Luxury real estate in Spain – this is worth knowing in 2024

How to recognise that a specific Spanish property is a luxury property? 

A few years ago, I heard from a developer who builds prestigious and expensive houses that luxury is measured in square meters, which we don't really need. And there's definitely something going on, because Spanish premium properties are easiest to recognise by their size. Here you will find apartments with areas of 150 - 200 and even 300 m2, villas with several or a dozen bedrooms, often with areas of 500 - 600 or more square meters. 

This need for space also applies to the plots on which houses are built. In luxury districts, the minimum plot size is, for example, 2,000 m2 in Sierra Blanca and 3,000 m2 in La Zagaleta.

Location is key. A premium property must have the so-called "good address". And here, apart from those mentioned above, we can add The Golden Mile in Marbella or El Real de La Quinta in Benahavis. Interestingly, these locations are also evolving. Some of them have been in price since Marbella, and with it Costa del Sol, entered the international arena, i.e. since the 1960s. Nobody remembers the others that triumphed in the 1990s and early 2000s. This was the fate of Atalaya de Rio Verde, which was replaced by Sierra Blanca as the local Beverly Hills.

Another prime location is the first line, i.e. plots right next to the beach in Marbella, Estepona or Malaga. However, in addition to the location, the property must also meet the conditions of size, construction quality and equipment. Why? Well, the first line in the cities of the Costa del Sol was intensively built up in the 1970s with architecture that today we associate with socialist realism rather than prestige. It is difficult to talk about luxury in old skyscrapers, even if the apartment has been renovated to the highest standard. Its surroundings are important, and they will not change as if by magic. Therefore, if the first line, the prestigious ones will be villas on large plots and apartments built in recent years. I mean housing estates like Emare and Doncella Beach in Estepona, or the older but definitely luxurious Laguna Beach or Casa Nova in Puerto Banus. 

Read more:  Get to know Puerto Banús, or Costa del Sol in its most luxurious version

In the above paragraph, there are two more conditions that a luxury property should meet: the quality of construction and the class of property equipment. That is why Costa del Sol is the promised land for good construction companies and prestigious interior design brands. Starting from furniture, through lamps, carpets, textiles and ending with works of art. What will hang on its walls or decorate the interior will also be an attribute of a prestigious property. 

Luxury houses in Spain – examples 

It is no wonder that Marbella and the Costa del Sol have been targeted by well-known fashion brands that have decided to enter the luxury real estate market.

5 unique villas by Elie Saab, a Lebanese fashion designer, are being built in the exclusive Sierra Blanca district, one of the most prestigious locations in Marbella. These spectacular, modern houses surrounded by protected nature will be an enclave of peace and luxury. Their prices started from EUR 8.3 million.

Karl Lagerfeld also decided to try his hand at the luxury real estate market on the Costa del Sol. The first of the five villas he designed was sold from the plan for nearly EUR 15 million. 

Fun fact!

Not only luxury fashion brands are entering the real estate market on the Costa del Sol. They were joined by a top-shelf Italian car brand. A villa estate under the Lamborghini banner is being built in Benahavis. The same company bought a huge plot of land in Manilva, where it intends to build the second Sotogrande.

For people who do not need fashion brands when choosing a home, we have offers at more affordable prices. Recently, for example, a beautiful, modern house in Marbella appeared in our portfolio. This is a unique property considering the location in which it is located. La Montua is a district of Marbella that has not yet been discovered by tourism and many people live here permanently. Beautiful views, proximity to the center and infrastructure, and yet peace and quiet make this villa an ideal home for a family. Its price is EUR 2,795,000. more about this luxury house in Marbella.

Luxury apartments in Spain – examples

Luxury real estate is not only villas. There are also fantastic apartments being built in southern Spain, the prices of which exceed that of many houses, making them worth considering when looking for your dream luxury property in Spain. 

The most sought-after location of apartments is still the so-called first line of the beach. Because its availability is by its very nature rather limited, the prices of plots are absurdly high. In recent years, several high-class apartment complexes located by the sea have been built on the Costa del Sol. In the most expensive of them, located in Estepona, prices started from EUR 1,980,000 for a three-bedroom apartment and ended at almost EUR 5 million for a four-bedroom penthouse. Apartments with 3 bedrooms ranged from 403 to 431 m2, and those with 4 bedrooms ranged from 548 to... 813 m2. Such areas are more associated with a villa than with an apartment, and if we add the fantastic quality of finishes and the location, the prices no longer look so astronomical. It is worth adding that the developer sold more than half of the 28 apartments within half a year. 

Do you know that...

Currently, in Marbella, on the Golden Mile, the prestigious Marbella One (or Marbella Uno) estate is being built on the last available seaside plot. These apartments did not come on the open market at all. The developer had a waiting list before obtaining a building permit, which took… several years. 

