In 2023, Estepona experienced a surge in its property market, driven by increased demand from both local and international buyers seeking second homes or vacation rentals. The town’s appeal lies in its beautiful beaches, mild climate, cultural offerings, and relatively affordable property prices compared to other coastal areas in Spain and Europe. The pandemic further fueled this trend as people sought to escape crowded cities for a better quality of life in a sunny and relaxed environment.
Estepona’s property market is characterized by vibrant activity, with sales and prices reaching new highs. The average price for a two-bedroom apartment in the town center is around €300,000, while a three-bedroom villa with a pool can cost between €500,000 and €1 million depending on the location and features. The most sought-after areas include the New Golden Mile and hillside developments like Monte Mayor and Los Flamingos.
The town’s booming property market has not only attracted investors and buyers but also contributed to the local economy by creating jobs and attracting new businesses. Estepona is investing in new infrastructure such as a marina, sports center, and cultural facilities to cater to the growing demand.
Looking ahead to 2024, analysts predict that Estepona’s property market will continue to face challenges related to a lack of supply of new builds and resale properties. This scarcity is expected to slow down transaction rates despite sustained demand. Prices have been on an upward trajectory, with reports indicating significant increases in 2023 compared to national averages. Foreign buyers continue to show interest in Estepona, particularly from countries like the US and Canada.
Overall, Estepona’s property market outlook for 2023-2024 remains positive but constrained by supply limitations that may impact transaction volumes even as prices continue to rise due to high demand.
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