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Luxury homes in Spain: high demand and sky-high prices

Posted by Marcus Vidstrom on September 17, 2022
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A scarce supply, a booming demand and exorbitant prices. These three ingredients make for a dangerous scenario for luxury homes in Spain. Some agents say they have never seen a market “so tight and stressed”. “It is creating confusion among some owners who set prices that are totally unaffordable for any buyer (they see that the market is going up and think that anything goes). Houses of 2,000 m2 to 3,000 m2 built on a hectare plot (the most exclusive and expensive product in the area) have been sold and there are only a few properties of these characteristics left, something we have not seen in 20 years.”

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Marbella and the Costa del Sol, at record pace

With regard to sales in 2021, Marbella, one of the prime areas par excellence of Spanish residential real estate, can boast of having broken a record.

Many of the transactions exceeded four million, with a maximum sale price of 15 million euros in the most expensive villa and 208 million in new construction projects. The luxury real estate market reached the average sale price of 1.8 million euros including villas, apartments and townhouses.

“All expectations have been far exceeded, and a unique phenomenon in the history of Marbella’s urban development is being observed: there is more demand than supply, which represents a challenge for the coming year as new homes will be needed to meet the growing demands of the international buyer,” Gunther, co-founder of InvestinSpain.be says.

In recent times, the real estate company has observed a younger profile of buyer attracted by the lifestyle in the south of Spain. So the target audience is also changing, with relatively younger clients (35-55 years old), mostly from the IT sector, commonly known as “digital nomads”, as well as young international athletes who have decided to settle in the area.

karl largerfeld villa example

Karl Lagerfeld plans five exclusive villas in Marbella

The fashion brand, founded in the 1980s by the late Karl Lagerfeld, presents its first luxury real estate project in Spain. The idea is that these homes will integrate harmoniously with the natural landscape and the Mediterranean environment. The price for the moment has not been made public and it is expected that construction will begin this quarter and the delivery of keys would be in the first half of 2023.

They will be called Karl Lagerfeld Villas Marbella. Initially there will be five of these luxury homes in which the fashion firm intends to implement “the passion of its eternal designer for architecture, interior design and innovation”. They will be located in one of the most exclusive plots of the city of the so-called Golden Mile of Marbella, an area located between Puerto Banus and Puente Romano / Marbella Club.

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Private plots, luxury villas

There, on a private plot of 9,670 square meters and located approximately 600 meters from the coast (which is expected to be reached by the bike path of more than 2 km that is planned) will begin to build the five houses in the first quarter of 2022. The delivery date of the houses would be during the first half of 2023. All the houses will have panoramic views of the coast and the mountains.

The price of the villas has not yet been made public, although the developer says that “the value of each home is well above the economic or market value determined by the euro/square meter ratio”. Although there are no concrete figures, the initial sale value of these villas is expected to be around 15 million euros taking into account other developments of the company. What is known is that each of them will have a different surface area (660, 695, 705, 805 and 845 square meters, respectively) and the distribution can be negotiated with the future owners. The idea is that they will have between four and six bedrooms, between four and six bathrooms and large outdoor terraces and gardens with indoor, outdoor and above-ground swimming pools.

Karl Lagerfeld signature

The new residential complex in Marbella will feature the work of landscape architects who will be responsible for mixing colors and scents inspired by the gardens most visited by Karl Lagerfeld himself. The careful landscaping will be applied “throughout the entire luxury development, accentuated in some key private areas, such as an outdoor bonfire, areas for retreat and meditation, and dining spaces,” the project brief explains. In addition, the first floor of each home will be transparent to eliminate the visual boundaries between the interior and the surrounding natural area, thus opening each room to the infinite landscape. The space will be finished with black and white terrazzo flooring, in a decorative nod to Karl Lagerfeld himself.

As for the decoration of each villa, which will be to the taste of each owner, the Karl Lagerfeld firm plans to develop some iconic pieces and furniture options that will offer the owner of each villa the opportunity to personalize their home with the spirit of the brand’s creative genius.

More new build luxury property in Marbella

Investinspain.be is one of the largest new build property agents on the Costa del Sol. We sell properties to our international clients in over 15 countries in, and outside Europe. For more information, please take a look at our selection of premium & new build luxury homes in Costa del Sol.

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