Luxury real estate developers in the prestigious 'Golden Triangle' (comprising Marbella, Estepona, and Benahavís) are anticipating a surge in sales for these exclusive properties in the latter half of 2024.
During their recent round table event, DOM3, a group of luxury real estate entrepreneurs and professionals, highlighted the surge in luxury home sales as a key factor in establishing the Costa del Sol as a premier residential destination worldwide. A spokesperson for the association emphasized how this growth is bolstering the region's economy, solidifying the luxury housing sector as its main economic driver.
Contrary to the national decline in property transactions in March according to Spain's National Statistics Institute (INE). However, the Golden Triangle stands out by not only bucking this trend but also witnessing a surge in demand that surpasses the available supply in certain areas.
The allure of a robust legal framework, competitive prices, and a Mediterranean climate boasting over 300 days of sunshine annually serves as a magnet for affluent international investors eyeing the premium real estate market on the Costa del Sol.
At a recent round table hosted by DOM3, key stakeholders identified three crucial areas for improvement to sustain the region's growth momentum: enhancing local infrastructure, ensuring water supply, and bolstering public safety. José Luis Rodríguez from Ros Legal underscored the significant revenue contribution from the sector to public finances through local property tax payments (IBI) and building permits, emphasizing the need for collaboration among the town halls of Marbella, Estepona, and Benahavís to advocate for necessary enhancements.
Architect Manuel Burgos highlighted the importance of the initial impressions that Marbella conveys to potential clients, emphasizing the need for cleanliness and prompt action on infrastructure development to maintain the region's appeal.
In response to the demand for exclusive amenities, many high-end property buyers are turning to gated communities with tailored services to compensate for deficiencies in public infrastructure.
While growth projections remain optimistic, challenges such as a shortage of skilled professionals and limited housing stock must be addressed to sustain the sector's upward trajectory in the months ahead.
See the latest properties for sale on the Golden Triangle.