Examples of luxury apartments on the Costa del Sol from our offer

Luxury apartments in Spain are also being built inland. On the Golden Mile you will find an over 600 m2 penthouse equipped by the well-known fashion company Fendi. The interiors are fabulous and the starting price of this apartment/house is EUR 5.5 million. 

On the other side of the street, a housing estate of luxury apartment buildings signed by Dolce & Gabbana is being built. This Italian brand will build 60 apartments in Marbella. The luxury complex is being built on the Golden Mile, a few minutes' drive from the exclusive Puente Romano Resort, Nobu and Marbella Club hotels. Just 800 meters away there is one of the best beaches on the coast, with beach clubs and restaurants. The investment will cover an area of almost 90,000 square meters. There will also be retail, restaurant and artistic premises there.

Fun fact!

According to Spanish media, the plan for the development of Marbella is to create in this city a district specialized in luxury houses associated with international brands from the world of fashion. 

There is also a lot of apartment construction in Benahavis, with high-end luxury apartments starting from €800,000 for a two-bedroom apartment. For a penthouse in the same estate you have to pay over EUR 2 million. 

However, the primary market is only one side of the coin. The secondary market is often the first choice of people looking for luxury apartments in Spain. Many people with large wallets who do not want to buy a villa for various reasons choose an apartment to be renovated in a prestigious location.

Where to look for luxury properties in Spain in 2024? 

The largest percentage of luxury properties in Spain is located on the Costa del Sol. Just over 35% of properties are valued at over EUR 1 million. The famous Golden Triangle (Marbella, Benahavis and Estepona) is home to the largest concentration of luxury properties, 3% of which are valued at over EUR 10 million. Sotogrande is also an interesting location. 

Costa del Sol and Benahavis – the center of luxury real estate in Spain

Benahavis is one of the most picturesque places on the map of Spain. The quintessential Andalusian towns and a safe haven for great world fortunes. A place that combines soothing, natural nature and unimaginable luxury. 

Read more:  Benahavis – discover the jewel of the Costa del Sol

The commune of Benahavis is home to the most expensive luxury developments in Spain and therefore has one of the highest per capita incomes in the country. The richest commune in Spain is not without reason called the jewel of the Costa del Sol. On its hills it hides the luxury of great fortunes and residences, a number of exclusive estates and housing estates, including: La Zagaleta, El Madroñal, Monte Mayor and El Real de La Quinta. The owners of residences in villa areas in Benahavis are often famous actors, musicians and politicians known from the front pages of newspapers.

La Zagaleta – the most expensive urbanisation in Spain

This most expensive urbanisation in Spain is over 30 years old and covers 900 hectares, where there are currently approximately 250 houses. Their number cannot exceed 420. Not because of lack of space, but because this was the vision of Zagaleta's creator, Don Enrique. Enrique Perez Flores was born in Sevilla. As a banker working in Zurich, he made a lot of money. After retiring, he returned to Spain. In 1991, together with his friends, he bought a property called La Baraka, then belonging to the Saudi magnate, Adnan Khashoggi, for the equivalent of EUR 36 million. Mr. Khashoggi is a colourful character. At one point, considered the richest man in the world, he fell into trouble and fell out of favour with the elites when the USA accused him of arms trafficking and Switzerland accused him of laundering $100 million taken by dictator Ferdinand Marcos from the Philippines. Khashoggi has persevered through difficult times. He moved to Monaco and, traveling between Monaco and London, lived to the beautiful age of 81. 

Do you know that...

The Saudi tycoon was also in some way connected with the British royal family, although it does not boast about this connection. Dodi Al-Fayed, the son of Adnan Khashoggi's sister, Samira, accompanied Princess Diana on a disastrous trip that ended in a tragic car accident. 

Coming back to today's Zagaleta. Today, on the former hunting grounds of Mr. Khashoggi, there is the best-guarded and fantastically maintained district, the object of many people dreaming of a luxury property in Spain. 50 km of private roads connect two golf courses, a stud farm, tennis courts, a helipad and two social clubs. Only few people can afford to buy a luxury villa in this place. House prices start from EUR 3 million, and membership in Club Social requires a EUR 100,000 entry fee. The residents of La Zagaleta are not afraid of such amounts. These are very wealthy and often public people who are ready to pay much more for their peace of mind. La Zagaleta provides them with luxury, discretion and safety. Don Enrique's vision is being realized even though he himself died a few years ago. All this makes La Zagaleta an ideal location for those looking for luxury real estate in Spain.  

I will also add that 80% of the Benahavis commune's income from real estate taxes comes from the residents of La Zagaleta. 

El Real de La Quinta. This project was initiated by Tomás Pascual and is the implementation of his vision. Over 1,000 luxury properties, a golf course, an artificial lake, a hotel and kilometers of bicycle and walking paths are being built there. I will come back to this district because it is there that a prestigious estate of 18 unique villas is being built. 

