The first months of 2023 have showcased the increasing dynamism of Málaga’s luxury real estate market. This city has become an incredibly attractive destination for high-net-worth international buyers, fueling a solid and promising growth in this area. At Lucas Fox, we have witnessed a 6% rise in potential clients compared to the previous year.
Market Growth and Prime Zones: The data we have gathered reveals an annual increase of over 12% in prices in Málaga’s prime areas. These positive indicators confirm Málaga’s position as an increasingly appealing destination for luxury real estate investments. In fact, according to a report by Hiscox España titled “Luxury Housing Market in Spain,” Málaga accounts for 34% of the total Spanish market for properties valued above €3 million.
During the first quarter of 2023, although prices have risen by 3.6% in the eastern part of the city and 2.1% in the city center, this has not dampened buyer interest.
Factors Driving Málaga’s Appeal: Málaga has experienced significant improvements in infrastructure, transportation, economic growth, cultural development, technology, and services. These factors have contributed to its desirability among investors, second-home buyers, and families seeking permanent residence.
Key International Buyers and their Preferences: The city attracts high-net-worth foreign buyers, who represent approximately 81% of total sales conducted by Lucas Fox Málaga office in the region, playing a crucial role in driving the real estate sector and the local economy. Buyers from the United Kingdom (27%) and the Netherlands (24%) stand out, although purchasers from Switzerland, Ireland, Italy, Poland, Colombia, and other countries are also present. Nearly half of these buyers acquire second residences, followed by 30% seeking primary residences and 24% interested in investment opportunities.
What Málaga Offers: International buyers of luxury properties are drawn to villas with private gardens and pools in residential areas such as Pinares de San Antón, Pedregalejo, and Limonar, which are highly attractive and have lower prices compared to other regions in the country. Additionally, sought-after areas include El Candado, beachfront apartments in La Malagueta, and buildings in the city center and the trendy Soho district.
Popular Zones in Málaga: Notable demand is seen in Málaga Este and the Historic Center.Benalmadena Pueblo, Benalmadena Costa, Fuengirola, Torremolinos . This prime area offers a wide range of services and amenities, from modern residential complexes to luxurious seafront villas and apartments. On the other hand, the Historic Center combines the city’s rich cultural heritage with the vitality of modern life.
Price Trends: It’s important to highlight that prices in these prime areas have experienced an annual increase of over 12% compared to the same period last year, according to Lucas Fox data. For instance, prices in La Malagueta reach €4,843 per square meter, in Limonar it’s €4,274 per square meter, and in the historic center it’s €4,312 per square meter, making them the highest-priced areas in the city. In recent years, the Nuevo Paseo Marítimo de Pacífico area