Lorraine Williamson
Spain continues to draw investors due to its climate, culture, and high-quality facilities. Among the country’s thriving real estate markets, Marbella and Málaga have emerged as key players in the luxury sector.
Both cities, situated in Andalucia, have been included in Barnes‘ Global Property Handbook 2025, highlighting them as prime locations for high-end property investments.
Marbella as a global luxury destination
Marbella’s reputation as a luxury hotspot remains unshaken, with demand from international buyers showing no signs of slowing down. The city’s appeal lies in its blend of established charm and modern amenities, making it a consistent favourite among wealthy clients. The renowned “Milla de Oro” area, with its proximity to Puerto Banús, is particularly coveted. Here, property prices start at €5,000 per square metre, with prime locations reaching up to €15,000 per square metre.
Marbella has recently climbed in the rankings and now stands 35th worldwide for luxury real estate. This surge in popularity is driven by the high demand for exclusive villas and top-tier apartments. For those with significant capital, the city offers some of the most expensive properties in Spain. Notably, Villa Bellagio, located in the exclusive Sierra Blanca area, is currently listed for €70 million. This 5,500 square metre villa sits on a vast 14,000 square metre plot, exemplifying the luxurious offerings in the region.
Málaga is an emerging luxury market
While Marbella has long been associated with luxury living, Málaga is swiftly catching up. The city’s real estate market, particularly in neighbourhoods like El Limonar, now appeals to high-end buyers. New developments, coupled with Málaga’s growing cultural reputation, are making it an attractive choice for investors. Properties in this area typically start at €500,000, with luxury villas often priced between €1 million and €3 million.
Madrid and Barcelona lead the luxury market
Barnes’ study also ranks Madrid as the top global city for luxury real estate. Madrid is home to a dynamic luxury rental market, with 86% of high-end properties owned by Spanish nationals. However, foreign investment is also notable, with buyers from Morocco, Venezuela, and Germany making up the remainder of the market. Barcelona and Marbella also appear in the top 50 cities for luxury real estate, at 22nd and 35th, respectively.
Investment trends and international buyers
The luxury property market in Spain sees a mix of international and local investors. In Marbella, most buyers come from the UK, Germany, and Scandinavia, looking for second homes or investment opportunities. Málaga attracts both Spanish and Northern European investors, who seek to combine cultural appeal with modern amenities.
Spain’s luxury real estate market, particularly in Marbella and Málaga, is thriving as global demand continues to grow. With a mix of established and emerging destinations, Spain remains a top choice for high-end property investors.
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