Marbella Leads Europe’s Ultra-Luxury Real Estate Market with Structural and Sustained Growth

Panorama Properties’ new report reveals a phase of structural maturity with record prices, supply shortage, and moderate but sustained growth driven by international investment

• Marbella has consolidated a “new normal” in its real estate market, with structural strength that goes beyond the post-pandemic surge
• The Notarial Statistics Portal Portal Estadísitico del Notariado reveals for the first time real transaction prices on a municipal level, where Marbella stood at €4,228/m² for the twelve months prior to September 2025 and reached €4,509/m² between July and September
• The Golden Triangle (Marbella, Estepona and Benahavís) registered 8,708 transactions in 2024, 31% more than before the pandemic
• The average sales price stands at €711,138, more than three times the national average (€210,361)
• International buyers represented 63.14% of acquisitions in Marbella in the 12 months prior to September 2025
• The long-term rental market faces a severe supply shortage, with price increases that have reached 89%

MARBELLA, November 12, 2025 — Marbella has become one of the European capitals of ultra-luxury real estate. Prices that now rival Saint-Tropez or Gstaad, an overwhelming weight of international buyers and the massive arrival of major global brands support this new reality. At the same time, the 2025 Marbella Property Market Report by Panorama Properties, written annually by Christopher Clover, also warns of the other side of success: a structural rental crisis, with increases of 89% in six years and supply at historic lows that complicates life for those who work and sustain the local economy.

“ Marbella has stepped onto the world stage as never before and is increasingly recognised alongside global hubs like Dubai and Miami,” summarizes Clover.

A MARKET THAT NOW COMPETES WITH THE GREAT CAPITALS OF LUXURY

According to data from the Notarial Statistics Portal, the average real sales price in Marbella stood at €4,228/m² for the twelve months prior to September 2025 and reached €4,509/m² between July and September, representing an annual increase of 12.6%.

The Golden Triangle—Marbella, Estepona and Benahavís—registered 8,708 transactions in 2024, 31% more than before the pandemic. Marbella alone concentrated 4,745 sales, followed by Estepona with 3,162 and Benahavís with 801. The average sales price in the municipality stands at €711,138, more than three times the national average (€210,361), while on platforms like Idealista the average asking price already exceeds €5,150/m², consolidating Marbella as the most expensive market in Spain after Ibiza and Madrid.

The Golden Mile and Nagüeles lead the ranking with an average of €5,753/m², followed by Nueva Andalucía and Puerto Banús, with €4,225/m², and Marbella East, with €3,857/m². In the most exclusive areas, such as Puente Romano, luxury apartments reach €30,000/m² on the beachfront, while some refurbished or newly built villas in Nueva Andalucía reach €14,000/m², matching the prices of Saint-Tropez or Gstaad.

Less than 10% of sales exceeding two million euros are financed with mortgages. “In the luxury segment, which we define as properties priced over €2 million, both Panorama and other leading agencies report that less than 10% of these purchases involve financing,” explains Clover “ insulating the market from interest rate fluctuations and reflecting the purchasing power of Marbella’s clientele.”

The report highlights that the combination of buyers with high purchasing power and limited supply has generated a solid and sustainable price base in all price segments and types, “prices will continue to rise with more moderation in the luxury segment and across all levels of the residential and commercial sectors, including all land categories” assures Panorama’s CEO.

A YOUNGER, MORE GLOBAL AND SETTLED BUYER

The buyer profile has also evolved towards a younger and more stable generation. The average age stands at 52 years, with more than half of buyers (54%) between 41 and 60 years old, a group in full professional and economic maturity.

63.1% of acquisitions in Marbella are made by international buyers. The British lead with 13.4%, followed by Dutch (9.6%), Swedish (8.8%), Germans and Poles. In recent months, interest from North Americans, Canadians and Middle Eastern buyers has also increased, driven by the reinforcement of direct flights to Málaga.

Marbella has also consolidated itself as a destination of main residence for international professionals who work remotely or manage their companies from a distance. The Digital Nomad Visa and the Non-Lucrative Visa have attracted a new generation of permanent residents who choose the Costa del Sol for its climate, security, connectivity and high-level services.

“ Today’s buyers are not simply looking for properties, they are searching for a seamless lifestyle,” states Clover. “ Marbella has matured, evolving into a long-term safe haven for capital, lifestyle, and legacy.”

MAJOR LUXURY BRANDS LAND IN MARBELLA

The Panorama report dedicates a prominent chapter to the rise of branded residences, residences that combine signature architecture and five-star hotel services. Marbella leads this trend in Europe, surpassing even Lisbon or the French Riviera, with more than a dozen international projects underway or in development.

