Marbella luxury real estate consolidates its leadership with villas up to 36 million: the potential is incredible
US dollars). The most expensive neighborhood is the La Zagaleta development, which is located about 13 miles away. There, mansions cost an average of €10.7 million (US$11.5 million), with some properties valued at €36 million (US$38.6 million). Together, Mozart Street, La Zagaleta and Estepona are the epitome of Spanish luxury real estate. The Balearic Islands comes in a distant fourth place.
Of the 10 most expensive streets in Spain, five are in and around Marbella, according to Idealista. House prices here are 38 times higher than the most exclusive streets in other resort towns. This area is also home to six of the ten homes with the highest sales prices in the country, exceeding 30 million euros (32 million''US dollars). Real estate experts believe they won't be on the market for long: demand exceeds supply in a luxury real estate market that is experiencing its best moment ever.
"The high prices are no accident. These are large, modern homes overlooking the Mediterranean Sea," explains Javier Nieto, head of Pure Living Properties. Other experts agree, pointing to factors that make this a unique place to live. In addition to easy access to Málaga Airport, the area has good weather, international schools, beaches, high quality restaurants - including Michelin-starred restaurants - and a cosmopolitan city that is vibrant all year round. The appeal of the provincial capital - called Malaga, as the''province - has even attracted technology companies, which is the cherry on the cake. At the same time, Marbella is favored over iconic destinations such as Mallorca, Ibiza, Barcelona or Madrid.
A walk down some of the small town's most expensive streets makes it clear why prices are so high. On Mozart Street - and throughout the Sierra Blanca development, where tennis star Novak Djokovic lives - there are private security guards who don't allow photographs. Some posters warn of "armed guards." There are also clear instructions for visitors, "To enter, introduce yourself at the security desk. The guards will escort you in." While access is technically public... any unfamiliar pedestrian or vehicle raises suspicion''here.
Dozens of palm trees protrude from the high walls surrounding each villa. Behind them are pools, wooded areas, statues, fountains and tennis courts. All is quiet outside, except on summer nights when you can hear music from the nearby Starlite festival. Along the sidewalks you can only see vehicles being dispatched by firms specializing in construction, gardening, water purification, architecture, painting, electrical, internet or other services.
Three workers are busy renovating a house worth eight million''municipal treasuries.
The buyers are usually foreigners. With the disappearance of the Russian market as a result of the invasion of Ukraine, they have been replaced by people from other countries - such as Poland, the Czech Republic, the Netherlands or the United States. But the reality is that there are already 155 nationalities living in Marbella. "The most interesting change compared to previous years is that the average age of families who move to Marbella permanently is between 35 and 50 years old," says Jimmy Weeden, head of real estateagency 3SA Estate. He points out that before the pandemic, the average age was over 55.
"40% of sales are for long-term stays, but previously 95% were for vacation homes,"''adds the expert, who believes that wealth taxes are preventing even more foreigners from moving to Marbella. 'I have hundreds of clients who would move permanently to Marbella if Spain abolished the wealth tax,' he claims. Other sources indicate that these owners live on the Malaga coast for less than six months a year to avoid paying taxes to the Spanish government.
Between the most expensive streets of Marbella, Benahavis and Estepona - the triangle of luxury on the Costa del Sol - the landscape is similar. In the Osa Menor sub-development - located in the so-called "Golf Valley" - there are palm trees, swimming pools, security cameras and multimillion-dollar buildings everywhere. To get into the sub-development,'''You will have to pass through six golf courses. On Avenue Calderon de la Barca, some benches invite you to enjoy a panorama that combines the greenery of a manicured lawn with white buildings, all around the frame of the La Concha mountain range.
There are new villas for sale. Others are undergoing extensive renovations, and some are being torn down entirely to make way for new structures. "When a house is 20 or 25 years old and could be improved, we prefer to tear it down and rebuild it to maintain exclusivity," explain the community of La Zagaleta, where they have strengthened the internet connection and helicopter service to encourage the arrival of clients working remotely. This exclusive complex, which plans to develop a hotel and beach club, continues to grow, and in''Nine villas are currently under construction. More than half of them will be completed by 2025.
The potential of Marbella is incredible. And it can only increase," says Artur Loginov, executive director of Drumelia, a real estateagency with a 20-year history in the area. Last month, Drumelia held a sale of two villas for 11.9 and 13.9 million euros ($12.8 and $14.8 million) respectively.
The traditional exclusive neighborhoods of Marbella are being joined by other developments that have gained popularity thanks to brands partnering with investors to build. For example, Lamborghini plans to build 53 large villas in Benahavis. The Karl Lagerfeld brand owns the other five homes being built at $15 million each on the golden mile, while Dolce''& Gabbana plans to build 60 apartments there.
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