MARBELLA’s luxury property market is dominated by Americans and Arabs according to new expert research.
Luxury has long been associated with Marbella, not only for tourists but also those buying property in the area.
Brits and Europeans have led the city’s property market for decades, with the average buyer ranging from 35-50 years old.
Now, research has shown that North Americans and Arabs are snapping up the Costa del Sol city’s most exclusive properties.
The data from Pure Living Properties shows that tourists from the USA and Canada began to show a specific interest in luxury lodgings in 2023, from booking five star hotels to seeking high end villas.
Javier Nieto, CEO of Pure Living Properties, told Diario Sur: “North Americans have shown interest in Europe for many years but now Spain is becoming fashionable.
“Malaga, Madrid and Palma are now the most sought-after cities and Marbella is already making headway in this market, with many showing interest in the Costa del Sol.”
He claimed the local quality of life, golf courses and gastronomy is what attracts North Americans.
The local council has also put measures in place to attract this market, including establishing a link with the US’s largest luxury holiday operator, Virtuoso.
The Ayuntamiento de Marbella also held the Sondheim Cup in the area, an international golf tournament attracting visitors from all over the globe.
The area is also popular with visitors from the UAE, Saudi Arabia, Kuwait and Qatar due to its luxury retail offering, exclusive services and abundance of five star hotels.
This demographic has become a firm visitor to the Costa del Sol since the pandemic and visitors have grown some 10% between 2022 and 2023.
According to Laura de Arce, Tourism Director with the Ayuntamiento de Marbella, the council has been working with the Spanish Luxury Association to attract Arab visitors to the city.
Although 2022 saw a huge growth in the luxury property market, 2023 has seen it increase by some 15-20%.
As a result, experts predict even more growth in 2024 due to high demand and low availability, including shortages of land to build new projects.
Nonetheless, it is believed it will be the market’s ‘best year’ in history.
READ MORE:
