Before the economic crisis, 51 per cent of properties costing more than one million euros in Andalucía were in the western part of Malaga province, but since the property bubble burst and prices plunged there has been a dramatic change in the housing market: 86 per cent of luxury properties in Andalucía are now in the triangle formed by Marbella, Estepona and Benahavís.
The figures, which show the strength of this section of the market even in the most adverse conditions, were revealed recently at the annual forum of the DOM3 association, which called for new action to take advantage of the opportunities for wealth and jobs generated by this sector. It also expressed concern that Marbella is missing out on investment because of the length of time it takes Marbella council to grant licences.
Last year the average price of property in Marbella, Estepona and Benahavís was the sixth highest in Spain, but this triangle is seeing major growth and there has been a 139 per cent increase in property sales since 2010.
In 2016 the value of sales in thisrelatively small area reached 280 million euros, and created 3,000 direct and 9,000 indirect jobs.
The luxury sector is performing well, but could do even better. The sector is concerned that investors are choosing areas other than Marbella because the local authority is not functioning properly in terms of granting licences, and says the process needs to be speeded up as a matter of priority.
Last year, only 15 per cent of investment in luxury property was in Marbella, although the town continues to attract buyers of all types.