The luxury real estate markets of Marbella and Benahavís continue their dynamic evolution into 2024, showing nota-ble shifts in pricing and buyer behavior. Understanding these market movements is essential for both buyers and sellers in today’s high-end landscape.
1. Marbella: Broad Growth Across Luxury Price Brackets. Marbella’s market has seen strong transactional activity across all luxury segments in 2024, in some cases exceed-ing 2022 levels. Properties from €1.5 million to €4 million remain most active, showing consistent appeal. Notably, sales above €4 million are at or near their highest volumes, with the "More than 4M€" segment showing significant growth. This reflects increasing confidence among ultra-luxury buyers. Prices are also rising robustly, particularly in the €4 million-plus range, surpassing €8,000/m2 by 2024.
2. Benahavís: Strength at the Top, Moderation Below. Benahavís presents a contrasting picture. Transactions above €4 million have increased compared to previous years, with top-tier homes attracting strong interest. The growing yellow bar confirms this "More than 4M€" activity. However, activity below €4 million has declined from its 2023 peak, especially for properties between €1.5 million and €4 million. The drop in lower-tier transactions may also signal reduced inventory or a mismatch between sell-er expectations and buyer budgets in that segment.
"Marbella attracts robust luxury demand with strong price appreciation while Benahavís, although strong at top, shows moderated activity in mid-luxury price."
3. Divergent Price Evolution. Price trends diverge be-tween the two areas. Marbella’s €4 million-plus segment shows accelerated price growth, driven by demand and limited supply, with a strong upward curve into 2024. In contrast, Benahavís prices for "More than 4M€" properties are more stable in 2024 after a 2023 peak, and €1.5 million to €4 million prices have softened slightly from their 2023 peak. These patterns highlight the need for precise pricing strategies based on property type, location, and buyer trends.
In summary, Marbella continues to attract robust top-tier luxury demand with strong price appreciation. Benahavís, while performing strongly at the very top, shows moderat-ed activity in mid-luxury price points. Accurate market knowledge and strategic positioning are thus vital for navi-gating these dynamic markets.
Article by:
Alfonso Lacruz