A report confirms the strength of the luxury real estate market on the Costa del Sol, highlighting an increase in interest from American investors looking for second homes or long-term investment opportunities. The document analyzes the real estate market landscape in Spain, with special attention to Andalusia and Marbella. It also addresses the current and future situation of the rental market and tourist apartments.
Marbella is positioned as a privileged destination for American buyers, favorably comparing to other luxury cities such as New York, Miami, and Los Angeles
Spain and Marbella: Preferred destinations for American tourists and buyers
The report highlights a significant increase in North American tourism in Spain. Last year, 3.8 million Americans visited the country. According to data from the National Institute of Statistics (INE), in the first two months of 2024, Spain received 337,062 American tourists, a 23.7% increase compared to the previous year and a 19% increase compared to the pre-pandemic period in 2019.
The spending of these tourists has also grown significantly, increasing by 50% from 2022 to reach 8 billion euros. The average expenditure per trip for Americans was 2,067 euros, with an average stay of.
A crucial factor for this growth has been the recovery of direct air routes between Spain and the United States. By 2024, there will be 24 direct routes connecting 11 US cities with five Spanish cities, including the route between Malaga and New York.
In recent years, Marbella has emerged as a prime destination for American buyers and investors, standing out for its luxurious lifestyle, cultural wealth, and economic stability. Despite a 10% decrease in property purchases by foreigners in the second half of 2023, prices have remained stable.
Locations like Madrid and coastal areas continue to be particularly attractive to American investors. For 2024, the outlook is optimistic, with the Andalusian real estate market showing solid growth.
Prices per square meter have increased by 12.3%, while housing transactions in Andalusia have risen by 13.4%, driven by both domestic and international demand. The report highlights that foreign investors maintain a strong interest in the Andalusian coast. According to the Property Registrars, foreigners carried out 23,300 transactions in the first quarter of 2024, representing 14.5% of all purchases in the region, led by British and Russian buyers, followed by Germans and French. These investments are focused on coastal tourist areas, mainly for vacation rentals.
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