Costa Del Sol Luxury Property Market Soars 20%

Investment across the entirety of the Costa del Sol on the luxury property front in 2024 has soared to over 20% more than in 2023.

Analysis indicates that regions such as Marbella, Estepona and Benahavís have enjoyed massive growth in sales and have helped the region generate over 3.2 billion euros last year alone.

Marbella dominates luxury landscape

Marbella dominates the luxury housing market in the region of the Costa del Sol, as well as across the entire country, as lucrative investments here in 2024 stood at a grand total of 1.6 billion euros, solely on luxury homes and projects. Estepona was not far off, standing as the second most contributive area on the Costa del Sol at 800 million euros in investments, and popular tourist hotspot Benahavís came in at third, with 500 million euros in sales. The three locations make up what is known to many as the ‘golden triangle’: the utmost exclusive destinations for budding residents.

International investors dominate the market year on year here, and 2024 was no different seeing 90% of the total contribution into luxury property being made by those from overseas. Real estate agency Pure Living Properties, who compiled the statistics, also broke down the buyer profiles of the investments.

Most buyers in tech business

30% of buyers were young tech moguls, as the industry continues to make a significant impact into the global economic growth, and start up companies see lucrative returns. In second were ‘digital nomads’, a term for foreign, remote workers, who flock to popular destinations to soak up the culture and live a new life, with 25% of luxury purchases in the Costa del Sol. At third were elite athletes, with 20%, as the region offers a fabulous opportunity to de-stress and unwind for those competing at the highest level.

Also, notably, many investors in the region’s luxury property market came from the US and the Middle East, as destinations such as Marbella prove to be highly attractive for those in other continents.

Javier Nieto, the CEO of the real estate agency, described 2024 as a “historic year for the sector.” He insisted: “The luxury real estate market is experiencing its best period in decades. Marbella, Estepona and Benahavís have established themselves as international destinations, attracting buyers and investors from over 90 nationalities and solidifying their reputation in the high-end property sector.”