Marbella Property Prices Rise as the Market Enters a More Selective Phase
The latest transaction figures present an encouraging but increasingly nuanced picture of the Marbella property market.
Across Marbella, Benahavís and Estepona, the average price of completed residential transactions reached €4,366 per square metre during the first half of 2026. This represents an increase of 15.5% compared with €3,781 per square metre during the same period in 2025.
At the same time, fewer properties changed hands. This combination—higher achieved prices but lower transaction volumes—suggests that the market is not falling. Instead, it is moving into a more balanced and selective phase after several years of exceptional post-pandemic activity.
Prices and transaction volumes are telling different stories
A reduction in the number of sales is sometimes interpreted as evidence that property prices must also be falling. The latest figures show why that assumption can be misleading.
Between January and June 2026, 3,422 residential transactions were completed across Marbella, Benahavís and Estepona. That was 20.7% fewer than during the first half of 2025.
However, the average price recorded in completed transactions increased by 15.5% over the same period. Prices rose in all three municipalities:
- Marbella: 13.5%
- Benahavís: 19.6%
- Estepona: 19.2%
These are transaction figures drawn from Spain’s Notary Statistics Portal, rather than advertised asking prices. They provide evidence of the prices at which properties actually changed hands, although changes in the type and quality of homes sold can influence the averages. Diana Morales Properties Marbella
Activity strengthened during the second quarter
The comparison with 2025 shows fewer transactions, but the movement within 2026 is more positive.
Sales across the three municipalities increased from 1,632 during the first quarter to 1,790 in the second quarter—an improvement of 9.7%.
Benahavís recorded the strongest quarter-on-quarter increase, at 28.8%. Estepona rose by 15%, while Marbella registered a more modest increase of 3%.
The average completed price also increased between the two quarters, rising from approximately €4,250 per square metre in Q1 to €4,471 in Q2.
The market was therefore gaining momentum as the first half progressed. That is an important distinction from a market in which prices and activity are deteriorating simultaneously.
Why are fewer homes being sold?
The reduction in sales needs to be viewed against the extraordinary conditions experienced after the pandemic.
Marbella benefited from several years of pent-up demand, increased international mobility and changing lifestyle priorities. Buyers who had postponed decisions during travel restrictions returned to the market, while others reassessed where and how they wanted to live.
That created an unusually intense period of activity.
As this pent-up demand has gradually been absorbed, it is natural for transaction numbers to move back towards more sustainable levels. This does not mean international buyers have lost interest in Marbella. It means purchasers can now take more time, compare competing properties and negotiate from a better-informed position.
International demand remains fundamental
Marbella and Benahavís remain exceptionally international property markets.
Foreign purchasers accounted for approximately 61% of residential transactions in Marbella and 85% in Benahavís, according to the latest available analysis of notarial data.
British buyers remain the largest overseas group in Marbella, followed by purchasers from Sweden, the Netherlands, Poland and Germany. In Benahavís, British and Swedish buyers lead an international market that also includes significant Dutch, Belgian and German demand. Diana Morales Properties Marbella
The diversity of this buyer base is important. Marbella is no longer dependent upon one country or one type of purchaser. Its market is supported by international families, entrepreneurs, retirees and buyers seeking either a principal residence or a high-quality second home.
What this means for sellers
The overall figures are positive, but rising average prices do not mean that every property has increased in value by 15.5%.
Price per square metre is affected by the location, condition and value of the homes sold during each period. A greater proportion of high-quality or expensive properties can increase the average without every individual home achieving the same growth.
Sellers therefore need to distinguish between genuine market appreciation and an asking price based on optimistic comparisons.
Well-located, properly presented and realistically priced homes should continue to attract demand. Properties requiring extensive work—or competing against newer homes while carrying an ambitious asking price—may remain on the market for considerably longer.
In a more selective market, the original pricing strategy becomes particularly important. A property that launches too high can lose its initial momentum and eventually require a more visible reduction.
What buyers should take from the figures
For buyers, fewer transactions do not necessarily mean that substantial discounts will be available across the market.
Prime supply remains limited in established locations such as Nueva Andalucía, the Golden Mile, Sierra Blanca, Puerto Banús and the most exclusive parts of Benahavís.
The properties that are hardest to reproduce—frontline-golf homes, substantial private plots, protected views, mature gardens and well-designed villas in established communities—can continue to command strong prices.
Buyers may have more time and choice than during the most intense post-pandemic period, but the best properties are not automatically becoming cheaper.
The opportunity lies in understanding the difference between genuine scarcity and an inflated asking price.
Nueva Andalucía and Puerto Banús
Nueva Andalucía benefits from a combination of established residential communities, golf courses, international schools and convenient access to Puerto Banús.
There is limited availability of new land in its most desirable locations, while demand is spread across apartments, townhouses, family villas and substantial frontline-golf properties.
This scarcity should continue to support the best homes. However, buyers are increasingly comparing build quality, renovation costs and legal status before committing.
In Puerto Banús, the most desirable frontline and marina-facing properties remain a distinct, supply-constrained segment. Condition, views, terrace space and the quality of the building can produce substantial differences between apparently similar apartments.
Benahavís and La Zagaleta
Benahavís recorded the strongest annual price increase of the three municipalities, but its figures require particular care.
It has a smaller number of transactions and a higher concentration of luxury and ultra-prime properties. A limited number of major villa sales can therefore have a disproportionate effect on the municipal average.
Nevertheless, the fact that international buyers account for approximately 85% of purchases demonstrates the strength and global reach of the market.
In La Zagaleta, price remains highly property-specific. Plot position, privacy, views, architecture, age, condition and the scale of any required modernisation are all critical. Headline asking prices should never be treated as evidence of what another villa will achieve.
A healthier and more mature market
The latest data does not support the idea of a general decline in Marbella property prices.
It points instead to a market that is maturing. Prices remain strong, international demand continues to play a central role and sales activity improved between the first and second quarters of 2026.
The principal change is that buyers are becoming more discerning.
That should ultimately be positive for the market. It rewards genuine quality, realistic pricing and professional presentation while creating a clearer distinction between exceptional properties and homes that are simply advertised at exceptional prices.
Marbella remains one of Europe’s most established international residential destinations. The market may now be calmer than during the post-pandemic surge, but the evidence suggests that demand for the right homes remains resilient.
