Property
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SEPTEMBER 2024
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ARBELLA’s luxury property market is booming with foreign investors - particularly the British driving the demand. A new report by real estate agency Panorama shows that international buyers account for over a third of property purchases in the Malaga region. And British buyers continue to be Marbella’s largest foreign investor group, accounting for 19% of the agency’s sales over the past three years. Swedish and Dutch buyers follow closely, contributing 10.8% and 8.5% respectively, with the Germans making 5.9% of purchases. Panorama’s CEO, Chris Clover, highlighted Marbella’s rise in prominence, stating that few other destinations worldwide can claim to be such a consol-
Foreign buyers feeding the Costa del Sol’s booming property market By Dilip Kuner
idated ultra-prime residential location. The resort has seen record-breaking tourism numbers in recent months,
with Spain as a whole expecting to surpass 85 million visitors this year. In Marbella this boom in numbers is helping drive demand from foreigners. And it is bucking a national trend where foreign sales have declined in percent-
age terms. (See Mark Stucklin on the next page). The UK meanwhile still provides the largest tourist numbers, but Belgians and Americans have seen the most significant growth, which may be reflected
Expatriates prop up market FOREIGN buyers are propping up the coastal property markets around Spain. In some areas they account for almost 50% of sales, according to the Association of Registrars In Alicante, on the Costa Blanca, an incredible 44% of coastal homes are bought by non-Spaniards.
In Tenerife 35% of buyers are foreigners, followed by Malaga (33%). The Balearics sit at 31.7%, Murcia (24%) and Las Palmas (22%). Brits continue to lead the pack of foreign buyers in Spain, accounting for 9.4% of sales to non-Spaniards. They are followed by the Germans at 7% and the French (6%).
in future sales. Prices in Marbella have risen, on average, by 13.7% between June 2023 and June 2024, reaching a new all-time high of € 4.812 per square metre, according to Idealista. However, the town remains competitively priced compared to other luxury destinations, claims the report. Of the 50 most costly municipalities in Spain, Marbella is only sixth, while Sant Josep in Ibiza comes top at €6,295/m2. Globally, Marbella moved from 16th place in 2022 to 13th place in 2023, just ahead of Mallorca and Vancouver in the Knight Frank 2024 Wealth Report, with Monaco the most expensive city to buy, at an eye-watering average of over €58,000 per square metre. See Panorama Market Report, page 18