Marbella and Sierra Blanca

Also called the local Beverly Hills, it cannot compare with Zagaleta in terms of security and discretion, but it competes with it in house prices. Here, too, it is difficult to find a villa whose price does not exceed 6 figures. Located close to the center of Marbella and the beach, it is a place eagerly chosen by wealthy people who prefer to be closer to normal life and are looking for luxury properties on the Spanish Costa del Sol.  

Read more: Marbella - what is worth seeing here for a weekend, a week or... for life

For a square meter of plot in Sierra Blanca you have to pay EUR 2,000, and to build 1 m2 of a villa in the standard expected from this type of real estate, about EUR 4,000. The minimum size of the plot in this place is 2,000 m2, and the maximum size of the house on such a plot: 600 m2. The calculation is simple: the average price for a house in Sierra Blanca is around EUR 4.5 million. However, much larger plots and houses are the standard; currently, there is a villa located in Sierra Blanca on the market priced at EUR 30 million. 

Luxury real estate prices in Spain in 2024

For a square meter of real estate in the best areas of Madrid, Castellana and de Recoletos, you have to pay EUR 10,397 and EUR 10,141/m2, respectively. These are the highest prices per square meter in Spain.

In Barcelona, the most expensive district is Sarria-Sant Gervasi with a price of EUR 5,584/m2, followed by the Eixample district, where the Sagrada Familia is located, with a price of EUR 5,278/m2. The most expensive location in the municipality of Barcelona is the seaside Sitges with a price of EUR 4,577/m2. 

For comparison, a square meter of real estate in Ciutat Vella, the most expensive district of Valencia, costs EUR 3,234. In Seville, the most expensive square meter of real estate is in Centro: EUR 3,428. Returning to the Costa del Sol, in Malaga the most expensive is also in Centro: EUR 3,607/m2. 

The Balearic Islands have the highest real estate prices among the islands. And this is not a surprise, but the first place in the ranking is. It is occupied neither by Majorca nor Ibiza, only by Formentera with a price of EUR 8,414/m2. 

• Next in the ranking is Majorca's Calvia. Here, the highest price per square meter was recorded by Portals Nous Bendinat: EUR 8,114. 
• Next was Ibiza with prices of EUR 7,515 in Jesus and EUR 7,376/m2 in Cas Catala-Illetes, respectively.
• The ranking ends with the capital of Majorca, Palma de Mallorca: Portixol-Molinar EUR 6,447/m2 and Ciutat Antigua EUR 5,357/m2.

The project of 18 luxury villas on the Costa del Sol is a perfect example of premium real estate 

This is a luxurious investment consisting of 18 individually designed, passive villas, located in El Real de La Quinta. Surrounded by wonderful nature and bordering a UNESCO biosphere reserve, the villas are just a 15-minute drive from Marbella. The views of the Mediterranean Sea, the Strait of Gibraltar and the African coast are breathtaking. 

El Real de la Quinta is an unique location. A completely new district is being built on a fantastically located 200-hectare area. In addition to exclusive villas and top-shelf apartments, there is an artificial lake with an area of 35,000 m2 with a beach, swimming pool and a water sports club. The club by the lake will also include a SPA, saunas, massage rooms and two swimming pools: one heated, 25 meters long, and the other intended for the aqua gym. 

There are also: a 5* hotel of a recognized world brand, restaurants and bars, tennis and paddle courts, a playground for children and a small shopping center. Cycling and walking paths will be created around the lake. The entire district is monitored and guarded. 

In February 2022, a project of 18 villas located in this district won the main prize in the International Property Awards: World's Best Residential Development. 

Since the entire district is under construction, real estate prices will increase along with it. A beautifully designed house, equipped with the latest technologies, purchased at the design stage or at an early stage of construction, the fact that the quality of construction is guaranteed by the BREEAM certificate and the possibility of personalizing every detail, plus the above-mentioned advantages of the location, are a recipe for a successful investment.

There are currently 4 exclusive villas for sale here with prices ranging from EUR 5,995,000 to EUR 6,995,000. find out more about these luxury villas on the Costa del Sol

What are the prospects for the luxury real estate market in Spain? 

The luxury real estate market, just like the market for works of art and other luxury products, resists all crises. Moreover, buying a premium Spanish property can be an excellent way to secure capital and wealthy people know this very well. What brings them to Spain and the Costa del Sol is their stable economy, well-developed infrastructure and excellent climate. 

Summary

The luxury real estate market in Spain is as broad as the selection. When deciding to buy a premium property, you must first consider its location. There are various factors to take into account here, but the most important thing is – in my opinion – the answer to the question where in Spain you feel best. Of course, if this property is to be used by you. When it comes only to capital investment, the baton is taken over by an investment-attractive (preferably emerging) location and Excel. 

[sources of data contained in the text: Idealista, Fotocasa]