While Costa del Sol has long been synonymous with sun-soaked beaches and idyllic landscapes, it is currently undergoing a remarkable transformation that extends beyond its traditional charm. The region achieved its best-ever year for visitor figures in 2019, breaking records once again in 2022 with revenues soaring to €17.081 million. The real eye-opener, however, occurred in April 2023 when Marbella experienced an unprecedented surge in hotel room rates and occupancy, achieving a remarkable 74.14% and successfully breaking the shackles of seasonality in the tourism sector.
This surge in tourism is not the only success story for Costa del Sol; the real estate market is experiencing an equally impressive boom. Almost 300,000 foreigners, constituting 18% of the population, have made Costa del Sol their home. The area witnessed its busiest year in property sales in 2021 since the onset of the pandemic, with prices continuing their upward trajectory. The luxury real estate sector, in particular, saw an unprecedented surge, with foreigners comprising a staggering 90% of buyers.
By the end of 2020, new-build property sales skyrocketed by 41%, and this trend persisted into 2021. In February of that year, one-fifth of the homes on the market were sold within a week, and 16% were off the market within a month. Costa del Sol is not just a vacation paradise; it’s becoming a real estate hotspot.
This review provides just a glimpse into the incredible resurgence of Costa del Sol. To fully grasp the dynamics behind this real estate revolution, read the complete article here