Sales and rentals on the Costa Blanca, Costa Calida and Costa Del Sol Sales and rentals on the Costa Blanca, Costa Calida and Costa Del Sol


Spain, the new European Miami of luxury real estate.

In 2022, there were more than 8,000 transactions of homes with a value of more than 3 million euros, an increase of 55%.

The wealthy English, Germans, French, Latin Americans and Russians are the biggest buyers of luxury homes in Spain.

The luxury real estate market in Spain for foreign buyers continues to grow in 2023, as many foreigners have returned to invest in our country after leaving behind the years of confinement, restrictions, crisis and uncertainty. This is evidenced by the fact that Spain has positioned itself as the fourth most popular destination in the world among HNWI buyers, those with assets above $30 million.

According to the “Barnes City Index 2022,” cities such as Austin, Toronto and Madrid have emerged over the past year as new benchmarks for HNWI alongside the already consolidated cities of Miami, Tokyo, Geneva, Paris, London and New York. Madrid ranks 9th in the rankings, ahead of cities such as Stockholm, Zurich and Amsterdam.

In 2022, there were approximately 8,000 transactions of homes worth more than three million euros in our country, which represents an increase of more than 55% compared to the number of transactions in 2021 and more than double the number in 2019, which is good health of the luxury residential sector in Spain. This segment accounts for around 5% of the total Spanish residential market, according to the Hiscox 2023 luxury residential market report. Since 2019, prices have increased 10-20% depending on each submarket. In Spain, the main foreign buyers of luxury homes come from the UK, Germany, France, Latin America, Russia and China in that order, and are looking for a safe investment or alternatively a second home where they can stay for a few months. can live per year. In recent years, buyers from North America and the Middle East have also made a strong entry into the Spanish luxury real estate sector.

There are 40,295 houses for sale in Spain with a price of more than one million euros. The majority of these homes are mainly concentrated in four areas of the country.

Malaga has 23% of the total number of homes above this amount. It is closely followed by the Balearic Islands with 22%, and Madrid and Barcelona with 12%.

These four provinces account for 70% of all available homes worth more than one million euros, according to data from the real estate portal idealista. Alicante is the fifth province with the highest number of homes over one million euros, with 10.6%, followed by Gerona with 5.5%. The ranking is completed by Santa Cruz de Tenerife (2.2%), Cádiz (2.1%), Valencia (1.7%), Las Palmas (0.8%), and Granada and Vizcaya (0.7% in both cases).

If we focus only on luxury real estate priced above three million euros, the concentration is even higher in the four provinces mentioned above. Of the more than 7,000 properties of this price advertised on the idealista portal, more than 80% are concentrated in Malaga, the Balearic Islands, Madrid and Barcelona.



In terms of exclusive properties over three million euros, Malaga accounts for approximately 34% of the total market, and most of these properties are located on the Costa del Sol. This is the case in the so-called Golden Triangle, which is formed by Benahavís, Estepona and Marbella. In total, there are approximately 2,500 luxury homes on the market in the province of Malaga. This is the highest number in Spain and slightly higher than its nearest competitor, the Balearic Islands. While the highest prices in the province can be found in the urbanization La Zagaleta in Benahavís (5,804 euros per square meter), in Marbella there are also several luxury urbanizations, such as Cascada de Camoján or Sierra Blanca, with average prices just above five million euros. In terms of average prices, the biggest increases have been seen in the region's most prestigious areas, such as the Golden Mile, Nueva Andalucía and Los Monteros. Demand in Marbella skyrocketed from April 2021 with prices rising by an average of 8% to 10%. Although average prices fell between 2018 and 2021, they have always remained between 5 and 5.9 million euros.

Balearic Islands

The Balearic Islands account for 33% of the total number of properties worth over three million on the market, making it the second Spanish province with the most properties of this type. Investors from all over the world are looking for villas and fincas in the Balearic Islands, mainly as second homes, in very specific locations. In the case of Mallorca, these properties are mainly concentrated in the south-west of the island, in the municipalities of Calviá, Andratx, Deià and Palma, which is precisely the area with the best connections on the island. If there is one area in the Balearic Islands that stands out nationally, it is Costa d'en Blanes, in Calviá, with an average price of 9.5 million euros. Other exclusive residential areas in Calvia are Portals Nous, Sol de Mallorca and Illetes. In the municipality of Andratx there are houses for more than three million euros in the Puerto de Andratx and Es Camp de Mar neighborhoods. In the city of Palma, the Son Vida urbanization stands out, known as the "Beverly Hills" of Mallorca. In Ibiza, the exclusive areas are much more concentrated in San Juan de Labritja, Sant Josep de sa Talaia, Ibiza and Santa Eulalia del Río, without a more specific distinction. The same goes for Formentera, which covers the entire island.


