The sale of luxury homes in Marbella does not lose bellows despite the international health crisis

The sale of luxury homes in Marbella does not lose bellows despite the international health crisis

Panorama Properties sees a 13% increase in its sales and a 25% increase in inquiries from potential buyers

The real estate sector on the Costa del Sol is consolidating as a “safe harbor” for high-level investor

Marbella, September 7^th 2020.- The purchase of luxury properties on the Costa del Sol has been shown this summer to be a safe investment in times of uncertainty. The decrease in visitors recorded in Andalusia and the rest of Spain due to the coronavirus pandemic has not been an obstacle for the high-level real estate sector, which has even increased its activity as seen by Panorama Properties, which recorded a 13% increase in its sales in Marbella between 21 June and the end of August, compared to the same period last year. The outlook for the coming months is therefore optimistic concerning the strength of the high-level, better-located properties.

“Despite the severe decline in foreign visitors this summer, with a reduction of at least 50%, we have experienced an exceptional number of highly motivated buyers who have come to Marbella with the specific intention of acquiring homes in the area,” says Christopher Clover, Panorama’s Managing Director. Panorama is the oldest real estate agency in Marbella, with 50 years of experience in the city and awarded the prize as the Best Real Estate Agency in Spain in 2019-2020 by the European Properties Awards.

Market activity has shown increased interest and purchases in the area, a trend corroborated by the different real estate companies specialized in these high-end homes. Clover details that inquiries to his company from potential buyers have increased by 25% since the end of the alarm status in Spain and restrictions on mobility on June 21, compared to the same period in 2019. In addition, the number of homes visited by prospective buyer customers during this period increased by 16%. “We have also seen that the average selling price of homes registered by our agency in this short two-month period has increased by 55%,” he adds.

The luxury real estate segment in Marbella – above € 800,000– is made up of at least 80% by foreign investors and buyers, a distinguishing factor for many years is the one that has precisely contributed to the strength of the Marbella area market compared with the domestic market.

Clover further stresses that “the purchase of real estate in our area is being considered as a safe harbor investment” these uncertain days, perhaps as safe as gold and certainly much more than the stock exchange or other investment opportunities.” Therefore, the market forecast is optimistic for the coming months, since the sales made since the lockdown as well as the interest of potential clients in buying in the future “endorse the solidity and maturity” of Marbella and the Costa del Sol as a residential destination and represent “wide recognition of the strong demand that exists for the incredible lifestyle that this area has to offer”.

“Lifestyle and real estate investment security are the main motivations of today’s buyers, now more than ever,” Clover stresses, “for these reasons, many of the potential buyers who have been interested for years in buying homes in this area are taking the final steps to buy now.” The search trends of new buyers are summarized, added, in homes with larger gardens, proximity to services and nature, homes with “office spaces” or studies to be able to work comfortably from home and quality construction.

The analysis of these two summer months from Panorama Properties further confirms that the prices of the upper segment of the luxury market have remained stable. In this sense, Clover notes that a high percentage of homes belonging to owners interested in the sale have had asking price adjustments, favoring buying and selling operations. “We have also seen an increase in sales in the super luxury segment of the market, of homes above €5,000,000, confirming the total attractiveness of Marbella, not only by the prosperous millennials, but also by those who have known Marbella for decades and have decided that now is the right time to buy,” he concludes.

About Panorama Properties Marbella

Panorama, opened in 1970, is the longest established real estate agency in Marbella. It is directed by its owner and director, Christopher Clover, with the collaboration of his sons Alex and Katinka.
Panorama specializes in the sale and rental of quality villas, apartments and townhouses in the Marbella area and surroundings.
In August 2015, Christopher accepted an Eminent Fellow nomination by RICS (the Royal Institution of Chartered Surveyors).
Panorama is one of the 2 residential real estate agencies in Spain, and the only residential real estate agency on the Costa del Sol, which is independently regulated by RICS.
She has been awarded numerous industry awards. The last of these, the prestigious European Properties Awards in the category Best Real Estate Agency of Spain (individual office), and remained in the Top Five of the European final.
The Panorama team is made up of more than 25 qualified and experienced professionals who together speak 11 different languages.
Christopher Clover is also Honorary President of the newly constituted Leading Property Agents Association (lpaspain.com)

MN COMMUNICATION

Kinvara Vaughan

comunicacion@mncomunicacion.com