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The average price of a luxury home in Malaga province is 5.25 million euros, with a value per square metre of around 7,185.24 euros, new figures show.
It comes as prices in the luxury real estate market on the Costa del Sol registered a growth of 3.17% in the past year, according to data in a report published last week by The Agency Marbella. The figure is slightly less than the Spanish average for homes worth more than three million euros, which stands at 4.5%, to over 5.34 million euros for the average house.
A similar revaluation to that of Malaga province has been recorded for luxury housing in the Balearic Islands (3.6%), but it has risen by around 7.5% in Barcelona and Madrid, while in Alicante, the increase is 9.6%, the report shows.
The report shows the "cheapest" luxury homes are in Casares (three million euros), and the most expensive are close to 27 million euros and located in Benahavís.
Homes lower down the luxury chain can be found in Manilva and Estepona, costing between three and five million euros. Meanwhile, in Benahavís, while more than half of the properties are in the same price range, another 22% are worth between five and ten million euros and the remaining 22% are worth more than ten million euros.
But Marbella is where the average luxury home is the most expensive: close to 7.4 million euros; and it is also where the price per square metre is the most expensive: 12,855.63 euros. In this municipality, 58% of high-end homes cost between three and five million euros, while 24% are worth between five and ten million euros and the remaining 18% are worth more than ten million euros.
The report also pointed out that one of the main challenges in the luxury real estate market is a lack of supply. "Bureaucratic obstacles often discourage investors interested in developing here," said Benjamín Beza, sales director of The Agency Marbella.
Beza pointed out "the need for the various public administrations to facilitate procedures so that developers can carry out more real estate developments". This clashes with growing demand for high-end properties where a shortage in the market is driving more people to buying homes in emerging areas such as Alicante province, which has become one of the fastest growing 'premium' destinations.
12,855.63 euros
This is the average price per square metre in Marbella, the most expensive town in Malaga province for the luxury real estate market
Looking ahead to 2025, the agency forecasts sustained growth in the luxury real estate market, with sales in Spain approaching pre-2007 levels. Marbella is expected to continue to lead the high-end market, with an expected 15% increase in demand from US buyers and strong interest in emerging areas of the province such as Ojén, Estepona and Benahavís.
The report also pointed out the profile of the common buyer of luxury homes in Malaga province where many are aged over 50, either retired or late in their professional careers. Meanwhile, other common luxury home buyers are young professionals, entrepreneurs and those aged in their 30s and 40s who are raising a family.
Buyers place great value on the sustainable nature of properties, according to the report. Properties that use clean energy could see their value increase by between 10% and 20% over the next decade, the report pointed out.
There continues to be demand from foreign buyers, particularly from northern Europe, the US and Canada. "In particular, the Balearic Islands and Marbella are hot spots for US investors, who value lifestyle, security and international connections. These buyers tend to choose properties not only to enjoy as holiday homes, but are also looking for secure investments in areas with high appreciation potential," the report pointed out.
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