High-end housing entrepreneurs confirm the strength of the Marbella destination for the international market interested in villas and prime homes

High-quality housing in the golden triangle of Marbella, Estepona and Benahavís has started 2024 with positive prospects and growth. Although the market closed 2023 with a slight slowdown and some instability, the figures recorded in January confirm the muscle of the sector, which has established itself as one of the Costa del Sol's main industries, and augur a notable increase in activity, both in construction and property sales and purchases.

In this way, they add from the DOM3 business group, which brings together almost 40 companies related to the different lines of business in the construction of villas and high quality homes and which provide direct employment for more than 2,500 people, the year 2024 will also be the year in which the infrastructures of Marbella and the surrounding area should continue to be improved in order to further consolidate the area as the destination of choice for this profile of clients.

In this sense, DOM3 reminds us that each villa of these characteristics means the creation of an SME, as they generate a minimum employment of 2 or 3 people, adding that the associated companies alone generate indirect employment for almost 5,000 people, most of them from local companies.

This is one of the main conclusions of the last assembly of DOM3, the association of entrepreneurs and professionals in the luxury housing sector on the Costa del Sol. A meeting that has served to take the pulse of the market, share concerns and provide experiences and solutions to continue guaranteeing excellence and high quality parameters.

The DOM3 partners took advantage of the meeting to analyse some of the trends that will mark the market in 2024 and which mainly involve innovative real estate products to respond to the evolution of the luxury segment, with increasingly younger clients with new needs, prices that will continue to rise, growing demand in emerging areas and homes that are increasingly sustainable and in harmony with nature.

The high-end market is not oblivious to the major concern on the Costa del Sol: the lack of rainfall and the drought affecting the whole of Andalusia. In this sense, DOM3 members work consciously to make responsible use of water in their various activities and also demand that the administrations invest urgently in infrastructure to guarantee supply when necessary.

"We are very aware of the lack of water, all our partners are committed and make the most efficient use of this resource, but the public administrations must also do their job and create the necessary infrastructures. We can't just wait for it to rain, that's not going to solve a problem that will last for a long time", said DOM3's president, Charly Simon.

Although clients in the high quality housing sector, mostly foreigners who have their second or third homes on the Costa del Sol, are increasingly aware of the situation, the drought is not influencing the market or investment in the area at the moment. For this reason, DOM3 adds, the different administrations must continue to improve the existing infrastructures and create the necessary ones so that the residential tourism industry can continue to be maintained and generate wealth in the area.

New companies with little experience

Another of the concerns analysed by DOM3 members is the arrival in the real estate sector of new inexperienced companies that overvalue properties, offering false expectations to owners and destabilising the market.

In this sense, the association recommends buyers and investors to bet on reference companies with extensive experience in the sector, as they are familiar with the high-end market and the real evolution of prices.

"To guarantee the highest parameters of quality and excellence in the entire high-end housing chain is the main objective.

The main objective of our association is to guarantee the highest standards of quality and excellence throughout the high-end housing chain. From the

from construction to after-sales, including technical installations and customer experience, everything meets the same standards in order to respond to the most demanding customer," underlined Simon Simon. demanding customer", emphasised Simon.

DOM3 reinforces its position at the forefront of innovation in the luxury real estate market and incorporates the new aspect of blockchain, digital assets and payments with the incorporation of its new partner VICOX LEGAL, a Marbella-based company specialising in this area that offers legal and tax advice in this new technological paradigm. Lawyers specialising in cryptocurrencies, metaverse, artificial intelligence and real estate advice via digital assets are some of the services provided to its clients by this company, recently incorporated into the association.

During the assembly, the members also approved the budget for 2024 and set the general lines of the calendar for the year, which will include training on various topics of interest to the sector and meeting events to share experiences and knowledge.

The lack of skilled labour continues to be one of the great challenges facing high quality housing, a situation that has increased in recent months and especially in some key sectors such as construction, carpentry, technical installations and gardening. In this sense, companies continue to insist on the need to promote vocational training adapted to the real and current needs of the business fabric.