Malaga province is home to one out of every five properties for sale in Spain that are priced over one million euros. The Costa del Sol market ranks second only to the Balearic Islands in this segment.
Out of the 40,076 homes priced above one million euros available across Spain, 8,360 (20.9%) are in Malaga, including the Costa del Sol. This is only surpassed by the Balearic Islands, which have 9,678 properties (24.1%) listed over this price. Combined, Malaga and the Balearic Islands represent nearly half of all properties in Spain listed for over one million euros. Madrid follows in third place with just over 5,000 homes for sale above this price, accounting for 12.5% of the national total, followed by Alicante with 4,502 properties (11.2%) and Barcelona with 4,352 properties (nearly 11%).
While luxury homes priced over one million euros are found in every province of Spain, Malaga, the Balearic Islands, Madrid, Alicante, and Barcelona together account for almost 80% of the entire high-end market in the country.
Ultra-Luxury Market Above Three Million Euros
Properties valued at over three million euros are even more concentrated on the Costa del Sol and in the Balearic Islands. Only 39 of Spain’s 50 provinces have properties listed in this ultra-luxury category. As of August 1, there were 7,889 ultra-luxury properties priced above three million euros in Spain. Of these, 2,903 (36.8%) are in the Balearic Islands, and 2,566 (32.5%) are in Malaga. Together, these two provinces account for 70% of the national ultra-luxury market. Madrid and Barcelona follow, with 786 properties (10%) and 394 properties (6.1%), respectively.
The luxury housing market in Malaga is growing rapidly. A report on coastal housing by Tinsa indicates that property prices along the Malaga coastline increased by over 9% in the past year, continuing a trend driven by strong foreign demand, which represents one out of every three sales in the area. Throughout Malaga province, prices have risen by 18.2% in the last 12 months, surpassing an average of 3,000 euros per square meter for the first time. This figure is 30% above the national average of 2,153 euros per square meter.
Mortgage rates in Malaga province have also surged, with the average rate requested increasing by nearly 90% over the past decade. This makes Malaga the third most expensive province for mortgages in Spain, behind only the Balearic Islands and Las Palmas. The average loan amount of nearly 190,000 euros now exceeds levels seen during the last property boom in 2008. However, nearly half of all properties are purchased upfront, highlighting the significant presence of investors in the Malaga market.
Top-End Properties Over 30 Million Euros
The most exclusive properties in Malaga province can reach prices as high as 35 million euros. Among these is a 16-bedroom estate in Las Lomas, Marbella, spanning over 2,000 square meters and set on 9,000 square meters of land, featuring amenities such as a gym, bowling alley, bar, private cinema, and sauna. Other notable properties include nine-bedroom villas in Marbella, approximately 2,500 square meters in size, available for just under 30 million euros, and a 665-square-meter six-bedroom duplex on sale for 22 million euros. In Estepona, a seven-bedroom villa is on the market for 20 million euros, comparable to the starting prices of mansions in La Zagaleta de Benahavís.
The most expensive property for sale in Malaga city is located in Parque Clavero. It boasts eight bedrooms, spans 1,000 square meters, and is priced at 16 million euros. A close contender is a villa in El Ejido, a seven-bedroom, 1,674-square-meter property listed for 13 million euros.
New luxury developments in the province are also noteworthy, including ten-million-euro penthouses in Marbella’s Sierra Blanca and 1.5-million-euro penthouses in Martiricos’ skyscrapers.
