DOM3 Business Association Holds Assembly to Discuss High-End Housing Trends and Challenges
The DOM3 Business Association, which focuses on high-end housing, has analyzed the trends and challenges of the sector in its February assembly. One of the main demands raised was the request for investment from institutions to ensure water supply in the face of drought conditions. They also called for improvements to the infrastructure in Marbella.
High-End Housing Entrepreneurs Confirm Marbella’s Strength as an International Destination
High-end housing entrepreneurs confirm the strength of Marbella as a destination for the international market interested in villas and prime residences. The main problem they identified is the drought, and they are calling on public administrations to invest in infrastructure to ensure water supply and “continue to increase the quality of services”.
High-Quality Housing in Marbella, Estepona, and Benahavís Shows Positive Growth Prospects for 2024
According to a statement released by DOM3, high-quality housing in the golden triangle formed by Marbella, Estepona, and Benahavís has started 2024 with “positive and growth” prospects. They acknowledge that the market closed 2023 with a “slight slowdown and some instability”, but the figures recorded in January “confirm the strength of the sector”. They predict that 2024 will also be the year in which “Marbella’s infrastructure and environment should continue to be improved to further consolidate the area as the chosen destination for this profile of clients”.
Each High-End Villa Creates a Small Business, Generating Employment
DOM3 points out that each villa of these characteristics represents the creation of a small business. They assure that it generates a minimum employment of 2 or 3 people, adding that the associated companies alone generate indirect employment of almost 5,000 people, most of them from local companies. This is one of the main conclusions of the latest assembly of this association of entrepreneurs and professionals in the luxury housing sector on the Costa del Sol.
Drought: A Major Concern for the High-End Market on the Costa del Sol
The high-end market is not immune to the great concern on the Costa del Sol due to the lack of rainfall and drought. Therefore, they demand that administrations invest “urgently in infrastructure to ensure supply when necessary”. DOM3 President Charly Simon has stated, “We are very aware of the lack of water, all our partners are committed and make the most efficient possible use of this resource, but public administrations also have to do their job”.
Despite Drought, High-End Housing Market Remains Unaffected
Although the clients of the high-quality housing sector, mostly foreigners who have their second or third residence on the Costa del Sol, are increasingly “aware of the situation”, the drought “is not currently influencing the market or investments in the area”. Therefore, DOM3 adds, the different administrations have to “continue to improve existing infrastructure and create the necessary ones so that the residential tourism industry continues to be maintained and generate wealth in the environment”.
