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Málaga: The Paradise of Real Estate Luxury in Spain
If you’re looking for a luxurious living experience in a paradisiacal location, look no further than Málaga. This charming province in the south of Spain has positioned itself as a leader in the luxury housing market, especially in the so-called “Golden Triangle” formed by Benahavís, Estepona, and Marbella. In this article, we will explore why Málaga is the perfect destination for those seeking to live in luxury and how this region has attracted both national and international buyers.
According to a report by Hiscox, a company specializing in advising high net worth clients, Málaga currently has approximately 2,500 homes for sale with prices exceeding three million euros. This represents 34% of all luxury properties available in Spain, which surpass 7,000 units. This impressive number places Málaga at the top of the luxury housing market in the country.
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The Balearic Islands, Madrid, and Barcelona are also significant players in the luxury housing market in Spain, ranking second, third, and fourth, respectively. These four provinces account for 80% of the total supply of luxury homes in the country, according to the Hiscox report.
Despite global economic challenges and uncertainty, the luxury housing segment has proven to be less vulnerable to factors such as inflation and asset value correction. According to Hiscox, the luxury segment represents around 5% of the total residential market in Spain, and the evolution of buyers’ consumption trend in this segment is a key factor for the sector’s good health.
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Historically, Málaga has been the favorite destination for British buyers to acquire luxury homes in Spain. Despite Brexit, the British still represent a large portion of real estate transactions made by foreigners in the province. They account for approximately 20% of all transactions closed by foreigners in Málaga. In addition to the British, there is also a growing presence of French, Northern Europeans (Swedes and Belgians), Germans, Austrians, and Dutch.
As for national buyers, people from Madrid stand out as the main demanders of luxury homes. After the pandemic, many residents of Madrid have chosen to establish their primary residence in Marbella, taking advantage of the flexibility of remote work. For many years, the province of Málaga has had a solid local luxury market, with almost 90% of purchases of this type of homes made by foreigners.
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Within the province of Málaga, Marbella and Benahavís stand out as the most sought-after areas in the luxury segment. In Marbella, places like the Golden Mile and the La Zagaleta urbanization are particularly prized. Other high-value locations in Marbella include Las Lomas, Puente Romano, Lomas de Rio Verde, Puerto Banús, Las Brisas, and Los Monteros. In Benahavís, the El Madroñal urbanization is a preferred destination for those seeking to live in luxury.
Spain ranks fourth on the list of the most attractive destinations for luxury real estate investment worldwide, after the United States, the United Kingdom, and Australia. The country has been chosen as a “safe investment and ideal destination” by foreign investors from countries such as the United Kingdom, Germany, France, Latin America, Russia, and China. The Spanish coast, in particular, is a preferred place to establish a second residence.
Málaga has become an epicenter of the luxury housing market in Spain. With its magnificent Golden Triangle, the province offers a wide range of luxurious properties that attract both national and foreign buyers. Whether you’re looking for a luxury residence on the beach or in the hills, Málaga has something special to offer. It’s no wonder that more and more people are choosing this charming region as their home in luxury.
