1. Prime Residential Investment
During 2024, the “Golden Triangle” (Marbella, Estepona, Benahavís) generated approximately €3.2B in luxury home sales (+20% compared to 2023).
Málaga concentrates 30% of the national luxury housing supply, with properties over €2.5M already representing 10% of the total in the province.
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2. Price Trends
In 2024, the average price of premium homes reached €5.3M, at €4,200/m², a 3.7% increase year-on-year.
• Marbella: average €7.4M per property (€12,855/m²).
• Benahavís: average €7M (€6,532/m²).
Around 20% of all transactions exceed €10M.
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3. Branded Residences
Luxury developments in collaboration with top brands are booming: Fendi, Dolce & Gabbana, Lamborghini, among others, are entering high-end housing projects.
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🏡 Main & Second-Hand Housing
1. Record Price Increases
In April 2025, the average price of second-hand housing in Málaga reached €4,101/m², +15.9% YoY (record in Andalusia).
• Málaga city recorded €4,076/m² (+9.5% YoY).
• Across Andalusia, prices increased +15.4%, the highest level in 19 years.
Coastal municipalities:
• Benahavís: €5,451/m²
• Marbella: €5,211/m²
• Fuengirola: €4,598/m²
• Estepona: €4,270/m²
• Benalmádena: €4,189/m²
Mijas and Rincón de la Victoria exceeded +20% YoY growth.
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2. Supply Shortage & Rental Pressure
Only 7 out of 32 municipalities in Málaga maintain a balanced housing supply-demand ratio.
In Málaga city, rental prices have soared +85% since 2016, mainly due to the growth of short-term tourist rentals (VUT). Their presence has directly driven 31–33% rental price increases.
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🌍 Key Market Drivers
• High international demand: U.S., Middle East, and U.K. buyers dominate.
• Tourism + remote work: The rise of digital nomads and teleworking drives Málaga as a permanent residence hub.
• Urban planning restrictions: Limited available land and lengthy permitting processes create supply bottlenecks.
• Branded residences & sustainable projects: Focus on high-end, energy-efficient properties adapted to remote work needs.
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⚖️ Legal Implications for the Sector
• Enhanced due diligence to prevent fraud in increasingly complex and internationalized transactions.
• International contractual and tax advisory services are key for foreign luxury buyers.
• Urban planning compliance for coastal developments, focusing on permits, heritage protection, and sustainability.
• Public policies & regulation of short-term rentals: stricter controls on excessive VUT usage are expected, impacting the residential market.
