Marbella Is Dominating Sales In The Luxury Residential Property Market
17th November 2023
La Zagaleta, situated approximately 13 miles from Marbella's centre, takes the lead as the most expensive neighbourhood. Here, opulent mansions command an average price of 10.7 million euros, with some exceptional properties reaching a staggering 36 million euros. Alongside Sierra Blanca and Nueva Andalucia, these areas collectively represent the epitome of Spanish luxury real estate, outshining even the Balearic Islands.
Idealista, a prominent Spanish property portal, reports that five of the ten most expensive streets in Spain are located in Marbella and its surroundings. House prices in these areas are 38 times higher than those on the most exclusive streets in other resort towns. Notably, six of the top ten homes with the highest sales prices in the country are found in this region, often exceeding 30 million euros. The luxury market is currently experiencing unprecedented demand, with experts predicting a swift turnover of these high-end properties.
The unique appeal of Marbella is attributed to various factors, including easy access to Málaga airport, favourable weather, international schools, pristine beaches, quality dining options (including Michelin-starred establishments), and a cosmopolitan atmosphere that remains vibrant year-round. Furthermore, the proximity to the provincial capital, Málaga, has attracted even technology companies like Google, adding to the allure of the area.
In addition to the traditional exclusive properties, Marbella is witnessing the emergence of a new real estate product: "Branded Residences." Collaborations between brands and investors have given rise to projects such as Lamborghini's vision of 53 grand villas, Karl Lagerfeld's imprint on five houses under construction for 15 million euros each in the Golden Mile, and Dolce & Gabbana's plans for 60 apartments in the region.
Notably, the demographic landscape of luxury property buyers in Marbella is evolving. While foreigners have traditionally dominated this market, the void left by the Russian market, following the Ukraine invasion, has been filled by residents from countries like Poland, the Czech Republic, the Netherlands, and the United States. Marbella, with its diverse population representing 155 nationalities, is now attracting younger families, with the average age of permanent residents dropping to the range of 35 to 50 years old, a notable shift from the pre-pandemic average age of over 55.
The incredible potential of Marbella seems destined to unfold further, marking an exciting trajectory for the city's real estate landscape.
Published by David
