In 2024, more Brits are leaving London behind and setting their sights on Marbella for luxury property. While prices have increased in both cities, Marbella offers significantly more space for your money. Here’s why the sunny shores of the Costa del Sol are winning over those seeking a luxury lifestyle.
Despite property prices rising by 30% over the past decade, Marbella still offers better value for money than London. A luxury two-bedroom apartment in Covent Garden will cost you around £1.3 million, but only get you about 1,015 square feet. That comes out to over £1,177 per square foot.
On the other hand, the same budget in Marbella’s prestigious Sky Marbella complex will fetch you a two-bedroom duplex apartment for around €1.5 million (roughly £1.25 million). This property boasts over 2,248 square feet, more than double what you’d get in Covent Garden, at just £561 per square foot. Plus, it comes with high-end finishes, a private pool, and access to a social club with a gym, spa, and workspaces.
Why Marbella?
Located in Spain’s “Golden Triangle” (Marbella, Estepona, Benahavís), Marbella offers stunning views of the Mediterranean, with luxurious amenities just a stone’s throw from Puerto Banús, the area’s hub for nightlife, dining, and shopping.
The warm Mediterranean climate, with an average annual temperature of 21°C, far outshines London’s chilly 10°C average. Brits are drawn to the sunnier weather, outdoor lifestyle, and lower cost of living.
Expats and the New Build Market
The Marbella real estate market is growing fast. New builds are especially popular with expats looking for turnkey homes that require no extra work. With a 17.9% rise in new build sales over the last three years, Marbella offers a smart investment opportunity for Brits seeking a fresh start.
According to Alfonso Lacruz, sales director at Sky Marbella, “Even with rising prices, Marbella still provides better value for money compared to London and other parts of Europe. Expats are coming here for the lifestyle, weather, and real estate opportunities.”
Other European Hotspots
While Marbella remains a favorite for Brits, other luxury hotspots like Mykonos, Greece, the Algarve in Portugal, the Amalfi Coast in Italy, and France’s Côte d’Azur are also attracting those seeking a lifestyle change.
