Marbella’s Luxury Property Market Attracts American and Arab Buyers
Marbella, a city known for its luxury, is seeing a shift in its property market. Traditionally dominated by British and European buyers, the city’s most exclusive properties are now being snapped up by North Americans and Arabs. This shift is based on recent research data from Pure Living Properties.
North Americans Show Interest in Marbella’s Luxury Lodgings
According to the data, tourists from the USA and Canada began showing a specific interest in Marbella’s luxury lodgings in 2023. This interest ranged from booking five-star hotels to seeking high-end villas. Javier Nieto, CEO of Pure Living Properties, noted that Spain is becoming increasingly popular among North Americans. Cities like Malaga, Madrid, and Palma are sought-after destinations, with Marbella also gaining traction.
Marbella’s Quality of Life Attracts North Americans
Nieto attributes the interest of North Americans to the local quality of life, golf courses, and gastronomy in Marbella. The local council has also taken steps to attract this market, including establishing a link with Virtuoso, the US’s largest luxury holiday operator. The council also hosted the Sondheim Cup, an international golf tournament that attracted visitors globally.
Arab Visitors Drawn to Marbella’s Luxury Offerings
Marbella is also popular among visitors from the UAE, Saudi Arabia, Kuwait, and Qatar. The city’s luxury retail offerings, exclusive services, and abundance of five-star hotels are major attractions for this demographic. Since the pandemic, the number of visitors from these countries to the Costa del Sol has grown by about 10% between 2022 and 2023.
Efforts to Attract Arab Visitors to Marbella
Laura de Arce, Tourism Director with the Ayuntamiento de Marbella, revealed that the council has been collaborating with the Spanish Luxury Association to attract Arab visitors to the city. This effort seems to be paying off, as the luxury property market saw significant growth in 2022 and 2023, with an increase of 15-20%.
Expectations for Marbella’s Luxury Property Market in 2024
Experts predict further growth in Marbella’s luxury property market in 2024 due to high demand and low availability, including land shortages for new projects. Despite these challenges, the market is expected to have its ‘best year’ in history.
