Despite being prosperous, the Marbella real estate market is also generating a lot of uncertainty. Many people and market players are wondering how Marbella’s high housing inflation will evolve, or whether a property bubble is indeed emerging in Costa del Sol. Meanwhile, the local market continues to set historic records and milestones both in prices, such as having the most expensive square metre in Spain, and in innovation, hosting impressive branded residences that lend unique branding and value to properties.

Eduardo Más knows all this better than anyone. As a Costa del Sol neighbour and real estate consultant, this entrepreneur has witnessed first-hand the great real estate transformation and splendour that has shaped and still shapes today’s Marbella. Together with Francis Toebak, Eduardo is co-founder of PRO Real Estate, a Marbella real estate agency specialised in the Guadalmina and East Estepona areas, with exclusive properties in Atalaya, El Paraíso or Los Flamingos, among other areas. The project was founded in 1985 and today continues to operate in the local market wiser and more resilient than ever, despite all the ups and downs since then, such as the 2008 worldwide crisis or the ‘Caso Malaya’ urban corruption plot.

At the headquarters entrance of this Marbella real estate local company, in the heart of the Guadalmina Commercial Centre, Eduardo welcomes us with a courtesy and serenity that exude the professionalism, wisdom and expertise of a veteran advisor like him. With the same gentle and affable manner with which he treats his clients and corporate team, the businessman invites us to begin the interview over a cup of coffee.

Unveiling the present and future of the Marbella real estate market

Q. What is the ‘before and after‘ of the Marbella real estate market? How has PRO Real Estate developed over the years?

E. PRO Real Estate has been operating in the Guadalmina and Marbella real estate sector since 1985. At the end of the 80’s and during the first half of the 90’s, all the agents working from Marbella to Estepona knew each other professionally and personally. It was a tough period due to a major world economic crisis, where interest rates on bank financing reached 18%, with the whole area suffering greatly as it was a second home market. The absence of the Internet and its information sources, however, allowed us to establish a better personal and trusting relationship with our clients, and required us to have a great knowledge of the local market, as well as to guide the potential investor fiscally and legally. We really built loyalty with our client portfolio, understanding that at that time we did not have the facilities of the Internet, or even computer resources applied to our sector. PRO Real Estate learned from all of this and allowed us to enter the new millennium by differentiating ourselves from the rest of the sector, standing out for our personalised, professional and loyal attention and advice.

Since we entered the 21st century, our company principle has been to stick to our line of being real estate consultants rather than agents, and to specialise in specific areas of Marbella and Estepona, achieving and preserving that special relationship with our clients, as well as the professional reputation within the market. We will continue in this way in the coming years with the same “editorial line” that we set at the beginning of our journey.

Q. What are the Marbella real estate expectations for the next five years?

Our expectations for the coming years are highly positive as, having overcome the banking crisis of 2008, and especially after the COVID-19 drama, the bulk of the economic market in Marbella has shifted to residential, real estate, where especially the Northern European population has decided to settle and reside here, enrolling their children in the local schools, working from home and enjoying most of the year here.

Q. Is there a real estate bubble in Marbella again? What are the forecasts with the current price boom?

Over the past four years, the above mentioned international interest in Marbella has had a significant impact on the sector, changing the market situation and driving demand for property far outstripping supply. The shortage of quality real estate on offer in urbanisations and residential complexes has had a boom effect on the already generalised price inflation, reaching a 50% to 70% increase in value compared to 4 years ago.

This situation is compounded by the lack of urban planning and legal security, bureaucracy and the excessive time it takes to start a new development. Unless we achieve an effective and secure political management for the development and planning of new sectors to be urbanised, and shorten the processing of construction permits, we will not be able to change the trend of rising prices in our local sector. In order to change the market situation, the existing supply and competitiveness must be increased. Supply must exceed demand in order to adjust market prices.

Q. What resources or knowledge does a buyer need to capture a good real estate opportunity in Marbella?

A potential investor or homebuyer, first and foremost, should be aware of the different areas and urbanisations in Marbella, and tailor his/her choice to the one that best meets his/her needs. It is not the same for a buyer or investor in short term housing, or one who is looking to make a profit from holiday rentals, as it is for a buyer who wishes to live here for six or more months of the year.

It is also essential to establish a maximum purchase budget for the property, including the possible cost of adapting and refurbishing it to our needs. And no less important is to have real information regarding the costs and taxes associated with the purchase and maintenance of the property. Throughout this process, the company of an experienced advisor such as PRO Real Estate will ensure that a potential buyer or investor obtains quality information and makes the right decisions.

— Find your best real estate opportunity in Marbella with Pro Real Estate —

Q. What do you think about the news from Forbes magazine and what are your expectations regarding Marbella’s qualification as the best tourist destination in Europe?

The news published by Forbes about Marbella comes as no surprise. The growth of Málaga city and its coast has been spectacular in the last 4 years. Since the world’s confinement, the international and European market have decided to establish Málaga and its attractions as their first tourist destination. And the most significant thing is that there is a residential tourism that settles here with their families, and this means that the supply and quality of infrastructures will increase to deal with the increase in resident population.

Of course, politically we need the state to reinvest part of the income that this region produces to make this trend sustainable. Above all at the level of security, which is essential to maintain this segment of the population with high purchasing power, and to prioritise the repair of beaches and obsolete infrastructures due to the increase in housing.

Contact PRO Real Estate if you need personalised advice or would like to obtain more valuable information about the Marbella real estate evolution