Dilip Kuner
MARBELLA’s luxury property market is booming with foreign investors – particularly the British – driving the demand.
A new report by Christoper Clover of 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 consolidated 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 percentage terms.
The UK meanwhile still provides the largest tourist numbers, but Belgians and Americans have seen the most significant growth, which may be reflected 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 Panorama report.
Of the 50 most costly municipalities in Spain, Marbella is only the 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.
