According to the Association of Businesses for High Quality Housing – or DOM3, as it is more commonly known – the luxury housing market in the “Golden Triangle”, which encompasses Marbella, Benahavís and Estepona, was worth 350 million euros in 2017…
The DOM3 report reveals that this figure could balloon by as much as 20-25% in 2018, taking the value of all luxury property transactions to between 400 and 440 million euros for the year.
As well as bolstering the local economy, the elite housing market also brings with it job creation. In 2017, 4,000 jobs were created as a direct result of luxury property purchases, as well as a further 12,000 indirect jobs in industry and technological innovation.
The buyer profile for this type of high-end property is typically – yes, you guessed it – foreign. In fact, only 10% of sales were made to Spaniards last year, with the remaining 90% being made up of foreigners wanting to invest in a second residence on the Costa del Sol.
Also unsurprisingly, Russians, Germans, Scandinavians, Middle Eastern and British are named in this report as the predominant investor profiles.
DOM3 point out that the high-end property market is a sustainable one, not only as one of Málaga’s most significant economic drivers, but also in terms of employment, the environment and its impact on local businesses.