Among them stand out Four Seasons Resort & Private Residences Marbella, designed by Richard Meier, which will include 136 private residences, 30 villas and a five-star hotel with 120 suites; Design Hills Marbella by Dolce&Gabbana; Karl Lagerfeld Villas in Istán; Versace Villas in Nueva Andalucía, with 2,000 m² villas and hotel services; The Summit by Elie Saab in Cascada de Camoján; Marea by Missoni at Finca Cortesin; Aida furnished by Bentley opposite Puente Romano; and the future St. Regis or Ritz-Carlton Marbella, which will be born from the conversion of the former W Resort project.

“…these world-recognised names underscore Marbella’s alignment with international standards of excellence and positions the city as an ideal environment for the development,” maintains Clover. “ Just the presence of a Four Seasons in Marbella will attract many high-net-worth visitors who have not yet discovered the magic of Marbella”

In addition to raising the market standard, these developments drive job creation, the arrival of foreign capital and demand for high-end services in sectors such as restaurants, health or wellness.

THE ACHILLES HEEL: A RENTAL MARKET UNDER PRESSURE

The report identifies long term rentals as Marbella’s main challenge in 2025 and the years to come.. The average long-term rent has gone from €848 per month in 2019 to €1,600 in 2025, representing an increase of 89%. In prime areas such as the Golden Mile, Nagüeles, Nueva Andalucía or Marbella East, annual increases are around 11%.

The supply shortage has displaced thousands of workers to neighbouring municipalities such as Ojén, Guaro, Coín or Manilva, where prices also grow at double digits. This phenomenon is already affecting hiring in key sectors such as hospitality, education or healthcare. Some companies have even opted to acquire properties for employee accommodation.

“ Marbella’s rental market is under intense and sustained pressure, with demand far exceeding supply and prices rising year after year”, warns Clover. “The key will be to balance luxury growth with residential accessibility without damaging tourism competitiveness.”  

Regarding vacation rentals, the report recalls that since 2024 the VUT license from the Junta de Andalucía, registration in the National Registry of Tourist Housing (NRUA) and, since April 2025, homeowners communities’ approval is mandatory to allocate a property for this purpose.

Unlike other major Spanish cities, Marbella will not impose restrictions by zones, although the mayoress has announced that “very close” monitoring of its evolution will be carried out. In the province as a whole, only 49.6% of tourist homes are fully registered in August, reflecting the complexity of regulatory adaptation.

The report also notes the state proposal to apply 21% VAT to short-term rentals, a measure that, if approved, could redirect part of the supply towards the long term, although with negative side effects for tourism and local economies.

BETWEEN LEGAL CERTAINTY AND SUSTAINABILITY

In the urban planning area, Marbella experienced a turning point in 2025 with the provisional approval of the new General Municipal Planning Ordinance (PGOM), supported by the LISTA Law, which simplifies procedures, shortens deadlines and strengthens municipal autonomy.

The city has also advanced in regularizing thousands of homes built under annulled plans, reducing legal uncertainty for owners and buyers. “After a decade of uncertainty, the advancement of the PGOM has returned much needed confidence  to the market,” explains Clover.

Infrastructure investments reinforce this new cycle. Projects have been launched for the expansion to three lanes of the highway between Puerto Banús and San Pedro, improvement of strategic accesses and the impulse of the coastal train. In parallel, Málaga Airport faces an expansion plan to almost double its capacity between 2027 and 2031.

The expansion of the Marbella desalination plant and the development of new treatment plants guarantee the water resilience of the area, an essential condition to sustain residential and tourist growth in the long term.

A MATURE AND SELECTIVE MARKET

The Town Hall will close 2025 with more than 85,000 contributors to Social Security and the lowest unemployment rate in its recent history. With only 9% of the province’s population, Marbella concentrates 17% of the companies registered in Málaga, confirming its role as a high business density economic hub.

For Panorama, the Marbella market has entered a phase of consolidation: the volume of operations remains high thanks to the strength of demand and limited available supply. However, many buyers, who frequently cannot find the property they are looking for at the price they want, must compromise and accept alternative properties. This has led them to be more demanding and take more time to decide. “We are facing a client who prioritizes quality, price and sustainability,” notes Clover. “Buyers are seeking: a market built on lifestyle and permanence.”

Ultimately, Marbella consolidates its position as an international benchmark of excellence, combining economic development, quality of life and sustainability. Its growth not only reflects prosperity, but a vision of the future based on wellbeing and human innovation.

“ Far beyond luxury real estate, Marbella’s true foundations and real wealth extend beyond the material. They encompass a richness of experience, culture, health and community. And it is this unique energy that drives, and will continue to drive, Marbella’s growing lifestyle economy for decades to come.”

ABOUT PANORAMA PROPERTIES

Founded in 1970 and regulated by RICS, Panorama Properties is Marbella’s longest established real estate agency, specializing in prime properties and residential and commercial investment consulting. Led by Christopher Clover, its reputation is based on professionalism, transparency and deep knowledge of the local market.