by Paul | Jul 6, 2024 | Uncategorised
The Costa del Sol, a gem along Spain's coastline, has experienced the most substantial rise in property prices compared to other coastal regions in the country. According to the latest data, one coastal resort in Malaga province has registered a remarkable increase in the price per square metre of over 13% in the past year. The overall housing market on the Costa del Sol is thriving, with Malaga leading the surge in property values along Spain’s coast.
Malaga: A Hotspot for Property Investment
As of the end of the first quarter of 2024, the average price per square meter in Malaga stood at 2,289 euros, reflecting a 9.3% increase from the same period the previous year, according to Tinsa, a leading real estate valuation company in Spain. Following Malaga, the Balearic Islands saw a rise of 8.8%, reaching 2,934 euros per square meter. Other notable increases were recorded in Alicante, Valencia, and Santa Cruz de Tenerife, each with around 7% growth. In Andalusia, Cadiz saw a 5.8% increase to 1,625 euros per square meter, while Almeria experienced a 5.6% rise to 1,187 euros per square meter.
Diverse Growth Across Coastal Areas
Within Malaga, property prices showed varied growth across different areas. In Malaga city, prices increased by 10.7% year-on-year, reaching 2,336 euros per square meter. Torrox saw a 9.6% rise to 1,859 euros per square meter, while Nerja experienced a more modest increase of 4.4%, with prices slightly over 2,000 euros per square meter.
Between Torremolinos and Mijas, Benalmádena recorded the highest increase, with property prices rising by 12.4% to 2,465 euros per square meter. Mijas followed with an 8.2% increase, reaching 2,096 euros per square meter. Fuengirola emerged as the most expensive municipality in this area, with prices at 2,470 euros per square meter, reflecting a 9.5% year-on-year increase.
Marbella and Manilva: High-End Property Markets
In the stretch between Marbella and Manilva, Manilva saw the highest price increase at 13.1% over the past 12 months, bringing prices to 1,826 euros per square meter. However, Marbella remains the most expensive location on the Costa del Sol, with prices at 2,811 euros per square meter, having risen by 10% in the past year.
These increases surpass the national average for coastal properties in Spain, where prices rose by 5.7% year-on-year to 1,740 euros per square meter.
Holiday Homes and International Buyers
The Tinsa report highlights the distinction between first and second homes, as well as permanent and holiday homes. Holiday homes, in particular, are priced significantly above average. In Malaga, holiday homes average 3,700 euros per square meter. The highest prices are found between Marbella and Manilva at 4,000 euros per square meter, followed by the area between Torremolinos and Mijas at 3,600 euros per square meter, and La Axarquía at 3,000 euros per square meter.
Coastal municipalities play a crucial role in Malaga’s property market, accounting for 83% of sales and 64% of new building permits in the province. International buyers dominate the market in coastal areas, except in Fuengirola, where many buyers come from Madrid and other Andalusian provinces. Foreign buyers mainly hail from the UK, Germany, Belgium, the Netherlands, Nordic countries, and the Middle East. Tinsa reports that sales of holiday homes to foreigners constitute between 50% and 70% of total transactions.
For those interested in exploring property options in Sotogrande, Marbella, La Zagaleta, or other parts of southern Spain, visit www.luxe-villa.com or email info@luxe-villa.com for more information and assistance with your property purchase.
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by Paul | Jul 1, 2024 | Uncategorised
As we approach July, Malaga Airport is gearing up for a bustling weekend with nearly 2,200 flights scheduled. This surge in activity surpasses the same period in 2023, which marked the airport’s most successful year to date.
The summer travel season is in full swing, and the terminals at Malaga Airport are already abuzz with passengers. From Friday, June 28th to Monday, July 1st, a total of 2,196 flights are set to take off and land, slightly edging out last year’s record by eight flights. Monday alone will see 537 flights, while Sunday is projected to be the busiest day with 574 landings and take-offs. Friday and Saturday will follow closely with 550 and 534 flights, respectively.
International Appeal
The global allure of the Costa del Sol is evident as the majority of these flights are international. Out of the 2,196 flights, 1,769 will connect Malaga with airports worldwide, with the remaining 427 being domestic flights. This uptick in international traffic is part of a broader trend, with Malaga Airport now offering direct flights to 154 destinations globally this summer.
