THE average house price in Benahavís has skyrocketed to over two million euros, making it the most expensive city in the country.
It outstrips even the luxury market in Marbella, which holds the third position nationally with an average property value of €1.54 million.
Idealista reports that Benahavís now leads its ranking of residential markets with the highest relative demand for buying homes, also outpacing Calvià in the Balearic Islands.
Some properties in this area, famous for its luxurious developments like La Zagaleta, Los Arqueros, and Los Monteros, have been listed for as much as €34 million.
The province of Malaga, particularly the Costa del Sol, commands a significant presence in Spain’s luxury housing market, with six cities in the top 20 national rankings.
Interestingly, one in three luxury homes in Spain is located in Malaga.
Estepona, Mijas, Benalmádena, and Fuengirola are among those featured, boasting average property prices ranging from €385,000 to €610,000.
In 2022, the province led the market for homes priced above €3 million, constituting 34% of the national total.
This was followed by the Balearic Islands and then Madrid and Barcelona.
“The luxury real estate market in Spain is experiencing substantial growth,” Eva Peribáñez, a director at Hiscox Spain said.
“Understanding not only the value but also the characteristics and demand for luxury urbanizations and homes is crucial.
“This knowledge helps us better understand buyers, their priorities, and lifestyle, allowing us to offer tailored services that meet their needs and expectations.”
- ‘Concern and alarm’ in Malaga as cost-of-living crisis sees average resident forks out extra €426 each month
- Pret A Manger lands in Spain! Coffee shop chain loved in Britain to open 70 stores across the Iberian Peninsula
- British expats among dozens to lose full ownership of their homes due to controversial ‘Coastal Law’ on Spain’s Costa Blanca