"The average cost of housing in Benahavís reaches two million euros."

In addition to the previously mentioned Benahavís and Marbella, there are Estepona (€610,000), Mijas (€492,000), Benalmádena (€442,000), and Fuengirola (€385,000). One in three luxury residential properties in Spain is located in Malaga. It is worth noting that the province of Malaga topped the residential real estate market for properties priced over €3 million in 2022, according to Hiscox's 'Luxury Housing Market Report in Spain.' A total of 2,500 luxury homes worth more than €3 million were registered, accounting for 34% of the national total; the Balearic Islands ranked second with 3,300 such exclusive homes, making up 33% of the total in this market, while Madrid holds 10% of the total luxury residential properties, and Barcelona approximately 6%. "The luxury real estate market in Spain is experiencing considerable growth, and more and more high-net-worth individuals are deciding to invest in it. Therefore, understanding not only the value but also the characteristics of luxury developments and homes, as well as their demand, helps us better understand buyers, their priorities, and lifestyle, so we can offer tailored services that meet their needs and expectations as an insurer," stated Eva Peribáñez, director of the Art and Private Clients division at Hiscox Spain.