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

In the province, wealthy individuals also have to put in more effort when purchasing housing. Inflation is now affecting not only the budgets of average salaries in Malaga. For the first time, the average property price in Benahavís has exceeded two million euros in the last quarter, making it the most expensive town in Spain. The average prices on the Idealista portal are 2.26 million euros, which again places it among the top real estate markets with the highest relative demand for home purchases, surpassing Calvià in the Balearic Islands (1.6 million) and Marbella, which ranks third with 1.54 million euros. It’s no surprise that Benahavís has become the most expensive town in Spain, considering it is home to some of the most luxurious and exclusive residential complexes in Europe, such as La Zagaleta, Los Arqueros, and Los Monteros. Moreover, in recent months, villas have been seen for sale for up to 34 million euros.

The Costa del Sol and the province of MalagaSix out of the top twenty spots in this national ranking are occupied by these areas, making them one of the main markets for luxury offerings in Spain.

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.