In recent years, prospective property buyers in Costa del Sol have faced numerous hurdles, from Brexit uncertainties to visa complications and the disruptive impact of COVID-19. However, our real estate experts foresee a silver lining on the horizon, making the upcoming year an opportune moment to turn those dreams of owning property into reality. According to reports from Idealista and the Registrars Association, property prices in Costa del Sol have experienced notable upticks, surpassing national averages. Marbella, in particular, has seen significant year-on-year progress in the property business, making it an attractive market for investors and homebuyers alike.
Looking ahead, forecasts indicate a continued upward trend in real estate prices, albeit at a slightly slower pace than the previous years. Factors such as limited new-build supply and the purchasing power of buyers are expected to sustain this growth trajectory, especially in the most sought-after municipalities like Marbella. The allure of Costa del Sol’s high-end properties remains strong, with a substantial portion priced at over €1 million, particularly in the Golden Triangle comprising Benahavis, Estepona, and Marbella. International buyers, constituting a significant share of the market, continue to be drawn to the region, with Marbella and the western Costa del Sol being the most preferred destinations.
Furthermore, Costa del Sol emerges as an attractive tax haven for expats in 2024. Abolishment of wealth tax, which previously applied to residents and non-residents with assets exceeding €700,000, removes a significant barrier for potential buyers and expatriates considering a move to the area. This favourable tax landscape, coupled with other tax advantages such as minimal inheritance and gift taxes, as well as competitive investment income and capital gains tax rates, enhances the appeal of investing in property or settling down in Marbella.
Considering buying property or building your dream home in Marbella in 2024? Let Neuva Andalucia Villas take care of the details for you. Schedule a call with our experts at Neuva Andalucia Villas and unlock your real estate opportunity!