Francisco Salado, president of the Turismo Costa del Sol tourist board, highlighted that airlines are offering 10.8% more seats from June 1st to September 30th compared to last year. This equates to an estimated 5.6 million airline seats, with 4.7 million dedicated to international routes—a nearly 11% increase. Domestic connections are also on the rise, with an additional 922,000 seats available, marking a 6% increase.
Growth in Key Markets
Salado also pointed out significant growth in several key markets. British tourists are expected to increase by 6.5%, Dutch & Germans by 15.7%, and Belgium & French tourists by 13%. Notably, there will be a 24% increase in flights from Italy. These figures underscore the enduring appeal of the Costa del Sol as a premier holiday destination.
For further information, and for expert guidance in property acquisition and rentals in Sotogrande, Marbella, La Zagaleta, or other areas in Southern Spain, visit Luxe Villa or reach out via email at info@luxe-villa.com.
by Paul | Jun 22, 2024 | Uncategorised
The real estate market in Malaga and the Costa del Sol is experiencing an unprecedented surge, with properties moving at a remarkable pace. According to data from the first quarter of 2024, a significant 43% of homes in Malaga are sold within just one month of being listed. This statistic underscores the dynamic nature of the property market in this region, which continues to attract buyers at an accelerated rate.
Speedy Sales in Malaga City
A deeper dive into the data reveals even more impressive trends. Just over one in ten properties sold in Malaga city during the first quarter of 2024 were snapped up within the first week of being listed. Specifically, 13% of homes found buyers in this remarkably short timeframe. The remaining 30% of properties that sold within the first month were typically sold after the initial week, showcasing a consistent demand throughout the month.
Malaga city has also distinguished itself as the Spanish city with the least number of homes remaining unsold a year after being listed. Only 5% of homes sold between January and March 2024 had been on the market for more than twelve months. This contrasts sharply with cities like Zamora, where around a third of properties remain unsold after a year, and similar scenarios in Lugo and Palencia.
Trends in Malaga Province
The trend of rapid sales extends beyond Malaga city to the entire province. During the first quarter of 2024, express sales, where properties are sold within the first week, rose to 14%. Furthermore, 36% of homes listed in the province were sold within the first month. However, approximately 10% of properties in Malaga's municipalities had been on the market for a year before finding buyers.
Comparative Insights Across Spain
When compared to other provinces in Spain, Granada stands out with its seven-day sales phenomenon. One out of every five properties sold in Granada during the first quarter was sold within the first week of being listed. Following Granada are Alicante, Madrid, Álava, Barcelona, and Valencia, where between 15% and 18% of properties were sold within their first week on the market.
Nationally, the trend mirrors these rapid sales. On average, 13% of homes sold in Spain during the first quarter of 2024 were sold within the first week. Another 21% found buyers between one week and one month, 22% took between one and three months, and 31% of homes were sold within three months to a year. This leaves 13% of properties that lingered on the market for more than a year before being sold.
Market Implications and Opportunities
The rapid turnover of properties in Malaga and across Spain highlights a vibrant and competitive real estate market. For potential buyers and investors, this trend suggests a need for swift decision-making and readiness to act quickly when a desirable property becomes available. Sellers, on the other hand, can be optimistic about the likelihood of fast transactions, especially in hot markets like Malaga and Granada.
For those interested in exploring property opportunities in prime locations such as Sotogrande, Marbella, La Zagaleta, or other areas in southern Spain, Luxe Villa offers a comprehensive selection of properties. Their expertise can assist buyers in navigating this fast-paced market, ensuring they secure their ideal homes efficiently.
For more information, a wide selection of properties, and personalized assistance with buying property in southern Spain, please visit Luxe Villa or email info@luxe-villa.com.
Conclusion
The first quarter of 2024 has demonstrated that the real estate market in Malaga and the Costa del Sol is exceptionally active, with a significant percentage of properties selling rapidly. This trend, observed in both Malaga city and its province, reflects a robust demand and a dynamic market environment. Buyers and investors should take note of these trends and consider acting swiftly to capitalize on opportunities in this thriving region.
by Paul | Jun 16, 2024 | Uncategorised
Demographic Profile:
Age:
- Predominantly between 40-60 years old.
