Marbella and the “Golden Triangle” sees continued growth in high-end sales.

The high-end property market on the Costa del Sol continues to show remarkable strength. This was confirmed at the latest professional forum organised by DOM3 association, where key data and future challenges for the sector were discussed. The event, held in Marbella, brought together representatives from the Town Hall and senior executives from leading agencies in the prime segment, including Mariano Beristain, Managing Director of Diana Morales Properties / Knight Frank.

In 2024, a total of 8,708 properties were sold in the so-called Golden Triangle — Marbella, Estepona and Benahavís — representing a 5.6% increase compared to the previous year. Marbella led the market with 4,745 transactions, followed by Estepona with 3,162 and Benahavís with 801. These figures highlight the continued appeal of the area, particularly among international buyers. In the first quarter of 2025 alone, Spain registered 21,525 property purchases by foreign buyers — 14.1% of all transactions. In Málaga province, that figure rises to 34.75%, and in Marbella it is even higher, with British and Northern European buyers especially relevant.

An internationally recognised destination

One of the key topics at the event was the role of international buyers in shaping the market. According to the figures shared, more than 90% of transactions in this segment involved overseas clients.

Marbella has established itself as one of Europe’s leading luxury property destinations,” said Mariano Beristain. “Our market is global and increasingly discerning. Buyers from many different countries are looking for more than just a home — they value the setting and the overall quality of life.”

This strong demand also mirrors Marbella’s diversity. The town is home to over 167,000 registered residents, with more than a third being foreign nationals from 152 countries. Its multicultural character is central to its appeal, attracting both buyers and investors from around the world.

Security as a deciding factor

Security was another important theme discussed.This is often a decisive factor when purchasing a luxury home and is one of the defining characteristics of the prime property market.

“Many clients choose areas like La Zagaleta precisely for the high level of security they offer,” Beristain noted.

However, for Marbella to maintain its position as a leading international destination, investment in urban quality must continue.

“Excellence begins with the surroundings. We cannot aspire to be Europe’s best destination without having the best infrastructure,” added Beristain.

Realistic pricing for sustainable growth

The event also addressed the changing pace of the market following years of extremely high demand. Buyers are now more cautious and unwilling to pay inflated prices.

In this context, Beristain highlighted a growing gap between seller expectations and actual market values. “In many cases, expectations are not in line with reality, which makes transactions more difficult.”

This does not signal a downturn, but rather a move towards a more stable and responsible phase of growth.

Ignacio Díaz, Director of Projects and Infrastructure at Marbella Town Hall, echoed this view: “These are solid figures that reflect a steady, well-balanced market growth.”

Urban planning and long-term sustainability

From an institutional perspective, Díaz pointed out that Marbella has around 9,000 properties pending development, many of which depend on the approval of the new General Urban Plan (PGOU). Estepona has greater planning capacity, which partly explains the surge in new-build activity there. According to Díaz, progress on Marbella’s PGOU is expected after the end of the summer.

The future of the sector will largely depend on this planning process and the ability to balance growth, quality and sustainability. At the same time, another increasingly pressing issue was addressed: access to housing for workers in the sector. Without affordable housing, the local economy could face structural difficulties.

A shared vision

The DOM3 event made clear that the Golden Triangle’s luxury market is enjoying a strong moment, but also that the time has come to plan with foresight. International demand remains high, Marbella continues to enjoy global appeal, and leading professionals — like Diana Morales Properties / Knight Frank — are committed to a model based on quality, safety and sustainable development.

As Mariano Beristain summed up: “We have huge potential, but we must take care of it. Only then will we remain a true reference on Europe’s luxury property map.”

Pia Arrieta, 29 May 2025 - News