Madrid is one of the most attractive capitals for luxury residential investment on an international scale. Prices compared to other European capitals are more competitive and this, together with the quality of the projects, makes this community increasingly popular as a place to live among HNWI buyers from all over the world. Madrid accounts for approximately 10% of the total number of homes with a value of more than three million euros. A number that makes Madrid the third province with the highest number of luxury homes. The homes of this price for sale in the analyzed areas in the municipalities of Alcobendas, Madrid and Pozuelo de Alarcón represent 1% of the total housing stock in these municipalities. Within Madrid, the Salamanca district and certain Chamberí neighborhoods are favored by large communities of foreigners, with those from Latin America standing out. In the center, locations such as El Viso and Jerónimos also stand out. Other favorite areas of the capital for luxury buyers include La Finca, La Moraleja and Puerta de Hierro. Average prices in these areas have remained relatively constant since 2015 in a very narrow range between 4.7 and 5.1 million euros.


The province of Barcelona accounts for approximately 6% of the total number of properties worth more than three million. Barcelona has retained its appeal compared to its European rivals, particularly among French buyers, who are looking for their holiday home on the Costa Brava and their first home in Barcelona itself. Properties in this segment for sale in the analyzed areas in the municipalities of Barcelona, Castelldefels, Sant Andreu de Llavaneres, Sitges and Naut Aran represent 1% of the total housing stock in these municipalities. The most expensive neighborhoods in Barcelona, which are part of the city's best neighborhoods, are Pedralbes (average 6,406 euros per square meter) and Sarrià (5,924 euros per square meter).

As telecommuting becomes more common, it is quite common among the ultra-wealthy to live in various destinations around the world that they can travel to seasonally. When choosing an investment location, luxury home buyers consider factors such as lifestyle, climate, cultural wealth, security or economic aspects as essential, aspects in which Spain undoubtedly excels.

Millennials, the new protagonists of this market

Millennials or Generation Y (born between 1981 and 1995) and Centennials or Generation Z (born between 1996 and 2010) will represent more than 60% of the luxury market by 2025. It is estimated that these generations' spending will grow three times faster than other generations, according to Hiscox. In Spain, this has already been noticed in the luxury housing market, where these new key players (millennials) represent 25% of total transactions. However, buying and selling luxury real estate is still led by Generation X (born between 1961 and 1980) due to a matter of purchasing power.

In 2021, Spain passed the one millionaire mark for the first time and in 2022 this figure continued to grow to more than 1.13 million people. For now, however, the profile of the customer looking for luxury real estate in Spain is largely international. Many of these investors come from EU countries, mainly from Germany, the United Kingdom and France. However, there are also many national, Russian and Latin American investors in specific submarkets. Among buyers on the coast, the international profile clearly predominates, who are looking for a second residence where they can spend long periods of time. Traditionally, the coast has been the favorite destination of Germans, British, Russians and increasingly Scandinavians. Malaga has historically been the destination of choice for the British to buy luxury real estate in our country, who, despite Brexit, still represent the largest share of foreign buyers not only in the province, but also in our country.

The Balearic Islands are the favorite destination for German investors as more than 35% of searches made last year came from Germany, followed by more than 10% from Great Britain. When it comes to luxury real estate transactions, the foreigners most interested in this type of real estate in the Balearic Islands are Germans (63%), followed by English (12%) and Scandinavians (6%). Spaniards represent almost eight in every hundred transactions in the archipelago. In Madrid, in the Salamanca and Almagro neighborhoods, Mexicans, Venezuelans, other Europeans and Spaniards predominate, who want to settle near the most prestigious shopping areas. National buyers for their own use predominate in Retiro and many families of European diplomats live in El Viso. In La Finca, the profile of the nouveau riche stands out, including media professionals such as athletes or people from show business. In terms of age, the typical buyer of luxury real estate in the Madrid region is between 40 and 50 years old.

Despite being one of the most regulated real estate markets in the world, Barcelona has positioned itself as a Mediterranean hub capable of attracting technology entrepreneurs and founders, thanks to the fact that it is the third largest hub for startups -ups in Europe. This means that buyers of luxury real estate in the city are increasingly young people in their thirties and forties, who are moving to work in these sectors.