Costa del Sol more popular than ever with Americans
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Table of contents
Spain’s largest real estate platform, Idealista reported on a report highlighting current and future trends of the Costa del Sol luxury real estate market among Americans. Marbella appears to be the hotspot for Americans.
Growth of the luxury market on the Costa del Sol
The report points to an increase in investment by Americans on the Costa del Sol who are interested in buying property as a second home or investment. The analysis covers the buying and selling market, the rental market and the market for tourist apartments.
Marbella as favorite destination for Americans
US tourism to Spain has increased significantly over the years. In 2023, 3.8 million Americans visited Spain and in the first two months of 2024 the number reached 337,062, a 23.7 percent increase over the previous year. This increase is also reflected in higher visitor spending, which reached 8 billion euros in 2023, 50 percent more than in 2022. Marbella stands out as a favorite destination for U.S. buyers because it offers a safe and stable environment amid global geopolitical tensions.
New air routes between Spain and the U.S.
The report also highlights the importance of direct air routes between Spain and the United States for this growth. By 2024, there will be 24 direct routes connecting 11 U.S. cities with five Spanish cities, including a new route between Malaga and New York. Malaga in particular has seen an increase in the number of American visitors, with 174,951 tourists in 2023, up 26.6% from the previous year.
International investors in Spain
The Spanish real estate market continues to attract international investors, despite a 10% drop in foreign purchases in the second half of 2023. Rather, real estate prices have remained stable.
The Andalusian real estate market is showing solid growth. By 2024, a 12.3% increase in price per square meter and a 13.4% increase in sales transactions is expected. Demand from both domestic and foreign buyers has consolidated Andalusia as an attractive destination for real estate investment, including Americans.
In Marbella, property prices have increased 10% over the past year to an average of 4,533 euros/m2 in February 2024. The report ranks Marbella as the 16th most expensive city in the world for luxury homes, above Madrid and Dubai. Newly built and renovated properties in exclusive areas can fetch prices of up to €28,600 per square meter. The rental market also shows remarkable figures, with an average rent of €2,263 per property.
In summary, the report confirms that Marbella and the Costa del Sol continue to establish themselves as favorite destinations for U.S. investors and vacationers, with a growing market for luxury real estate and attractive lifestyles.
Conclusion
Marbella and the Costa del Sol are becoming increasingly popular for American investors and tourists. The luxurious and comfortable lifestyle is making more and more Americans cross the ocean, and numerous new flights from the U.S. to Spanish cities are facilitating this. Marbella is also experiencing price increases due to ever-increasing demand, which is not stopping American tourists and investors for the time being.
