Property Prices in Costa del Sol 2024: A Guide to Marbella and Surrounding Areas

The property market in Costa del Sol has shown impressive resilience despite challenges such as Covid, high interest rates, and geopolitical crises. Demand for properties remains at an all-time high, with sales mirroring the boom periods of 2005-2007 and 2018-2019.

Property market trends in costa del sol 2024

Strong demand for property, coupled with a limited supply, has led to a steady rise in property prices across the region. In 2022, property prices in Spain rose by an average of 5.4%. However, Costa del Sol experienced significantly higher price rises, particularly in Marbella, where prices rose by 19.9%. Estepona, Fuengirola, Mijas, and Málaga followed with increases of 12.5%, 12.2%, 14.2%, and 8.3%, respectively.

Average Property Prices per Square Meter in Costa del Sol (2024):

Marbella: 4342€/m²
Benahavís: 4203€/m²
Istán: 4024€/m²
Nerja: 3226€/m²
Estepona: 3150€/m²
Fuengirola: 3084€/m²
Ojén: 3036€/m²
Benalmádena: 2879€/m²
Torremolinos: 2702€/m²
Mijas: 2662€/m²
Manilva: 2100€/m²

This price chart is a useful guide for buyers to determine which location suits their budget. Remember that property prices vary within each municipality based on factors such as construction quality, sea views, local amenities, property size, condition, and type.

Factors Driving Property Price Increases in Costa del Sol

The Costa del Sol’s popularity continues to soar, driven by factors such as:

Marbella’s popularity: Voted Best European Destination 2024, Marbella has been recognised as a top global tourist destination. This recognition is driving demand for both short and long term property investment throughout the region. This success also rubs off on all the surrounding communities and property demand, with prices rising accordingly.
Climate and lifestyle: The Costa del Sol boasts over 300 days of sunshine annually, nestled between mountains to the north and the Mediterranean Sea to the south. Its idyllic climate, trendy restaurants, shopping centres, cultural amenities, sandy beaches, and sports facilities continue to attract buyers seeking for a luxurious lifestyle.
Tourism & Economic Growth: With tourism being the region’s main economic driver and Spain’s stable economy outperforming the EU average, the Costa del Sol remains a highly attractive location for real estate investment.
Luxury Real Estate Demand: The rise in affluent buyers, particularly from the US and Europe, has fuelled demand in the luxury property sector, especially for new builds. Modern, sophisticated features such as gated communities, concierge services, rooftop infinity pools, fitness centres, and sustainability measures such as solar panels and energy-efficient appliances are highly sought after.

The Future of the Costa del Sol Property Market

With demand remaining strong, the Costa del Sol property market is set for continued growth into 2024 and beyond. With 43% of transactions being cash purchases, prospective buyers can expect prices to rise in the coming years, making now the ideal time to invest in this sought-after region.

Investment Opportunities in Costa del Sol

Whether you’re looking for a luxury villa in Marbella or a charming apartment in Estepona, the Costa del Sol offers a wide range of real estate opportunities for both investors and home buyers alike. With a stable Spanish economy, a high quality of life, a steady demand for property, the region remains a prime location for real estate investment.

Are you considering investing in Costa del Sol’s booming property market? Contact us today for personalized recommendations and guidance on purchasing your dream home in Marbella, Estepona, or any of the stunning Costa del Sol locales.