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Spanish buyers show increased interest in the Costa del Sol's luxury property market

A luxury villa under construction in San Pedro Alcántara.
A luxury villa under construction in San Pedro Alcántara. / Josele
  • The looming threat of being locked down again is stimulating interest among Spanish buyers in luxury properties in the Marbella area, according to a study from the Engel & Völkers estate agency

The lockdown last spring, the increase in home working and the latent threat of being locked down again is stimulating interest among Spanish buyers in luxury properties in the Marbella area, according to a study from Engels & Völkers estate agency in Marbella. These buyers are particularly interested in this area because of its good connections for remote working, the natural surroundings and the services available. The agency says sales have increased 18 per cent since July, and the possibility of further lockdowns appears to be consolidating this change in the market.

Despite restrictions on mobility in different countries, international clients have also increased compared with last year, but Engel & Völkers says the increase in Spanish buyers is striking and they are looking at the Marbella area in particular and the Costa del Sol in general because they offer such a good quality of life.

Some potential buyers want to move to Marbella permanently, while others are looking for a second home in which they plan to spend more time. Smadar Kahana, the director of Engel & Völkers, says Covid-19 has created a new type of client who values the possibility of working from home and the opportunity to enjoy such a lovely area.

Although there had been predictions when the lockdown began that prices would fall by up to 25 per cent, the agency says this has not been the case and it has received 68 per cent more enquiries than last year, with 45 per cent from people living elsewhere in Spain. Some 38 per cent of enquiries were about villas costing between two and three million euros.