Real Estate
Foreign Buyers Are Driving Real Estate Prices Higher in Spain
Wealthy Europeans are flocking to the country in search of homes, drawn to the sunny weather and relaxed lifestyle.
A vendor carries fabric for sale on Malagueta beach in Malaga, Spain.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Foreign buyers, especially from the US and northern Europe, have been snapping up homes on Spain’s southern coast, driving up demand for the limited supply of seaside villas in the once quiet area.
In the Malaga region, which sits on the Mediterranean Sea about 340 miles (550 kilometers) south of Madrid, prices have reached unheard-of-levels. Marbella, the region’s main city, has seen a 39% surge compared with before the pandemic.