• The 2023 Report on the Marbella Real Estate Market carried out by Panorama Properties highlights the consolidation of the district as an international residential and touristic destination par excellence.
• The availability of first-class homes in the Marbella area constitutes, in itself, one of the main factors that attract luxury buyers from all over the world.
• New and refurbished homes embody the epitome of luxury and world-class design, quality and cutting-edge technology.
• Despite rising property prices around the world, Marbella prices remain highly competitive

Marbella, 27th of September 2023.- Marbella’s luxury real estate market has undergone a profound transformation in the past decade, reaching the highest levels of sophistication and quality. While Marbella continues to attract people with traditional tastes from all over the world, new and refurbished homes embody the epitome of luxury and world-class design, quality and cutting-edge technology. In fact, the availability of first-class homes in the Marbella area is, in itself, one of the main factors attracting luxury buyers. This data has been compiled by the Marbella Property Market Report 2023, compiled by Christopher Clover, managing director and owner of Panorama Properties, Marbella’s oldest real estate agency with over 50 years’ experience in the town.

The residential real estate market in Marbella has experienced an extraordinary increase in activity, reaching unprecedented levels of sales in all types of properties. The same trend has been reflected in the rest of the country, with an overall increase in real estate investment last year of a third over the previous year, reaching more than 17,500 million euros, a record figure in Spain.

Last year the town of Marbella recorded the highest number of sales in the last 16 years with a 119% growth rate over the last decade and a total of 42,744 homes sold. Sales registered in the so-called Golden Triangle, made up of Marbella, Estepona and Benahavís, have recorded an increase of 123% over the last ten years.

Despite the significant rise in interest rates in Spain during the fourth quarter of 2022, which has made home buying more expensive in general, Clover points to a revealing statistic, noting that in the luxury sector in Marbella less than 10% of sales are made with a mortgage.

“In fact, throughout 2023 we are seeing luxury property sales even stronger than the previous year, with an increase of up to 20% at the top end of the market,” says the CEO of Panorama Properties.

Despite global property price rises, Marbella remains competitive

Asking prices in all price categories in Marbella have increased by an average of 15% between June 2022 and 2023, reaching a new all-time high of 4,233 euros/m2 – approximately double the average price per square metre of ten years ago, with a price increase of 3.4% for new properties and 11.2% for second-hand properties in the whole province of Malaga.

Globally, Marbella only occupies 16th place, just ahead of Madrid and Dubai, with Monaco leading the way as the most expensive city in the world to acquire prime homes, with an average sales price of more than 50,000 euros/m2. And at a national level it occupies ninth place among the 50 most expensive municipalities in Spain, headed by Sant Josep de Sa Talaia, in Ibiza, with 6,295 euros/m2, which makes Marbella continue to be attractive and competitive. According to the report, the prices of new or renovated luxury apartments in the Marbella area range between 6,000 euros/m2 and 25,000 euros/m2 in the most sought-after beach areas of the Golden Mile, and sometimes even more so in the case of very exclusive homes. The prices of new luxury construction or renovated villas in this area range between 8,000 euros/m2 and 14,000 euros/m2,

“Marbella attracts more and more buyers who are looking not only for holiday accommodation, but also for a second or third ‘first residence’, where they can live for several months a year”, notes Clover in the report.

Nationality of the buyers

In Andalusia, 15% of home sales and purchases were carried out by foreigners, while this figure more than doubles to 34% in the province of Malaga. By nationality, the British continue to be the main buyers in the province of Malaga, with 16% of the total number of transactions, followed by the Swedish and Dutch, with 12% and 8% respectively, and close on their heels are the Belgians, French and Germans. In the city of Marbella, 90% of properties over 2 million euros are sold to foreigners. “It is worth noting the rise of the Swedish and Norwegian markets, which have been gradually increasing their market share in recent years,” says Clover in this year’s report.

On the other hand, the last two years have seen a strong influx of the Polish market, as well as buyers from Eastern Europe, no doubt motivated by the war in Ukraine, but also for the same reasons as most other buyers: “the desire to change lifestyles to a warmer climate, in an area with a high quality of life in the far south of Europe, away from the potential problems and dangers of Central Europe”.

