HIGH-END HOUSING
CONSOLIDATES AS THE MAIN ATTRACTION OF THE REAL ESTATE SECTOR ON THE COSTA DEL SOL
Malaga and the Balearic Islands share the main price increases in the high quality housing market.
The DOM3 Association is preparing its 4th DOM3 Strategic Forum for Spring 2022.
The high-end housing sector on the Costa del Sol will close 2021 by surpassing pre-pandemic figures. According to the latest data published by the Ministry of Public Works, in the first quarter of the year there were 1,250 real estate transactions in Spain for homes valued at 900,000 euros, a rise of 31.2% compared to the first three months of 2019, before the pandemic.
The province of Malaga is one of the areas where the price of high-end housing has increased the most, according to the portal Idealista. In the Montemayor-Marbella Club area of Benahavís, prices have risen by 39.2% to 4,312 euros/m2. In Marbella the areas of Las Brisas (30.1%), Los Monteros (30%) and Los Naranjos (24.7), are among the three biggest post-pandemic price increases.
Undoubtedly, for the DOM3 Asociación de Empresarios para la Vivienda de Alta Calidad, these figures show that high-end housing has established itself as the main attraction and economic engine of the real estate sector on the Costa del Sol, establishing itself as a powerful business activity immune to the crisis.
In this regard it is worth remembering that, according to DOM3 data, the thirty or so businessmen who form part of the association have moved in the last year a turnover of more than 260 million euros, in the so-called golden triangle formed by the municipalities of Marbella, Benahavís and Estepona.
The construction of a high-end home, which is one with a selling price of not less than one million euros, involves the creation of an SME in itself, mobilising dozens of companies and professionals of various kinds, with the creation of stable jobs: estate agents, lawyers, notaries, engineers, architects, decorators, installers specialising in hydraulics and electricity, painters, landscapers, specialists in natural stone, home automation…
In this sense, the president of DOM3, Laura Pou, indicated that “this sector generates a significant number of direct and indirect jobs, and is also sustainable in itself. Sustainability means caring for and respecting the environment in which we carry out our professional and business activities, as well as maintaining a stable economic balance”.
DOM3 and Malaga join forces
Malaga, the capital of the Costa del Sol, is experiencing a significant upturn in all sectors. As well as registering a significant influx of foreigners of different nationalities who choose this place as a holiday or residential destination, it has become a technological and cultural centre and numerous companies and multinationals have recently – or will soon – set up their facilities and headquarters in the city.
For this reason, the DOM3 Association wants to join forces by organising the IV DOM3 Strategic Forum in the city of Malaga in the spring of 2022. “After holding the first three editions in Estepona and Marbella, this time Malaga has been chosen for its international projection as a destination for the future,” said the president of DOM3, Laura Pou.
Aims for 2022
For the year 2022, the Asociación de Empresarios para la Vivienda de Alta Calidad intends to continue to demand two aspects that it considers fundamental to continue to enhance the value of the high-end sector.
On the one hand, DOM3 has long been highlighting the lack of skilled labour in the construction sector. In this sense, the association itself is contacting the competent institutions and entities to establish collaboration agreements for the training of personnel.
On the other hand, the need to continue urging public administrations to continue investing in infrastructures on the Costa del Sol. “A high quality destination must have high quality services, accesses and infrastructures”, said Pou.