Welcome to our 2023 year in review. In this article we look back at some of the events of 2023 and voice our expectations for the coming year.
The 2023 real estate market unfolded as a tale of two halves, with the first half characterised by brisk sales and the latter half witnessing a noticeable slowdown. Experts attribute this shift to a combination of factors, including reduced property inventory and a prevalence of optimistically priced listings that remained unsold.
The last two quarters of the year saw a palpable shift in pricing strategies, with sellers of these optimistically priced properties adapting to market realities by adjusting their asking prices to more realistic levels. It is worth noting that while some properties may carry premium price tags, they still hold a favourable position in the market due to the limited supply of available properties.
Another notable trend in 2023 was the significant rise in construction costs and material prices. According to Verdin Property’s interactions with several developers, these costs increased by an average of 20-40%, inevitably impacting the prices of newly constructed properties. This price adjustment reflects developers’ efforts to maintain a reasonable profit margin while covering their increased expenses.
Property Market Expectations for 2024
Amidst a robust global recovery and an unwavering demand for prime real estate, we anticipate a sustained upward trajectory in Marbella and Benahavis’s high-end property market in 2024. The region’s exceptional appeal to solvent investors and discerning foreign buyers is poised to maintain a healthy demand, further widening the gap between available properties and the insatiable appetite for luxury residences. While the Spanish Central Bank and BBVA project a 3% increase in property prices nationwide, we foresee a more pronounced elevation in Marbella, reflecting the region’s unparalleled standing as a global hub for luxury living.
Global hub for luxury real estate
According to El Economista, Spain has emerged as the fourth most sought-after destination for high-end real estate worldwide and the undisputed leader in continental Europe. Malaga, the Balearic Islands, Madrid and Barcelona are the primary markets driving this demand, with Marbella at the forefront as the epicenter of luxury homes and the undisputed champion of the high-end market. This unwavering allure has garnered the attention of discerning international buyers, propelling the region to the forefront of global luxury real estate investment.
In conclusion, Marbella and Benahavis’s high-end real estate market is poised for continued growth in 2024, driven by a surge in demand from solvent investors and foreign buyers. The region’s exceptional appeal, coupled with its position as a global luxury real estate hub, will undoubtedly fuel further price appreciation, cementing Marbella’s position as the premier destination for discerning individuals seeking the pinnacle of luxury living.
Luxury Living at Its Finest: Branded Residences in Marbella
Marbella, the renowned Costa del Sol haven, continues to captivate discerning buyers seeking an unparalleled lifestyle. Among the burgeoning trends shaping the region is the emergence of Branded Residences, a concept that seamlessly blends the epitome of luxury living with the esteemed reputation of world-renowned brands.
These exclusive developments, each meticulously crafted in collaboration with iconic brands, offer a unique fusion of exceptional design, impeccable amenities, and the promise of unparalleled exclusivity. Currently, Marbella boasts an array of captivating Branded Residences, each poised to redefine the pinnacle of luxury living.
Tierra Viva: A Lamborghini-Inspired Oasis
Tierra Viva, nestled amidst the verdant hills of Benahavis, embodies the spirit of performance and elegance synonymous with Lamborghini. This captivating development features a collection of 53 exquisite villas, each meticulously designed to reflect the brand’s inimitable aesthetic. Residents can revel in the tranquility of the surrounding landscape while enjoying the epitome of modern living.
Marea by Missoni: A Tapestry of Style and Elegance
Marea by Missoni, situated within the prestigious Finca Cortesín resort, epitomizes refined living and sophisticated design. This exclusive community of 1,2 and 3 bedroom residences seamlessly integrates the vibrant and spirited Missoni brand into its architecture and interiors, creating a captivating fusion of luxury and Italian flair.
Marbella Design Hills: A Dolce & Gabbana Masterpiece
Marbella Design Hills, a collaboration between Sierra Blanca Estates and Dolce & Gabbana, promises to set a new benchmark for Branded Residences. This ambitious project, located on the prestigious Golden Mile, will feature a collection of 92 expansive residences, ranging in size from 280 to 900m2 with up to five bedrooms. With construction already underway, the show-flat is scheduled for a 2025 reveal and completion of the project is expected by 2026.
Karl Lagerfeld Villas: An Iconic Homage to Fashion
Karl Lagerfeld Villas, a tribute to the visionary designer, will unveil five exquisite villas that embody his signature elegance and timeless style. These architectural masterpieces will harmonize seamlessly with the natural beauty of the surrounding Sierra Blanca mountain range. The five residences range from 1045 to 1385 square meters in size and are spread across four levels: basement, ground floor, first floor and an accessible rooftop.
Elie Saab Villas: A Haven of Opulence and Charm
Elie Saab Villas, a testament to the renowned Lebanese designer’s exquisite taste and artistry, will feature five luxurious villas nestled amidst the verdant hills of Marbella. These masterpieces of design will exude an aura of refined elegance and sophisticated charm. Each villa boasts 1,000 square meters of living space built over three levels, on a plot of land measuring between 2,000-2,200 square meters.
A Future of Luxury Living
The allure of Branded Residences in Marbella is undeniable. These exclusive developments offer a unique blend of luxury, prestige, and the enduring appeal of world-renowned brands. As Marbella continues its ascent as a global hub of luxury living, Branded Residences are poised to remain the epitome of aspirational living.
Read our full blog on Branded Residences in Marbella by clicking here.
Verdin Property, leading real estate firm in Marbella
Nestled on the exclusive Golden Mile of Marbella, Verdin Property stands as a beacon of excellence in the upscale real estate realm. Our team of seasoned professionals boasts an unparalleled understanding of the exclusive markets of Marbella, Benahavis, Sotogrande and the New Golden Mile of Estepona – communities that epitomise luxury and sophistication.
Exclusive Access to Prime Properties
Our position within the industry grants us privileged access to a treasure trove of exceptional properties, both publicly available and those offered exclusively on a confidential basis. Whether you seek the grandeur of a beachfront villa or the tranquility of a secluded estate, we possess the insight and network to guide you towards your dream home.
Immerse Yourself in Luxury Living
From breathtaking mansions to elegant penthouses, Verdin Property showcases a diverse portfolio of properties that cater to the discerning tastes of our clientele. Our team meticulously curates each listing, ensuring that each residence exudes an aura of elegance and seamlessly blends with its surrounding environment.
Unparalleled Expertise and Personalised Service
Our commitment to excellence extends beyond the selection of properties. We pride ourselves on providing personalised service, understanding that your journey is more than just a transaction; it’s a transformative experience. Our team guides you through every step, ensuring a seamless and enriching process. Let Verdin Property be your trusted partner in your search for the perfect home. Contact our team today to embark on your new adventure. We’ll guide you towards a property that not only meets your needs but also exceeds your expectations.
