The “Golden Triangle” of Benahavís, Estepona, and Marbella takes the lead in terms of both property transactions and the current availability of luxury homes for sale in Spain.
Malaga luxury properties statistics
Hiscox is a specialised company providing advice to high net worth clients.
The report just published shows that Malaga currently has over 2,500 homes priced above 3 million euros. This represents 34% of the total number of luxury homes identified in Spain.
Closely following behind in the luxury housing market is the Balearic islands (33%) whilst Madrid has 10% and Barcelona 6% of the luxury housing market, while Madrid holds 10% and Barcelona has 6%. These four provinces together represent 80% of the luxury housing supply in Spain, as stated by Hiscox.
In 2022 data was published by idealista that is consistent with this new report. At that time they showed that 37.2% of properties priced at three million euros or higher available on the market were located in Malaga.
Why Spain?
Spain ranks as the fourth most desirable country worldwide for luxury home investments. Above in this list come the USA, UK and Australia.
Many international buyers from countries like the UK, Germany, France, and China regard Spain as a secure investment opportunity and an appealing destination to establish a secondary residence. The luxury sector constitutes approximately five percent of Spain’s overall residential market.
Who is buying luxury property in Spain?
The Hiscox report highlights that the foreign buyer remains the primary customer in the luxury real estate market. Historically Malaga has been the top destination for British buyers looking for a luxury home in Spain. Although Brexit has had an impact on that, the British continue to represent the majority of foreign buyers, not just in the province of Malaga, but also across the country.
French and Northern European nationals (such as Swedes and Belgians) are prominent in the luxury property market, with increases also being shown from German, Austrian, and Dutch buyers.
Hiscox notes that post the COVID pandemic which allowed more opportunities for flexible and remote working, many buyers from Madrid have relocated and established their primary residences in Marbella instead.
“In the current context of uncertainty, high inflation and downward asset value correction, there is a segment that continues to attract investors: Living. And the luxury segment is better positioned as it is less vulnerable to these factors,” states Hiscox.
Malaga luxury properties – what areas?
Marbella and Benahavís are the most highly sought-after areas for luxury properties and prime locations within these areas are the Golden Mile and the La Zagaleta urbanisation.
These are followed by other prestigious areas such as Las Lomas, Puente Romano, Lomas de Rio Verde, Puerto Banús, Las Brisas, and Los Monteros, along with El Madroñal in Benahavís.
