers are looking to the surrounding areas of Benahavis, Estepona and Mijas Costa more and more. Estepona, in particular, is having somewhat of a revival and fast becoming very fashionable.
Have you noticed any significant nationality trends? And why?
Whilst the British market is still statistically the biggest, we are seeing large numbers of Scandinavian buyers, particularly Swedish, relocating in areas such as Nueva Andalucia and San Pedro de Alcantara. We are also seeing a significant increase in numbers of Belgian and French clients buying second homes, particularly in the areas outside of Marbella such as Benahavis, Estepona and Mijas Costa. Without doubt, the main driver for all buyers coming to the region continues to be the fantastic year-round climate, excellent facilities and fantastic quality of life.
What is the outlook for 2016….?
The outlook for 2016 continues to look very promising for Marbella, and, with the increasing shortage of quality properties, we expect prices to continue to slowly increase. We predict that the biggest growth will be in areas surrounding close to Marbella such as Estepona and Mijas Costa where the new projects offer greater value for money.
View properties for sale on the Lucas Fox website
View properties for sale in Marbella on the Lucas Fox website
