When the world went into lockdown in 2020, it would have been a brave person to bet on the resurgence of the luxury goods market. As 2021 ended, however, that is exactly what happened. Recent months have seen greater investment in luxury items, including high-end real estate worldwide. As Spain’s most luxurious destination, Marbella experienced a notable increase in activity in the luxury property market.
Proof of this is the record number of sales of prime homes that Engel & Völkers Marbella recorded in 2021. The real estate company reported a total sales volume of €561,600,000, of which €353,808,000 were resale properties (many of them worth more than four million euros and a maximum sale price of €15 million for the most expensive villa) and €207.792.000 in new build projects. The average sale was €1.800.000 including villas, apartments, and townhouses, while luxury exclusive developments such as Benalús, La Fuente (pictured above) and The Collection have already sold out.
The profile of people buying property also changed, with an increase with relatively younger clients (35-55 years old), mainly from the IT sector, commonly known as “digital nomads”.
Engel & Völkers Marbella also reported in an increase of almost 150% in the German, Swiss, Austrian Belgian and Dutch markets, with the latter two proving particularly strong. The well-established Scandinavian market also continued to grow, with transactions exceeding 10 million euros.
‘The trend is expected to continue in the middle-upper market, as all market indicators suggest that demand will remain stable: low Euribor, the real estate market as an investment haven and Marbella’s established position as a luxury destination on the Costa del Sol,’ said Smadar Kahana, director of E&V Marbella.
Under this premise and in order to go one-step further in meeting all the needs of its clients, the real estate company created ‘All About Home’. Understanding the lifestyle and demands of its customers, E&V Marbella decided to provide them with the same level of services that buyers are used to receiving in their home countries. Through the new brand all About Home they provide its customers with the widest and most complete range of services with the highest standards of quality and reliability.
It also includes a concierge service with a wide range of proposals such as schools close to the property, recommendations for gastronomy, leisure, etc. “We have noticed that our clients, mainly foreigners, are demanding all kinds of maintenance services for their property and its enjoyment. More and more we saw the need to support them with essential services, administrative tasks or those related to leisure,” says Kahana.
All the agents agree that 2021 has shown a level of activity never seen before in the Marbella real estate market, and they predict an upward trend for 2022.