The Costa del Sol continues to captivate international buyers with its luxury homes, Mediterranean charm, and vibrant lifestyle, from Marbella’s Golden Mile to Estepona’s serene beaches. In 2024, the region’s real estate market saw robust demand, particularly in the high-end segment, driven by a diverse group of foreign buyers. Drawing on data from the 2025 Marbella Property Market Report published by Panorama, alongside broader market trends, this article breaks down the nationalities of buyers in the Costa del Sol for 2024. Whether you’re an agent, investor, or buyer, understanding these demographics offers valuable insights into the region’s global appeal and opportunities for 2025.
A Global Hub for Real Estate Investment
The Costa del Sol has solidified its position as a top destination for international buyers, with foreigners playing a significant role in the luxury market. In Málaga province, which encompasses the Costa del Sol, international buyers accounted for a substantial share of transactions in 2024, particularly for properties priced over €2 million. The region’s appeal—320+ days of sunshine, world-class golf courses, and proximity to Málaga’s international airport (just 35 minutes from Marbella)—continues to draw a cosmopolitan crowd seeking second homes, retirement properties, or investment opportunities.
Top Nationalities Buying in 2024
Here’s a look at the key nationalities driving the Costa del Sol real estate market in 2024, based on available data and trends:
- British Buyers (15%): British nationals led the pack as the largest group of foreign buyers, making up 15% of property acquisitions in Málaga province. Despite initial concerns following Brexit, their interest in the Costa del Sol has grown steadily, with a particular focus on luxury villas in areas like the Golden Triangle (Marbella, Estepona, Benahavís). The region’s short flight time from the UK (2.5 hours) and established expat communities in places like Puerto Banús make it a perennial favorite.
- Dutch and Swedish Buyers (8% Each): Northern Europeans from the Netherlands and Sweden each accounted for 8% of foreign transactions. These buyers, often professionals or retirees aged 35-65+, are drawn to the Costa del Sol’s mild climate and lifestyle amenities. Many seek properties near golf courses or in serene areas like Estepona, reflecting a broader trend of Northern European demand for second homes and retirement havens.
- Other Europeans (Significant Share): Beyond the top three, other European nationalities contributed significantly to the market. Buyers from Germany, Scandinavia (beyond Sweden), France, and Belgium were active, though exact percentages for 2024 aren’t specified. Germans and Scandinavians have long been attracted to the region’s lifestyle and connectivity, while French buyers often favor areas like the Golden Mile for their proximity to cultural hubs.
- Emerging Markets: United States and Middle East (Growing Presence): The luxury segment saw a notable rise in buyers from the United States and the Middle East, including countries like the UAE, Saudi Arabia, and Qatar. The increase in US buyers is partly due to new direct flights between Málaga and New York, with Málaga hosting 174,951 American tourists in 2023—a trend that continued into 2024. Middle Eastern buyers are increasingly drawn to the Costa del Sol for its exclusivity and privacy, particularly in enclaves like Sierra Blanca and Puente Romano, where properties can exceed €10 million.
- Eastern Europeans (Rising Interest): There was a growing presence of Eastern European buyers, particularly from Ukraine, Poland, and Lithuania, in 2024. These buyers showed interest in properties in Marbella, Estepona, and Fuengirola, often seeking homes with sea views or in prime locations. This trend reflects a diversification of the market, contributing to price appreciation in high-demand areas.
- Other Nationalities (25% Combined): A wide range of other nationalities made up the remaining 25% of foreign buyers, with 33 different countries represented. This diversity highlights the Costa del Sol’s cosmopolitan appeal, where nearly a third of Marbella’s 165,871 residents in 2024 were foreigners from 153 countries, according to municipal data.
Why These Nationalities Are Buying
Several factors fueled the Costa del Sol’s appeal to international buyers in 2024:
- Lifestyle and Climate: With 11 Blue Flag beaches in Marbella alone in 2024, plus a vibrant cultural scene (think Michelin-starred dining and designer boutiques), the region offers a high quality of life. Its Mediterranean climate—320+ days of sunshine—supports outdoor activities like golf and sailing year-round.
- Investment Potential: The luxury market generated €3.2 billion in 2024, with Marbella leading at €1.6 billion. Property prices rose by 13.7% in Marbella from June 2023 to June 2024, reaching €4,812/m², making it a strong investment market. High-end areas like Puente Romano saw prices hit €30,000/m².
- Accessibility: Málaga’s airport welcomed 21 million passengers in 2023, with new direct flights (e.g., Málaga-New York) enhancing connectivity for US buyers. Improved infrastructure, like highways, also makes the region more accessible.
- Remote Work Trends: The rise of remote work has encouraged buyers from Northern Europe and beyond to relocate or invest in second homes, seeking a better work-life balance in the Costa del Sol’s sunny setting.
What This Means for 2025
The diverse buyer nationalities in 2024 underscore the Costa del Sol’s global draw, but they also signal increased competition for prime properties. With luxury sales in 2024 outpacing 2023, and forecasts predicting a 5-8% price increase in 2025, demand from British, Dutch, and Swedish buyers is expected to remain strong. Meanwhile, growing interest from the US, Middle East, and Eastern Europe will likely intensify competition, especially in high-demand areas like the Golden Triangle. For buyers, acting quickly is key—properties in prime locations are selling at record prices. For agents, targeting these international demographics with tailored marketing, such as through publications like QRETI “Living, Working, and Retiring“, can unlock new opportunities.
Explore luxury listings or learn more about reaching affluent Northern European buyers through QRETI “Living, Working, and Retiring” magazine at qlistings.com.
