The western Costa del Sol luxury property market has grabbed the headlines time and time again this year as the activity reaches levels not seen since the late 2000s. Homes with seven-digit price tags are changing hands more than ever and demand appears to be unprecedented. But what lies behind this frenzied market activity in the so-called Golden Triangle of Marbella, Estepona and Benahavís? Read on for the answer.
Reason 1 – the western Costa del Sol does luxury property extremely well
From their beginnings as tourist enclaves, Marbella and Benahavis have aimed high. As a result, the Golden Mile in Marbella in the 1950s and La Zagaleta later on in 1991 have always housed some of southern Spain’s finest property.
Not for nothing does Benahavís regularly as Spain’s most expensive place to buy a property – Villa Cullinan on La Zagaleta sold for €32 million earlier this year, the highest price for a mansion in Europe. And Marbella is never far behind with its average square metre prices often outranking those in Madrid’s most sought-after postcodes.
Luxury property on the western Costa del Sol always lives up to its name in location, design, size and finishes. Whether it’s a brand-new villa in Marbella Club Resort or one of the first mansions built in La Reserva de Marbella, luxury is assured.
Reason 2 – the rich want the location lifestyle
With its scenic backdrop and 320 days of sunshine a year, the western Costa del Sol ranks among the world’s dream locations. Not for nothing has it been one of the most popular places to buy a second home in Europe for decades.
And along with this idyllic location goes an exceptional lifestyle. A pleasant year-round climate with the Mediterranean and stunning scenery on your doorstep lend themselves to an ideal way of living. Add to this, world-class facilities and amenities plus exceptional properties and it’s easy to see why this part of Spain ticks so many boxes for buyers at the higher end of the budget.
Reason 3 – it’s all about your home (and the best one possible)
One of the collateral effects of Covid has been the significance we now give to our homes. Never before did we spend so much time in them and never before have we looked at our surroundings under such an unforgiving microscope.
A private outdoor area, preferably as generous as possible, became a top priority as did separate areas for a home office and schooling. Also at the top of the wish list was space and plenty of it because when you have to stay at home, you need the best environment your money can buy.
And one of the best places to buy this environment is, as the worlds wealthy have known for decades, is on the western Costa del Sol. Where you also have guaranteed sunshine.
Reason 4 – the perfect spot for remote working (and raising your family)
The western Costa del Sol luxury property market once used to be the kingdom of older retirees, but with the advent of Covid, the demographics have shifted. Younger high-net-worth individuals (HNWI) now have Marbella, Estepona and Benahavís on their radar.
These highly desirable locations offer exactly what you need to work from home: high-speed fibre optics and plenty of space for a home office plus fast and regular connections by air to the world’s business capitals.
And as the younger HNWIs have discovered, the western Costa del Sol also makes a great place to bring up a family. Medical care is among the best in the world and the choice of international schools in the area ranks second to none in southern Europe.
Reason 5 – western Costa del Sol luxury property market is as safe as houses
The old adage has proved its worth literally and metaphorically since the arrival of Covid. Not only are we safe in our homes, their bricks and mortar also provide a secure haven for our money.
And more profitable ones too especially when compared to the negative interest rates and erratic stock markets. As a result, many HNWIs have focused their investments on the property, a safe bet in today’s rollercoaster world.
Not for nothing are the world’s wealthiest REITs also looking at the western Costa del Sol. La Fuente development by the French REIT, Firce Capital, of 15 luxury villas with price tags of between €1.9 and €2.9 million, is just one example. The location? The Golden Mile in Marbella.
The high-end property market in Marbella and its surroundings has also survived the pandemic. Prices have seen little if any adjustment and those for new builds have shifted upwards. As a Tinsa report recently stated, “the Costa del Sol is positioned as the property market that will experience fast recovery as soon as the health situation gets back to normal”.
Reason 6 – we have just what the market wants
At Realista, we specialise in luxury property on the western Costa del Sol, focusing particularly on the Golden Triangle itself. Our listings include the best homes on the market in Marbella, Benahavís and Estepona. Why not take a look and find the ultimate forever home for you and your family?