Luxury property situated in the "Golden Triangle" in the South of Spain which encompasses Marbella, Benahavis and Estepona is forecasted to exceed over €400 million in value by the end of the year.
The market reached a total net worth of €350 million in 2017, and a new report by the Association of Businesses for High Quality Housing expects the figure to increase by as much as 20-25% by the end of 2018 to between 400 and 440 million euros.
The Luxury Property market on the Costa del Sol continues to bolster the local economy and create employment opportunities for local and seasonal residents of the area. In 2017, 4,000 new jobs arose as a direct result of luxury property transactions, as well as a further 12,000 indirect jobs in industry and technological innovation.
Last year, 90% of transactions within the market were made by foreigners wanting to invest in a coastal property by the Mediterranean, namely Russians, Germans, Scandinavians, Middle Eastern and British buyers, and the remaining 10% were purchases made by Spaniards.
The report paints a rosy picture of the luxury property markets exponential growth over the last two years as one that is sustainable moving forwards, and one of Malaga’s most significant economic drivers.