US Luxury Real Estate Agencies Eye Marbella Amid Tourism Boom
US-based luxury real estate agencies are establishing their presence in Marbella, Spain, in response to the recent surge in tourism, particularly from American and North American visitors. The Agency, one of the most prestigious real estate firms, has set up shop in Marbella after a study confirmed a rise in American investors seeking houses and villas as second homes or future investments in southern Spain. The study revealed that Americans are particularly interested in properties along the Marbella coast, making it a top real estate destination for this buyer profile, even when compared to luxury real estate markets in New York, Miami, or Los Angeles.
Marbella Offers More Bang for the Buck in Luxury Real Estate
The Agency has compiled a market report comparing the purchasing power of a million dollars in the luxury real estate sector in Marbella with other international cities like Monaco, London, Singapore, Geneva, Los Angeles, and New York. The report shows that in Marbella, one can buy a 101 square meter property for the same price as a 16m2 property in Monaco, 22m2 in Singapore, or 34m2 in London or New York. This competitive pricing, especially when compared to pricier US cities and other international destinations, makes Marbella an attractive option for buyers seeking value in prime residential property.
Marbella’s Unique Appeal Attracts Discerning Investors
The robust growth of Marbella’s real estate sector underscores the area’s unique appeal. According to Benjamin Beza, sales director of The Agency Marbella, the luxurious lifestyle, stunning scenery, and solid market fundamentals make Marbella an increasingly popular choice for discerning investors from the United States. Marbella ranks as the 16th most expensive place in the world for luxury residences, ahead of cities like Madrid and Dubai, with Monaco taking the top spot.
US Tourism in Spain on the Rise
American tourism in Spain is experiencing a boom, as per the agency’s market report. Last year, 3.8 million Americans chose Spain as their holiday destination. Data from Spain’s national statistics institute (INE) shows that in the first two months of 2024, Spain welcomed 337,062 American tourists, a 23.7% increase from last year and a 19% increase from 2019. This surge in US visitors also corresponds to a growth in their spending in Spain, which rose by 50% from 2022 to 8 billion euros. 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. The study attributes this growth to 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 saw a 26.6% increase in American visitors in 2023 compared to 2022.