Booming local economy and financial stability

The exceptional growth of recent years has had an impact on all areas of Marbella’s economy, with great repercussions in the service sector and the hotel industry, reflected in the complete renovation of the city’s emblematic hotels and the commitment of international chains to the area, as well as investment by major national and international developers in new projects in the city.

With the increase in residential tourism, and the consequent creation of stable and permanent jobs, the municipality recorded last June the lowest unemployment rate for 14 years and the highest municipal budget in the history of the municipality, with 333 million euros for 2023.

Therefore, says Clover, “despite the many adversities we are currently facing around the world, confidence in Marbella’s future is at an all-time high. The city is in a much stronger position than ever before to cope with any future decline in financial confidence, thanks to the credibility and wealth generated by its thousands of residents, tourists and investors of all levels”.

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The concept was presented by José Carlos León, head of NVOGA,  the real estate agency at the forefront of this project: “Be Lagom is a project unparalleled in the area and will mark a before and after in the real estate sector in Spain.”

Be Lagom, will consist of 13 luxury villas that were conceived, designed and inspired by the current trends and preferences valued by the most demanding residents of the world: sustainability, organic food and the circular economy.

The price of the villas will start at 1.2 million euros and they are aimed at buyers from countries such as Norway, Sweden, Belgium and England who are looking for a second residence of quality and are environmentally friendly.

The 13 Be Lagom villas are located in the town of Benahavis, in a total area of ​​14,000 m2 that has 360º views of the sea and the town of Marbella, Gibraltar and Africa on the horizon. The promotion also includes 5000 meters of Mediterranean gardens, rest areas and viewpoints, as well as a co-living space, thus promoting networking and a collaborative community.

The investment of the project is around € 15,000,000. The works will begin in January 2019 and the construction time will be approximately between 18 and 20 months.

Landscaping

Be Lagom´s landscaping is truly one of its finest assets. Boasting Mediterranean gardens of more than 5000 m2, an organic vegetable garden, fruit trees and a great variety of flowers, its landscaping will prioritise the natural aspect and will create communal spaces. Laura Pou, responsible for the landscape project states: “The project is unique because absolutely everything in it has life and has utility. The vegetables and fruit trees will be those that give life to this arid zone. The plants and trees and the living areas with pergolas serve to shelter, to share, to dream. There is nothing that is only visual, not even the sheets of water, which have an evocative effect for things to happen.”

During the presentation, the guests were able to approach, through different sensory actions, the vital experience that Be Lagom will have for its inhabitants. This unique promotion invites you to enjoy all five senses: immersing yourself in the pool, smelling the flowers, tasting your own homegrown fruit, appreciating the sea, the orchards and gardens.

As such, guests were invited to enjoy the culinary delicacies of the two Michelin stars chef, Dani García, who prepared a seasonal menu in line with the food promised by the promotion.

Application of the Circular Economy

Increasingly, people are aware of the need to live in a sustainable manner. Be Lagom is a unique real estate project that will make the way of life of its residents an example of the so-called circular economy, so in vogue in recent times. Society moves at a vertiginous pace that affects all facets of our life and has completely transformed our consumption patterns. Natural resources are limited and beginning to run out, with serious consequences for our environment. For this reason, the circular economy tries to implement a new, circular, non-linear economy, based on the principle of “closing the life cycle” of all products and services.

Under this premise, Be Lagom was born, a real estate project that wants to establish the circular economy in homes and that firmly believes that the preservation of our resources is a shared responsibility of all sectors. Therefore, it incorporates the possibility that its owners live according to a philosophy of life in line with concepts of the circular economy.

Javier Hernández, head of Altur Homes said: “Be Lagom is the maximum exponent of social responsibility in real estate and a real estate project that wants to establish the circular economy in homes and firmly believes that the preservation of our resources is a shared responsibility of all sectors “.

