Marbella, 3^rd June 2026 – After the strongest growth cycle of the past five years, the real estate market of the Golden Triangle (Marbella, Estepona and Benahavís) is entering a new phase of normalisation and stability. The market is now marked by more selective demand, greater pricing discipline and the continued consolidation of the Costa del Sol as one of the world’s leading prime residential destinations.

This is reflected in the DM Properties | Knight Frank Market Report 2026, the annual report published by Diana Morales Properties, Knight Frank’s exclusive associate in Marbella.

Transition towards a more mature and selective market

In 2025, the Golden Triangle recorded 8,540 residential sales. Marbella accounted for 51.3% of the total, with 4,379 transactions, followed by Estepona with 3,449 sales and Benahavís with 712. After growing by 6.75% in 2024, the market recorded an approximate 4.5% moderation in the number of transactions in 2025.

This shift is also reflected in average transaction prices per square metre. Price growth has moderated from around 14.5% in 2023 to levels close to 9% in both 2024 and 2025. In 2025, average prices reached €4,424/m² in Marbella (+7.67% year-on-year), €4,112/m² in Benahavís (+9.24%) and €3,214/m² in Estepona (+10.89%).

Together, these figures point to a more balanced, selective and sustainable market, in line with the maturity seen in established international prime destinations.

Growing resistance to unrealistic prices

One of the report’s main findings is the change in buyer behaviour. Today’s buyers are more analytical and disciplined than in previous years.

Outside the ultra-prime segment, where demand continues to support record prices for exceptional properties, there is growing resistance to unrealistic asking prices. This trend is confirmed by the average gap between asking prices and final selling prices recorded in 2025, which stood at 13.63% for villas and 11.10% for apartments.

The result is a clearer penalty for overpriced properties and a stronger focus on accurate pricing based on real market value.

Marbella as a global residential destination and long-term family asset

The profile of high-net-worth buyers has evolved significantly. More and more, buying a home in Marbella is not only about finding a second residence for seasonal use or making a short-term investment. It is also about acquiring a long-term family asset to enjoy, preserve and pass on.

Global geopolitical uncertainty, tax pressure in other jurisdictions and the search for safe, stable environments continue to reinforce this behaviour. This is strengthening the Costa del Sol’s position as a competitive residential destination, with a quality of life that remains difficult to match among traditional luxury markets.

The international buyer base is now structurally diverse. Alongside strong demand from the United Kingdom, Sweden, the Netherlands, Poland and Germany, the report points to growing interest from North America, the Middle East and Eastern Europe.

Prime prices continue to outperform the global average

Despite the moderation in sales volumes, the shortage of quality stock and buildable land continues to support prices, particularly in the prime segment.

According to the PIRI 100 index, published in Knight Frank’s The Wealth Report 2026, prime residential values in Marbella rose by 8.1% in 2025, significantly above the global prime market average of 3.2%.

This places Marbella among the stronger-performing luxury residential markets worldwide and reinforces its position among leading international prime destinations. Demand remains particularly strong in established locations such as the Golden Mile, Sierra Blanca, Nueva Andalucía, Los Monteros, La Zagaleta and El Madroñal.

“2025 was another very strong year for the Costa del Sol property market. However, over the past twelve months we have started to see signs of normalisation. Demand remains healthy, but buyers have become more selective and asking prices are being examined more carefully. We do not see this as a loss of appeal, but as the natural evolution towards a more balanced and sustainable market,” said Pia Arrieta, Principal Partner at DM Properties | Knight Frank.

Outlook for 2026

Early local data for 2026 confirms a more selective market across the Golden Triangle. Residential sales fell by 35.6% in the first quarter of 2026 compared with the final quarter of 2025, following a particularly active end to the year. Average prices, however, remained broadly stable over the same period. This suggests a moderation in transaction volumes rather than a general price correction.

Demand remains robust for prime and distinctive homes in areas with limited quality supply, where prices are expected to show the greatest resilience. In the wider market, asking price adjustments are likely to become more common and average selling times may lengthen slightly.

Spain remains one of the stronger economies in the Eurozone, with GDP growth forecast at around 2.4% for 2026, inflation close to 2% and unemployment at historically low levels. The ECB´s expected rate cut, as well as the growing diversification of international buyers, points to a favourable environment for real estate investment in the Costa del Sol all-year round.

About DM Properties | Knight Frank

Diana Morales Properties has been active in Marbella’s property market since 1987, making it one of the Costa del Sol’s longest-established luxury real estate agencies.

The company has built a strong national and international reputation as a boutique agency in the luxury residential sector. Having previously represented Sotheby’s International Realty and Christie’s International Real Estate, it is now Knight Frank’s exclusive associate in Marbella.

DM Properties | Knight Frank combines deep local market knowledge with Knight Frank’s international network of more than 700 offices across over 50 territories.

www.dmproperties.com

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