Let me play with the numbers to give an insight of what is being sold in our local market. Although the Ministry does not publish the distribution of sales as a function of the price for Marbella or Benahavis, we can get an idea by looking at that distribution for the whole province of Malaga that is what it is represented on the graph. We can see that most of the properties sold, on top of 60%, are priced below 150.000 € while only 1,8% of the sales are on prices over 1.000.000 €. The contra of this data is that the product below 150.000 € hardlyexists in Marbella and Benahavis as shown on the pie chart below.
On the other side of the coin, although only 1,8% of the sales are on properties on top of 1.000.000 €, more than half of those properties are in Marbella and Benahavis. The good news, especially for the owners of properties on top of one million is that the percentage of sales in this range is the double of the one we had five years ago. That combined with the increased number of transactions tells us that more properties are being sold on that range. The contra is again the stock of properties for sale. Using these numbers, we can estimate that, according to the Ministry, the number of sales on top of one million in the area of Marbella is about 110 units on a market with more than 2.000 units for sale on that same range. That means that only 5% of the properties on that range are selling. Even if we double the number to include the sales of off plan properties, not counted yet by the Land Registries, the number is still low, 10%. Additionally, I counted 310 new villas being built to add more stock to the current oversupply.