Laura Pou adds: “The circular economy goes beyond recycling, it is reuse. It is another point because recycling procedures have a large part of the energy process that is also polluting. In this project, many of the materials are going to be reused: wood for the pergolas, the boxes the crops are made in. That is the point where the circular economy comes into play. There will never be an end to things. When the crops are finished there will be a composting area, where they will be converted into organic matter to return to the soil and help the other plants to bear fruit again. ”

Sustainability, one of the fundamental pillars of the project

Be Lagom, has the global certificate of sustainable construction BREEAM®, the method of evaluation and certification of sustainability in building world-wide with more than 20 years in the market. This seal examines up to 49 requirements collected in 10 categories (Energy, Water, Materials, Health and Welfare, Transportation, Waste, Ecological Land Use, Pollution, Management, Innovation) and promotes economic, health and environmentally friendly benefits.

In this way, Be Lagom encourages savings, incorporating numerous measures to reduce water and energy consumption; promotes well-being, enjoying a higher quality of life, promoting natural luminosity, noise reduction and a healthier and more comfortable environment, it also increases the value of the property, since this certificate improves the trust between banks and investors.

Design and architecture that bring distinction and warmth

Architecturally, the project highlights the combination of materials so as not to break its essence, such as, for example, the use of wood and stone combined with iron that recall the traditional construction and provide warmth and naturalness without losing a contemporary edge. On the other hand, regarding the design, the villas have been adapted to the orography, so that the facades open towards the sea, and in the north, they are covered preserving the privacy and offering a vision of privacy.

The architect responsible for the project, Rodolfo Amieva of the Gonzalez & Jacobson Architecture studio explains: “Our requirements were to ensure that the project was self-managed in the best possible way and that sustainability is present at each point; from the generation of water to the air conditioning of homes. All this, guided us to choose the materials “.

Conceptualisation

Lagom is a Swedish word that enhances the virtue of the midpoint.
Lagom means “the right amount”, avoiding excess and extreme limitation, which allows us to better understand what makes us happy and what works for our mental well-being.

In this way, the term is combined with the idea of ​​”Be” or “Being” and implies the meanings derived from the philosophy of life to which the term Lagom refers.

Main actors of the project

One of the key features of this project is that Altur Homes has chosen an excellent team of professionals behind it. After all, Be Lagom is also a philosophy of extended life at real estate level in which several professionals have grouped together to realise the project of their dreams. In this sense Rodolfo Amieva explains: “One of my most recurrent wishes has been fulfilled in my work as an architect. When I was invited to participate in this project, knowing that the promoters and investors were from other parts of the world, many possibilities opened up. The first was to be able to participate with multidisciplinary teams from all over the world. We are people from Argentina, from Miami, from other parts of Spain … in which we are all experts in our field. All this has given us many ideas that had not yet been developed on the Costa del Sol. In fact, in some cases they seemed daring ideas that we doubted we would materialise. But as we worked with these people, we realised that we could do a multidisciplinary project and that we could also be in one part of the world. ”

Also, Laura Pou tells: “It is very curious because when I was little, my grandfather gave me a glass greenhouse and that greenhouse was inside a very beautiful garden that he cared for with a lot of love. To me, on those summer days I loved to put my feet in the wet earth, while I watered the tomato and picked the vegetables. When they proposed this project to me, that association of ideas took me to that garden and it occurred to me to make a large edible garden, an eternal supermarket. For me it was a challenge with a sentimental mix. ”

José Carlos León NVOGA took advantage of the event to thank Altur Homes for their confidence: “I also wanted to thank Altur Homes for the possibility that NVOGA has been given to participate in a project of these characteristics, because for us, as Javier has pointed out , has been the opportunity to collaborate in a promotion that reflects some of the yearnings in real estate that we have always dreamed of for our land “.

About Altur Homes

Altur Homes is a company dedicated to the promotion of residential and mixed-use real estate ventures. His projects stand out for their design, high constructive quality and, especially, for adapting each house to the particular needs, housing and comfort requirements of each buyer. Among its distinctive factors, it has a dedicated team of professionals and a large land bank to carry out in each site the most convenient undertaking for those who wish to live in each city. Altur Homes works day by day to be recognised for the excellence of its projects and brands, in terms of architectural design, constructive reliability and user experience.

Photos of the event

Be Lagom teaser video

La entrada Be Lagom Launch Party se publicó primero en MN Comunicación.