Southern Spain’s Costa del Sol in is in the spotlight for international buyers from northern Europe and the U.S.—and a new “digital nomad” visa promises to spark new interest from UK and non-EU buyers—according to new data from Knight Frank.
In an article published on Knight Frank’s Intelligence Lab, the London-based brokerage and international partner of Douglas Elliman noted a 20% jump in sales of properties in Marbella, Benahavís and Estepona along Spain’s Mediterranean coast in 2022, with Marbella leading in total sales.
“Marbella is back on the radar of northern European buyers seeking a home from home in this new age of hybrid working,” said Mark Harvey, Knight Frank’s Head of International Sales. “It counts as one of Europe’s most international markets, it is easily accessible via Malaga and Gibraltar Airports and offers a wealth of amenities year-round. In 2022, we saw enquiries strengthen 32% year-on-year.”
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Knight Frank also cited the strong dollar and the resumption of direct flights from New York City to Malaga as factors in strong interest from U.S. buyers.
With Spain’s launch of a new digital nomad visa—which allows non-EU residents to live in the country for up to five years (at a lower tax rate) and relaxes residency restrictions for British workers—will likely boost demand further.
Read the complete article on the Knight Frank Intelligence Lab.