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Wednesday, April 6th, 2016

Luxury and exclusiveness in the heart of Puerto Banús

In their report, the Spanish property estimation company “Tecnitasa” has shown that the value of a real property in Puerto Banús (Marbella) rivals those listed in Barcelona or Madrid.

Luxury property in Puerto BanúsAccording to the study concerning the average price per m2 of housing in major cities of Spain as well as its provincial capitals, Puerto Banús, where the m2 is worth €5,500,  represents the fourth most expensive residential area in Spain. However, Madrid, with Serrano Street where people fork out €10,900 per m2, remains ahead of the pack.

Subsequently, the capital city of the Peninsula is followed by Barcelona, where the prestigious “Paseo de Gracia” represents the second most expensive area in Spain, with a cost per m2 amounting to €8,450. Finally, San Sebastián (in the Spanish Basque country) with its « Libertad-Boulevard » neighbourhoods takes third place.

A real estate market lead by Marbella

An important factor to take into account is that of average costs. As a matter of fact, in other cities, the price per square meter of an individual home can increase and decrease based on their functionality of design, location, quality, the area’s history, size and other factors. This is the reason why other properties for sale, situated in the heart of different prestigious areas, like La Zagaleta (a luxury residential complex which lies outside the municipal limits of Marbella), are not included in the study, given that it only focuses on the major cities.

However, Guinea, a neighbourhood situated in Castellón de la Plana (the capital of Castellón, a province belonging to the Valencian Community) is at the end of the list. Indeed, the m2 of a property for sale costs €363, that is 7% less than the price of a home in Puerto Banús. Therefore, these figures clearly demonstrate the double speed recovery of the Spanish real estate sector: the luxury market at the heart of coastal tourist resorts like Marbella and major cities have experimented a strong expansion phase long before other areas.

The most prized residential areas in Marbella

The luxurious complexes found outside the city (like La Zagaleta), as well as Sierra Blanca, Puerto Banús or the Golden Mile, in other words the most developed residential areas, that highlighted their strength against the recession over other sectors. As a matter of fact, the high end homes of these areas, which overcame the crisis easier, haven’t lost their value.

Thus, during a new positive cycle, Marbella was ahead of the pack in the Spanish market. Additionally, according to the study carried out by Tecnitasa, this city represents one of the most important places in the real estate domain.

A wide range of luxury apartments and villas for sale, situated in the most prized places in Marbella, are available from Diana Morales Properties. Please do not hesitate to contact us, if you need advice on purchasing a property.


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