The Costa del Sol is Spain’s leading market for ultra-luxury property. New figures show that more than a third of all properties priced at over €3 million are listed in the province of Málaga alone. This puts the region well ahead of the Balearic Islands and Madrid.
Spain Expat Press Editorial Team
by Marlon Gallego Bosbach
The Costa del Sol remains a hotspot for Spain’s luxury property market. New figures from property portal idealista show just how heavily the supply of high-end homes is concentrated in the province of Málaga. In June, 3,671 properties with an asking price of more than €3 million were listed there. This accounted for 35 per cent of the total Spanish market in this price bracket.
Balearen auf Platz zwei
The Balearic Islands follow in second place by a clear margin. In June, 2,942 properties priced at more than €3 million were on the market across the islands. This means the archipelago accounted for around 28 per cent of Spain’s ultra-luxury property market.
Madrid follows in third place. In the capital region, 1,830 properties priced at more than €3 million were listed. This represents 17 per cent of the total market across Spain.
Together, Málaga, the Balearic Islands and Madrid account for around 80 per cent of all Spanish property listings priced at more than €3 million.
Costa del Sol particularly strong for luxury villas
The figures highlight the Costa del Sol’s particular importance in the international luxury property market. While Madrid’s offering tends to consist more often of apartments and other types of residential property due to the concentration of wealth in the capital, the Costa del Sol is particularly known for large, high-end villas and exclusive estates.
Places such as Marbella, Benahavís and other well-known luxury destinations along the coast have been attracting wealthy overseas buyers for years. The current listings on property portals also show a large number of high-end villas and apartments available across the region.
Also among the leaders for properties priced at over €1 million
Málaga is not only a leading market in the ultra-luxury segment. Looking at all properties with an asking price of more than €1 million, the province’s importance becomes clear here too.
In June, a total of 46,454 properties in this price bracket were on the market across Spain. Málaga and Madrid share the top spot, with each province accounting for 20 per cent of the total Spanish supply.
The Balearic Islands follow with 17 per cent. Barcelona and Alicante each account for 12 per cent, while Girona represents a further 5 per cent of the supply. Overall, 86 per cent of all Spanish property listings priced at over €1 million are concentrated in just six provinces.
Major differences between coastal areas and inland Spain
The distribution of luxury properties also highlights just how different Spain’s property market can be from one region to another.
While popular coastal regions and economically strong centres account for a large share of the high-end property market, luxury real estate plays only a minor role in many inland provinces.
In 13 Spanish provinces, not a single property priced at more than €3 million was listed in June. The contrast is even more striking at the €1 million mark: Soria and Palencia had no properties listed above this price.
Málaga is becoming increasingly important for luxury property
The development highlights the growing importance of the Costa del Sol at the top end of Spain’s property market. The region not only accounts for a large share of the country’s luxury property supply, but is particularly dominant when it comes to the most expensive homes.
Previous market data from idealista and other property market sources have also confirmed the Costa del Sol’s strong position in the premium segment. Properties priced at more than €3 million have also recorded a significant increase in prices along the coast recently.
Spain’s luxury property market is concentrated in just a few regions
The latest figures paint a clear picture: those looking for a multi-million-euro property in Spain are most likely to find it on the Costa del Sol, in the Balearic Islands or in Madrid. Málaga stands out in particular. With 3,671 properties priced at more than €3 million, more than one in three ultra-luxury properties listed in Spain is located in the province.
The Costa del Sol is once again cementing its status as one of Spain’s most important luxury property markets – and as a particularly attractive destination for international buyers.
