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US luxury real estate companies set sights on Marbella in face of tourism boom
Property

US luxury real estate companies set sights on Marbella in face of tourism boom

The agency that sold the Playboy Mansion, Walt Disney Estate and residences owned by Michael Jackson and Michael Jordan is coming to the Costa del Sol

María Albarral

Marbella

Monday, 24 June 2024, 15:53

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Luxury real estate agencies from the US are setting up in Marbella following the town's recent tourism boom, particularly among Americans and North Americans.

One of the most prestigious, The Agency, has landed in Marbella after corroborating in a previous study which looked at the increase in American investors looking for houses and villas as second homes or as an investment for the future in southern Spain. Specifically, Americans are looking for homes on the Marbella coast, according to the study, "making Marbella one of the best real estate destinations for this profile of buyer and does so in relation to other cities with luxury real estate markets such as New York, Miami or Los Angeles".

The real estate agency has prepared a market report that compares what you can buy in the luxury sector with a million dollars in Marbella with other international cities such as Monaco, London, Singapore, Geneva, Los Angeles and New York. On the Costa del Sol you can buy a property of 101 square metres compared to 16m2 in Monaco, 22 in Singapore or 34 in London or New York, the findings show. Marbella's competitive position within this spectrum, especially when compared to more expensive US cities and other international destinations, makes it an attractive option for buyers looking for substantial value in prime residential property.

Unique appeal

"The strong growth of Marbella's real estate sector highlights the area's unique appeal. With its luxurious lifestyle, beautiful scenery and solid market fundamentals, Marbella is increasingly becoming a top choice for discerning investors in the United States," said Benjamin Beza, sales director of The Agency Marbella.

Marbella ranks as the 16th most expensive place in the world for luxury residences, ahead of cities such as Madrid and Dubai, while Monaco takes the top spot. The Agency's owner, Mauricio Umansky, is proud to be responsible for the sale of some of the world's most iconic properties such as the Playboy Mansion, the Walt Disney Estate and residences previously owned by Michael Jackson and Michael Jordan. Umansky is a well-known face in the United States for his participation in shows such as The Real Housewives of Beverly Hills and has his own series on Netflix: Buying Beverly Hills.

Tourism is booming

American tourism in Spain is booming, according to the agency's market report. Last year 3.8 million Americans chose Spain as a holiday destination and, according to data from the Spain's national statistics institute (INE), in the first two months of 2024, it welcomed 337,062 American tourists, 23.7% more than last year and 19% more than 2019.

This boom of US visitors also translates into a growth in their spending when they come to Spain, as it increased by 50% from 2022 to 8 billion euros. Meanwhile, the average spend by US tourists per trip was 2,067 euros, equivalent to 285 euros per day with an average stay of 7.2 nights. A critical factor for this growth, according to the study, is the recovery of direct air routes between Spain and the United States. In 2024 there will be 24 direct routes, the same number as in 2019, connecting 11 American cities with five Spanish cities, including the route between Malaga and New York. Malaga received 174,951 American visitors in 2023, 26.6% more than in 2022.

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