Regina Roberts
THE Costa del Sol has never been better connected.
And it’s not just all the gloomy northern European cities, where the locals are desperate to escape to Spain for the sunshine.
This summer, flights from Malaga airport go direct to 130 different destinations… but two new ones really stand out!
The inaugural summer season flights to New York’s JFK airport and the first flight to Nice Côte d’Azur Airport (NCE), launched this month.
It has never been easier to travel to this duo of buzzing, upmarket destinations for work or leisure.
In just under nine hours, you can be enjoying a play on New York’s Broadway, or a trip to the top of the Empire State, while in just two hours you could be cruising along the French Riviera, or dining on Cannes’ le Croisette.
The simplicity of travel also means it is now easier than ever before to buy yourself a second property away from southern Spain.
Securing a home away from home is the dream for many and owning properties abroad has become an attractive investment with increasing global connectedness.
Malaga (and particularly nearby Marbella), New York, and Nice all have a vibrant luxury housing market, but what you can buy varies in each location.
Here, the Olive Press compares the price of a large luxury villa at around the €10 million mark, €5 million, and the cost of a one bedroom unit in each city, at around €250,000, showing just how far your money stretches in each market.
Marbella
Villa Travertino
Located in leafy Guadalmina Baja, this stunning 2,100m² villa on a 4900 sq m plot of land is in close proximity to the beach and both San Pedro and Puerto Banus.
As well as easy access to restaurants, shops, and local businesses with a view of the Mediterranean Sea. The property features eight bedrooms and ten bathrooms with an Andulcian-style design. Special additions include a pool billiard room, a fitness room, a home spa fitted with a sauna and jacuzzi, a cinema room, a wine cellar, and a heated swimming pool.
Asking price: €9,950,000
Beachfront Villa
This 699m² beachfront property has seven bathrooms and five bedrooms with large terraces that offer scenic views of the sea and garden. It features a large rooftop terrace with a jacuzzi and multiple lounge areas, making it perfect for entertaining. The basement offers a spa and heated indoor swimming pool for ultimate relaxation.
Asking price: €4,900,000
Avenida de la Florida Penthouse
This one bedroom penthouse is located in the Xarblanca area, 15 minutes from the centre of Marbella and conveniently located near the Marbella bus station. The 68m² apartment has excellent sea and mountain views.
Asking price: €245,000
Nice
Nice Villa with Sea Views
Located in the heights of the Cap de Nice, this villa has 360 degree sea views of the Mediterranean Sea. It spreads over 373 m² and in addition to four bedrooms and three bathrooms, it features a pool house and wine cellar.
Asking price: €12,489,700
2-Floor Luxury Nice Villa
The four bedroom and bathroom villa is 250m² and opens out to a 550m² garden with a jacuzzi and pool. The open floor plan creates an even more spacious feel.
Asking price: €5,600,000
Nice Studio
This studio – or Tete Carrée apartment – is located near Nice harbour, offering a more budget-friendly option yet still within the proximity to the Mediterranean.
It has an area of 27.44 m² and all the rooms overlook a large balcony with a view of the complex’s interior garden.
Asking price: €173,000
New York City
Ten Room Townhouse
Located in the Upper East Side of New York, not far from Central Park, this luxury townhouse has five bedrooms and five bathrooms spread over an area of 492 m².
Following the traditional layout of a carriage house it also includes a fully stocked library and games room.
It also features a garden room that transitions into a backyard garden, a finished basement with a recreation room, and sky lighting, the home is a surprisingly spacious residence within the city.
Asking price: $11.5 m (€10.7 million)
Bright New York Residence with Views
This three bedroom and three and a half bathroom residence has views of the city and central park. The solid white oak throughout the house adds to a rustic design that features 10-foot ceilings and floor to ceiling windows. The full service condominium offers a pool, spa, fitness center, and screening room amongst other amenities.
Asking price: €5,342,400
Cheap and cheerful
A recent listing, this 820 sq ft one bedroom, one bathroom flat is located in the Sunnyside neighbourhood of in the western portion of Queens, allowing easy access to local transportation and shops.
Asking price: $325,000 (€303,000)
Increasing mortgage rates causing price rises in all three cities
Property prices have been increasing as a result of the pandemic exacerbating America’s housing crisis amid higher demand and decreased supply.
In addition to Manhattan, other boroughs, such as Brooklyn, have seen an uptick in prices within the luxury market.
This is in part due to the increasing average mortgage rate in America – a 30 year fixed mortgage was 7.09% at the start of June compared to 3.22% in early 2022.
Rising mortgage rates are influencing the housing market in Malaga and Nice as well.
In Malaga, prices have gone up by 10.2% in 2023 compared to the national rate of 6.3%.
In Nice, prices are going up too as interest rates have risen from a 50-year low of 1.1% in December 2021 to around 3.5% in 2023.
The interconnectedness of the housing market has made it easier to have international property but in the aftermath of the pandemic, popular places to own property have been affected by the more competitive and costly housing market.
