Q1 2025 Market Analysis: Marbella´s Golden Triangle Shows Sustained Momentum.

The residential property market across Marbella, Estepona and Benahavís — the area known as the Golden Triangle — has recorded a significant 24.7% year-on-year increase in total sales during the first quarter of 2025, confirming a continued trend of healthy market activity in this highly sought-after region of the Costa del Sol.

Sales Overview – Q1 2025 vs Q1 2024

• The total number of property transactions rose from 1,875 in Q1 2024 to 2,339 in Q1 2025.
• Estepona emerged as the standout performer, registering a 59% increase in overall sales.
• The resale segment remains the principal driver of activity, accounting for nearly 90% of all transactions.
• Sales of new-build properties increased by 29.4%, with Estepona responsible for the vast majority of that growth.

With 2,339 transactions in Q1 2025, the Golden Triangle remains close to the all-time high reached in the same period of 2022 (2,581 sales), a time marked by an exceptional post-pandemic pent up demand. This performance highlights the resilience and underlying strength of today’s market.

Insights by Municipality

Marbella

Maintaining its position as the largest and most active market in the region, Marbella recorded over 1,200 property sales, representing a 7.8% year-on-year increase. However, a sharp 45% decline in new-build transactions suggests a tightening of available stock over the past two years, despite ongoing demand for prime locations. It is important to note that new-build sales reflect completed and delivered units, not off-plan sales made during the construction phase.

Estepona

Estepona was the clear leader this quarter:

• +161% increase in new-build transactions (from 75 to 196)
• +44.5% increase in resale activity

A remarkable 59% increase in total sales, driven by the completion of several new residential developments, as well as a combination of resales involving recently renovated properties and others purchased with renovation plans in mind — all supported by competitive pricing relative to Marbella.

 Benahavís

Benahavís achieved a 17% increase in total sales, driven by a 32.9% rise in resale properties. In contrast, new-build transactions fell significantly (–76%), which may reflect the temporary absence of project completions.

Price Evolution per Square Metre

In the first quarter of 2025, the average price per square metre in the Golden Triangle reached €4,260, according to figures from Idealista. This represents a 12.15% year-on-year increase compared to the €3,799/m² recorded in Q1 2024.

While these figures are based on asking prices on Idealista — since final sales prices for transactions are not published by Registradores (Property Registrars) by municipality - they offer a snapshot of market trends in high-demand areas.

To put these figures into context:

• In Andalusia, the average price stood at €1,857/m², reflecting an 8.1% year-on-year increase, according to the Spanish Registrars Association.
• In the province of Málaga, the average price reached €2,869/m², up 13.1% compared to Q1 2024.
• This confirms that the Golden Triangle not only sits well above regional and provincial averages, but continues to show steady price growth within Spain’s premium property segment.

Foreign Buyer Activity at Record High

Another notable highlight from Q1 2025 is the record share of foreign buyers in the province of Málaga. According to data from the Spanish Registrars Association, 34.75% of all property purchases during the first quarter were made by international buyers — the highest figure ever recorded for the province. This marks a significant  10.04% increase from 31.58% in Q1 2024, further reinforcing Málaga’s position as one of the most attractive destinations for foreign investment in residential real estate.

Market Outlook

The results for Q1 2025 indicate a robust and expanding market across the Golden Triangle. Estepona is emerging as a key area of opportunity, attracting both domestic and international buyers with a growing number of high-quality developments and relatively accessible prices.

Marbella maintains its prestige status, though its more stable figures may point to constraints in supply rather than reduced demand, which is in an all-time high

Benahavís, meanwhile, remains a popular choice for resale properties, but may face a shortfall in new-build sales while projects are completed and delivered to new owners.

Adding to this positive outlook, the all-time high in foreign buyer activity underscores the Golden Triangle’s enduring appeal on the global stage and its ability to attract long-term investment in the face of changing economic conditions.

You can read our full 2024/2025 Market Report Real Estate 

Mar Poza, 25 Jun 2025 - News