Else Beekman
Marbella has long been synonymous with wealth and luxury, from its exclusive beach clubs and five-star resorts to the villas tucked away in gated communities overlooking the Mediterranean. That reputation is also reflected in its property market, where a small but increasingly established ultra-prime segment operates at a level of its own.
Homes changing hands for €10 million or more still account for only a fraction of Marbella’s residential market. Yet in its most exclusive areas, eight-figure transactions are no longer exceptional. International buyers with considerable purchasing power, a limited supply of prime land and a new generation of high-end developments have helped push the upper end of the market to new levels.
Marbella-based international real estate agency Drumelia has experienced that shift first-hand. The company says it has brokered more than 20 property sales worth €10 million or more since 2021, with a combined value of €427.3 million. Eighteen of those properties were marketed exclusively by the agency.
Landmark sales at the top of the market
Among the properties sold was a villa in Sierra Blanca that changed hands for more than €40 million and Villa Cullinan in La Zagaleta, which sold for €32 million. The latter received the Best Residential Property awards for both Spain and Europe at the 2019–20 International Property Awards.
According to Drumelia, transactions at this level involve considerably more than finding a suitable property and negotiating a price. Many buyers live outside Spain and require assistance ranging from access to properties that are not publicly marketed to the coordination of legal and tax advisers.
“When we talk about a property worth more than €10 or €20 million, the price is only the most visible part,” says Artur Loginov, CEO and co-owner of Drumelia. “These are transactions in which trust, discretion, negotiating skills and market knowledge all come into play, alongside the professionalism of the real estate agent and the coordination of many people. The level of preparation must match the significance of the financial decision being made by both the buyer and the owner.”
La Zagaleta and Sierra Blanca
Drumelia
Two locations feature particularly prominently in Marbella’s ultra-prime segment: La Zagaleta and Sierra Blanca.
In La Zagaleta, Drumelia says it has been involved in more than 20 transactions with a combined value exceeding €250 million. The agency currently markets 31 properties in the exclusive residential development, four of them exclusively.
The company is also involved with a plot of approximately 14,000 square metres where a villa is planned with a future asking price that could reach around €50 million.
In Sierra Blanca, Drumelia recently brokered the €16 million acquisition of a 7,880-square-metre plot, described as one of the last large buildable plots available within the development.
According to Loginov, the scarcity of land, large plots, privacy, views and the quality of newer projects are increasing the rarity and value of certain properties, widening the gap between the wider luxury market and its very top end.
Drumelia’s current exclusive portfolio illustrates the prices being asked at this level. It includes La Graciosa, a ten-bedroom mansion in Sierra Blanca listed at €25.9 million; Casa Valentino in La Zagaleta, designed by Tobal Arquitectos and listed at €14.9 million; and Villa Marusha in Sierra Blanca, a contemporary six-bedroom property on the market for €16 million.
Selling luxury property to an international audience
Marketing homes at this level increasingly combines international digital exposure with more selective, private initiatives.
Drumelia has invested heavily in audiovisual production and organises private events at some of its exclusive listings. Casa Valentino, for example, hosted an event with Bovet and Suárez in June, while Villa Bellagio in Sierra Blanca was the setting for a private opera evening attended by 50 guests.
Digital marketing can also play a direct role in a sale. Three videos featuring Villa Cullinan generated a combined 5.8 million views, according to the agency. Its eventual buyer first discovered the property through the videos and only visited it in person after purchasing it.
From a small Marbella office to an international team
Drumelia was founded in Marbella in 2003 by Sergey Sinichkin. Artur Loginov joined the company in 2009, aged 18, when three people were working from a 15-square-metre office on Calle Calvario during the financial crisis.
Today, the agency employs 30 professionals of more than 15 nationalities, speaking around 20 languages. It operates from a 500-square-metre headquarters near Puerto Banús, in which the company says it has invested approximately €4.5 million.
The firm has also developed its own internal training programme for new real estate professionals, alongside its Drumelia Talks sessions and The Drumelia Way, a company manifesto written by Loginov.
For Drumelia, that expansion reflects a longer-term bet on Marbella and on the continued internationalisation of its luxury residential market. With eight-figure transactions becoming more frequent in its most exclusive areas, the company expects professional networks, international reach and access to off-market properties to play an increasingly important role at the very top of the market.
This article is based on a collaboration with Drumelia
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