Expatriates prop up market

FOREIGN buyers are propping up the coastal property markets around Spain. In some areas they account for almost 50% of sales, according to the Association of Registrars In Alicante, on the Costa Blanca, an incredible 44% of coastal homes are bought by non-Spaniards.

In Tenerife 35% of buyers are foreigners, followed by Malaga (33%). The Balearics sit at 31.7%, Murcia (24%) and Las Palmas (22%).

Brits continue to lead the pack of foreign buyers in Spain, accounting for 9.4% of sales to non-Spaniards. They are followed by the Germans at 7% and the French (6%).

Prices in Marbella have risen, on average, by 13.7% between June 2023 and June 2024, reaching a new all-time high of € 4.812 per square metre, according to Idealista

However, the town remains competitively priced compared to other luxury destinations, claims the report.

Of the 50 most costly municipalities in Spain, Marbella is only sixth, while Sant Josep in Ibiza comes top at €6,295/m2. Globally, Marbella moved from 16th place in 2022 to 13th place in 2023, just ahead of Mallorca and Vancouver in the Knight Frank 2024 Wealth Report, with Monaco the most expensive city to buy, at an eye-watering average of over €58,000 per square metre.

See Panorama Market Report, page 18