- Includes retirees or those planning for retirement.
- Younger affluent professionals and families are also common.
Nationality:
- Mainly European, with a strong presence from the UK, Netherlands, Germany, Scandinavia, and Benelux countries.
- Growing interest from buyers in the United States, Middle East, Russia, and China.
Income Level:
- High net worth individuals.
- Typically with annual incomes exceeding €100,000.
- Many are cash buyers, though some opt for financing.
Occupation:
- Business owners, executives, and high-level professionals.
- Retirees with substantial pensions or savings.
- People from the entertainment, sports, and finance sectors.
Psychographic Profile:
Lifestyle:
- Seeking a luxurious lifestyle with access to premium amenities.
- Interests include golf, yachting, fine dining, and exclusive social events.
- A preference for a relaxed, Mediterranean way of life.
Motivations:
- Desire for a second home or vacation property.
- Investment in real estate as a stable, appreciating asset.
- Interest in relocating for better climate and lifestyle.
- Seeking a safe, prestigious location for family and social gatherings.
Preferences:
- Preference for properties with sea views, beach proximity, and high-quality construction.
- Interest in gated communities, villas, and luxury apartments.
- Importance placed on privacy, security, and exclusivity.
Behavioral Profile:
Buying Behavior:
- Conduct thorough research and often work with real estate agents.
- Typically visit Marbella multiple times before purchasing.
- Seek properties offering rental income potential.
Property Usage:
- Seasonal use, primarily during summer and holidays.
- Some buyers relocate permanently, while others use it as a holiday home.
- Prefer properties with maintenance services for ease of ownership.
Geographic Profile:
Residence:
- Many buyers come from outside Spain but own properties in other parts of Europe or internationally.
- Some are expatriates living in Spain or neighboring countries.
The Luxe-Villa client in Marbella is a middle-aged to older individual or family with substantial financial means, seeking a luxury property as an investment, holiday home, or retirement destination. They value high-end amenities, privacy, and a prestigious lifestyle, and often originate from wealthier European countries, with increasing interest from global buyers.
For further information, a diverse range of properties, and expert guidance in property acquisition and rentals in Sotogrande, Marbella, La Zagaleta, or Southern Spain, visit www.luxe-villa.com or reach out via email at info@luxe-villa.com.
by Paul | Jun 6, 2024 | Uncategorised
Unveiling the Future of Air Travel: Spanish-Built Drone Prototype for Passenger Flights
The aeronautical race to dominate vertical take-off and landing (VTOL) passenger drones along Spain's Costa del Sol is accelerating. Basque company Crisalion has made a significant leap with the introduction of its first prototype in Malaga, marking a bold entry into this competitive market.
Crisalion's Entry into the VTOL Market
Crisalion is set to challenge the market leader, German company Lilium, which is already collaborating with Spain's air traffic operator Enaire and Malaga Airport's control tower to approve its aircraft. Lilium has also partnered with Hélity, the company managing helicopter routes between Malaga, Algeciras, and Ceuta.
In a spectacular debut, Crisalion presented its prototype at the Aeronautical Museum near the private aviation terminal in Malaga on June 18th. The company, originating from the Basque Country and supported by Spain's Ministry of Science through the CDTI, has secured a commercial agreement with iJet Aviation, a Malaga-based private flight operator. This partnership aims to establish an air taxi route between Malaga Airport and Marbella promptly.
The Integrity eVTOL Aircraft
Crisalion's electric vertical take-off and landing (eVTOL) aircraft, named Integrity, is a pioneering European prototype for urban and interurban passenger and cargo transport. Having successfully completed flight tests in Villacarrillo (Jaén), Lugo, and Toulouse, the Integrity model is ready to redefine short-distance air travel.
Key features of the Integrity include:
- Capacity: Five passenger seats plus a pilot.
- Range: 130 kilometers.
- Speed: A cruising speed of 180 km/h, enabling a 20-minute journey from Malaga Airport to Marbella.
- Sustainability: 100% electric, with zero emissions, low noise levels, and minimal operating and maintenance costs.
The Competitive Landscape
The Malaga-Marbella-Estepona corridor is a hotspot for future aeronautical ventures, with multiple business groups eyeing the lucrative route. iJet Aviation, based in Malaga, offers a range of private flight services and comprehensive aircraft maintenance, positioning itself as a key player in this evolving market.
