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Luxury House Sales in Marbella and the Surrounding Area will Fall by up to 30% Due to the Crisis

Sales of luxury homes will suffer decreases of up to 30% on the Costa del Sol and prices could fall by 20%. The recovery of the sector will not come until 2021 or 2022.

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The sales volume of homes in Marbella and the surrounding areas of Estepona and Benahavís, one of the epicentres of Málaga’s property market, will suffer a decrease of between 25% and 30% this year. As such, it will approach the levels seen in 2012-2013, the worst moment of the previous economic crisis. The main reason is that 80% of the sizeable luxury segment – those homes worth more than €750,000 – is made up of foreigners from the United Kingdom and northern Europe.

This is according to a report published on Wednesday by Panorama Properties, the oldest real estate agency in Marbella with 50 years of experience in the city. However, it is “optimistic” about the reactivation of the sector in 2021 or 2022, as long as there are no new waves of contagion and provided a vaccine or effective treatment is secured within that period. The study also indicates that the behaviour observed over the last few weeks underscores consumers’ “trust in the Costa del Sol as a solid and, above all, safe” destination.

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