A sizeable 508,000 Brits emigrated in 2023, with many leaving for sunnier climes such as Spain, France and Australia. And with dreary summers and a squeeze on the UK property market, who can blame them?
It’s now also easier and more affordable than many might think to relocate, with the Costa del Sol, Spain, a region attracting a flock of Brits to their shores every year – as of 2023 it’s estimated over 280,000 UK nationals are currently living there.
Here, we analyse what £1.25 million gets you in central London compared to Marbella.
Covent Garden, London, UK (£1.3m average)
Covent Garden, London’s beloved West End, is a highly sought after area. Its star-studded theatre offering, swanky bars, and high-end fashion outlets contribute to both its popularity and its hefty property price tag, with the average being £1.3 million.
Take this sleek two-bedroom, two-bathroom warehouse-conversion apartment for example. Located in the heart of Covent Garden, it’s got all the local amenities and transport links one could need and is finished to a high standard with wooden flooring, modern kitchen and contemporary bathrooms. But its square footage leaves little to be desired. Spanning 1,015 sq ft of interior, that equals a staggering £1,177.33 per square foot.
Turn your eye to the Costa del Sol however, and that money will take you much further.
Costa del Sol, Marbella, Spain
Prime real estate prices in Marbella have risen 30 per cent over the past decade. Despite that, a two-bedroom ground-floor duplex in The Sky Marbella complex on the Costa del Sol is priced from just €1.5 million. That gets you 2,248.15 sq ft of premium interior and exterior space, meaning over double for your money compared to Covent Garden. That’s just £561.36 per sq ft.
Newly built and meticulously designed properties like this apartment are highly sought after. On trend and meeting buyer demand, it offers wooden flooring throughout and beautiful open plan Poliform Italia kitchens. No luxury apartment in the south of Spain is complete without its own private pool, but you can add to that a glut of extra amenities at the complex’s social club – which includes indoor pool, gym, spa and workspaces.
Located in the highly desired Golden Triangle of Marbella, Estepona and Benahavís, The Sky Marbella offers unrivalled views over the Mediterranean Sea at its hilltop location ten minutes from Puerto Banús – the lifestyle hub of Marbella where visitors will find some of the best bars, restaurants and shops in Marbella.
This region of Spain enjoys a warm Mediterranean climate, characterised by hot summers and mild winters, with an average annual temperature of around 21 degrees Celsius, compared to England’s annual temperature average of just under 10 degrees Celsius.
Local prime real estate expert and sales director at The Sky Marbella, Alfonso Lacruz, told LLM – Luxury Lifestyle Magazine: “Even with the price growth we are seeing in this part of Spain, The Golden Triangle still offers much better value for money compared to many locations across Europe, like London.
“Expats are drawn here due to the value for money, weather and lifestyle. There is a particular interest in the new build market in Marbella – over the last three years the new build market has grown by a considerable 17.9 per cent, almost double the second-hand home market at 9.2 per cent.
“New build homes suit people coming from abroad, looking for convenient turnkey properties, ready to move into that require no immediate work. Properties in this region make a sound investment too, as the data tells us is this growth will only continue.”
Other hotspots
Hotspots similar to Spain’s Golden Triangle exist all over Europe, leaving Brits with no shortage of options. Mykonos in Greece, Algarve in Portgual, Amalfi Coast in Italy and Côte d’Azur in France to name a few. It’s estimated that nearly 20,000 Brits relocate to our neighbours across the English channel every year!
Take this beautiful two-bedroom villa in downtown Sainte-Maxime for example. On the market for €1,455,000, this charming pied-a-terre is set on a sandy little beach with direct access, and boasts 1,098 sq ft of interior and exterior space which includes terraces and a private garden. Slightly less value for money than in the Costa del Sol, but still notably less than London at €1,325.13 / £9,514.59 per square foot.