Future Prospects
As Crisalion and its competitors vie for dominance in the VTOL space, the Costa del Sol could soon witness a revolution in air travel, offering faster, cleaner, and more efficient transportation options.
For more information on luxury properties and expert guidance in property acquisition and rentals in Sotogrande, Marbella, La Zagaleta, or Southern Spain, visit Luxe Villa or email info@luxe-villa.com.
by Paul | May 24, 2024 | Uncategorised
Nestled just 6.5 kilometers west of Marbella, connected by the iconic Golden Mile, lies the luxurious marina of Puerto José Banús, more commonly known as Puerto Banús. This world-renowned destination, built in May 1970 by visionary property developer José Banús, epitomizes Mediterranean elegance and modern luxury. Designed by Swiss architect Noldi Schreck and his Mexican assistant Marcos Sáinz, Puerto Banús features a picturesque 'village' surrounding a bustling yacht harbor filled with opulent boats and floating palaces.
Since its inception, Puerto Banús has blossomed into one of Costa del Sol's premier entertainment hubs, attracting over 5 million visitors annually. Its allure is international, drawing celebrities and tourists alike to its vibrant mix of high-end shopping, gourmet dining, and nightlife.
A Shopping and Dining Paradise
Strolling through Puerto Banús, you'll discover a plethora of upscale boutiques and designer outlets, including prestigious brands such as Gucci, Dior, Versace, and Louis Vuitton. These stores line the marina, offering a shopping experience that rivals the world's fashion capitals. Beyond shopping, Puerto Banús is a gastronomic delight, home to trendy eateries, cozy cafés, bustling nightclubs, and luxurious restaurants that cater to every taste.
Luxurious Living
Surrounding the Antonio Banderas Square, luxurious apartment complexes, shops, and restaurants contribute to the area's upscale ambiance. The famous El Corte Inglés department store anchors this locale, providing a comprehensive shopping experience under one roof.
Puerto Banús is not just a destination; it's a lifestyle. The exclusive residential complexes around the marina, such as Playas del Duque, Malibu, and Gray D’Albion, offer sumptuous living spaces with prime beachfront locations. These properties often feature gated communities with security, concierge services, private gardens with swimming pools, and, in many cases, gym and spa facilities.
A Legacy of Glamour
The glamorous reputation of Puerto Banús was established from the very beginning. The marina's opening ceremony in May 1970 was a star-studded affair, attended by royalty, aristocrats, and celebrities like the Aga Khan, Roman Polanski, and Prince Rainier and Princess Grace of Monaco. Julio Iglesias provided the entertainment, setting the tone for Puerto Banús' future as a playground for the elite.
Prime Real Estate
Properties in Puerto Banús are highly sought after, with a variety of options to suit different tastes and budgets. Within the marina, apartments offer a pied-à-terre experience in Marbella’s most vibrant nightlife venue, with prices ranging from €350,000 for a two-bedroom apartment to €2.9 million for a frontline marina apartment.
Across the main avenue north of the marina, complexes such as Marina Banus and Jardines de Puerto offer more tranquility with communal gardens and pools, yet remain close to all amenities. Prices here start from €265,000 for a two-bedroom apartment.
East of the marina, the luxurious Los Granados complex provides stunning beachfront living with communal gardens, swimming pools, and 24-hour security. Apartments here can range from €450,000 to €3 million for a front-line renovated penthouse.
Further west, past Playas del Duque, the area known as Las Mimosa offers a mix of apartment complexes and villas, including the renowned Casa Nova and Laguna de Banus. These complexes provide extensive amenities, including gyms, spas, and direct beach access, with properties ranging from €2.5 million to €6 million.
Puerto Banús is a beacon of luxury and style on the Costa del Sol. Whether you're drawn by the designer boutiques, gourmet restaurants, vibrant nightlife, or the opulent living spaces, Puerto Banús offers a unique blend of glamour and comfort. For those seeking a fast-paced, glamorous holiday home or a serene year-round residence, Puerto Banús is an unparalleled choice.
For more information and assistance with buying property in this prestigious area, visit www.luxe-villa.com or email info@luxe-villa.com.
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