Marbella’s Property Market Complexity: A Rising Challenge
The current property market in Marbella is becoming increasingly complex, with demand outpacing supply. This has led to a surge in prices not only within the town but also in the neighbouring municipalities. The quest for affordable housing in the area has turned into a seemingly impossible mission.
Comparing Marbella and Malaga: A Stark Contrast
Unlike in Malaga city, where residents can find cheaper housing options in inland villages, Marbella’s residents are not as fortunate. The house prices in nearby villages are just as steep as those in Marbella itself. This has created a stark contrast between the two areas.
Istán and Ojén: A Snapshot of the Property Market
In Istán, only a small fraction of the properties listed for sale on the property portal Idealista are priced under 300,000 euros. The situation in Ojén mirrors that of Istán, with only a handful of properties listed under the same price range. This further illustrates the severity of the housing affordability issue in the region.
Casares and Benahavís: A Glimmer of Hope?
The property market in Casares and Benahavís offers a slight glimmer of hope, with some properties listed at around 200,000 euros. However, this is still a significant amount for many potential buyers.
The High Cost of Renting
The high cost of living in Marbella extends beyond property purchases. Renting is also proving to be unaffordable for many. The cheapest rent on Idealista is 1,400 euros per month, with only a limited number of properties available at this price.
The Impact on Local Workers and the Tourism Sector
The high property prices in Marbella and its neighbouring municipalities are making it difficult for many families who work in the town to find affordable accommodation. This issue, which was highlighted by Marbella’s hoteliers last November, is also impacting the town’s tourism sector.
