Malaga province, with its so-called axis “Golden Triangle” The company, made up of Benahavís, Estepona and Marbella, leads the luxury residential market in Spain, both in transactions and in the current offering of homes for sale. According to a report from oxa company specializing in advising high net worth clients, currently in Malaga 2,500 homes worth more than three million eurosRepresenting 34% of the parks identified in Spain, exceeding 7,000 units.
After Malaga stood up Balearic Islands with 33%, Madrid with 10% and Barcelona with 6%. According to Hiscox, which commissioned this analysis from the listed international real estate consultancy, these four provinces account for 80% of the luxury housing supply in Spain. katellaTo analyze the X-ray of the large luxury real estate market in Spain.
On the other hand, real estate transactions in Spain exceeding 3 million euros Increased by 55% in 2022 compared to the previous year, a percentage that doubled from 2019 before the pandemic. In addition, since 2019, the prices of these houses have increased between 10% and 20% depending on the region.
According to the research, the luxury segment accounts for about 5% of the country’s total housing market and despite the strong brake caused by Covid-19, the evolution of the consumption trend of buyers in this segment is “responsible” for the property. The health of the industry, which turned into more transactions in 2022, exceeded 8,000.
“In the context of current global uncertainty, high inflation and a downward correction in the value of assets, There is one segment that continues to attract investors: Living. The luxury segment, in particular, is better positioned than other typologies because it is less vulnerable to these factors,” says Hiscox.
At the end of 2022, Nearly 2,900 trades recorded in Malaga more than three million euros (36% of the national total). average price Between 5 and 5.9 million euros.
The Balearic Islands recorded nearly 2,300 sales of these luxury homes. In Madrid, 900 transactions were processed, most at an average price of 4.7 to 5.1 million euros, and in Barcelona about 500 transactions with an average value of between 4.8 and 5.3 million euros.
Foreign buyer, main customer
According to Hiscox, Malaga historically A perfect favorite place for Brits to buy luxury homes in Spain. “Despite Brexit, they continued to represent the majority of foreign buyers, not only from the state but also from our country,” the consultant explains.
Who is behind the British? represents 20% of transactions in the province closed by foreigners, French and Northern Europeans (Sweden and Belgium)), with the increasing presence of Germans, Austrians and Dutch.
in the plane national buyers, those from Madrid stand out According to Hiscox, as the main applicants for luxury homes that “chosen to establish their first residence mainly in Marbella” after the pandemic, taking advantage of the flexibility of remote working“.
“In the context of the current uncertainty, high inflation and downward asset value correction, there is one segment that continues to attract investors: Living. And because it is less vulnerable to these factors, the luxury segment is in a better position.”
For many years, the province of Malaga has had a “very robust” local luxury market, as almost 90% of the purchase of such homes is done by foreigners.
in Marbella, Sweden, France, Norway and Belgium as the main buyers More than three million euros are behind buyers from the UK.
Type of luxury home buyers in Malaga, by age range 40 to 55 years old.
Marbella and Benahavís are the most sought after luxury segments in the province of Málaga. Among the most popular places in these two municipalities Marbella Golden Mile and La Zagaleta urbanization. However, along with El Madroñal in Benahavís, there are other high value areas of Marbella such as Las Lomas, Puente Romano, Lomas de Rio Verde, Puerto Banús, Las Brisas and Los Monteros.
Spain is the fourth most attractive country for investors
The United States tops the list of the most attractive destinations to invest in these luxury homes worldwide, followed by the United Kingdom, Australia and Spain in fourth place.
If the main foreign buyers in this market are served, Spain selected as “a safe investment and an ideal destination” establishing a second residence for foreigners who prefer the coast, mainly from the UK, Germany, France, Latin America, Russia and China.
British investors continue to lead the share of these private housing transactions by foreigners, with 20% of the total in 2022.
Director of Art and Private Clients at Hiscox Spain, eva peribanezHe stressed that the complex market for buying and selling luxury real estate is currently experiencing “growth”, with more high-net-worth clients choosing to invest each time.
Source: Informacion
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