Despite the crisis that has affected the real estate sector in recent years, the latest data brought good news for the sector of luxury homes. According to the real estate portal Idealista, demand for luxury homes has increased over 78% since 2013, the worst year where figures reached record lows.
To this must be added that, according to the consulting Knight Frank, the timing of sales transactions of these homes are shrinking because they have gone from 11 months approximately to 3-6 months now. In addition, data from the Ministry of Public Works of Spain suggest that the purchases and sales of luxury homes have increased in the last year by 25% over the previous year.
The average price of luxury housing in Spain, according to Idealista, now reaches two million euros (specifically 1,982,939 €), that means, 6% more than in the worst year of the crisis. Malaga province, specifically the Costa del Sol, is one of the places in Spain where the sector of luxury housing has grown more during this period. Specifically 75% of homes that cost more than one million euros are located in four sites: Madrid, Barcelona, Malaga and the Baleares Islands.
If we focus on the Costa del Sol, the greatest demand of luxury homes in this area actually are individual villas, modern-style, with sea views near the beach. A common feature is also the extensive gardens but above all, private pool.
Here on the Costa del Sol the average price of luxury properties ranges between 600,000 and 2,000,000 euros, although there are always exceptions and there are mansions that can cost more than 10 million.
Most of these luxury homes are located in Marbella, mainly in areas near the beach or in the Golden Mile and luxury gated communities, such as La Zagaleta, Camojan and Sierra Blanca.
As we see, the market for luxury housing in Spain, although it was never collapsed, is now beginning to take off again, and makes it especially here in Marbella and the Costa del Sol.