Demand from Arab and North American markets up as Marbella experiences luxury tourism and property boom

More visitors to the Costa del Sol resort are being attracted to the lifestyle and also interested in snapping up top-end homes

María Albarral

Marbella

Tuesday, 2 January 2024, 15:56

Marbella is experiencing a boom in the luxury property market with more Arabs and North Americans adding the Costa del Sol destination to their bucket lists, new data shows.

Javier Nieto, CEO of Pure Living Properties, told SUR: "The profile [of the individual] tends to range in age from 35 to 50 years old and in terms of nationalities, apart from central Europeans and British, we have noticed that Americans have entered the market and have started to rent and are increasingly interested in buying". He also said that "the Arab Emirates and Qatar are growing and this market is on the rise".

North Americans (both from the USA and Canada) have not only burst onto the scene in the Marbella property market in recent years, but during 2023 they also became more interested in the town's luxury tourism sector, on the hunt for exclusive spaces in both five-star hotels and private villas.

"The North American has already had a link with Europe for some years now, buying prime homes in countries such as France and Italy, and now Spain is catching on. Malaga, Madrid and Palma are now the most sought-after cities and Marbella is already making headway in this market," Nieto said.

The quality of life, abundant gastronomy and golf courses are drawing Americans and Canadians to the town, with the town hall launching various promotional campaigns to further advertise the destination.

Arab tourists

The five-star hotels, luxury shops and exclusive services offered by Marbella are among the main attractions for visitors from the Arab Emirates, Saudi Arabia, Qatar and Kuwait. Many from these countries have been loyal visitors to the Costa del Sol town and, after the pandemic hiatus, have been returning to their traditional holiday destination, growing by 10% in 2023 compared to 2022. "The Arabs travel mainly in the summer months and move to the most exclusive places. Within the council we have promoted ourselves in these markets and have obtained good results," said the director of Marbella tourism Laura de Arce.

Luxury homes

The sale of luxury homes peaked in 2022 in Marbella and by 2023, most real estate agencies had increased sales by between 15-20%. In 2024, prices are expected to stabilise. "The new type of property that is selling the most is that of apartments that do not require garden maintenance, security or cleaning like in villas," Nieto told SUR.

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