Q2 2025 Market Analysis: Marbella´s Golden Triangle Consolidates after a Strong Start to the Year

The residential market across Marbella, Estepona, and Benahavís — collectively known as the Golden Triangle — entered a phase of normalisation in the second quarter of 2025. Following a dynamic start to the year, activity eased slightly but remained at historically high levels. The data confirm a stabilised market rather than a declining one, supported by sustained demand from both domestic and international buyers.

Sales Activity

According to data from the Land Registry, property sales within the Golden Triangle decreased by −8% compared with Q1 2025, and were −13% lower year-on-year compared with Q2 2024.

By municipality, the trends were mixed:

• Marbella: sales declined −6.3% quarter-on-quarter.
• Estepona: saw a −13% quarterly adjustment, following strong growth throughout 2024.
• Benahavís: remained stable, with a +2.6% increase compared to Q1.

Over the first half of 2025, total transactions across the Golden Triangle were +1.4% higher than in H1 2024, confirming a steady consolidation after two exceptionally active years.
In comparison, Málaga province recorded a −1.1% annual decrease, while Andalucía (+10.0%) and Spain (+8.4%) maintained moderate growth.
This highlights the area’s resilience and maturity, as activity has stabilised at a high level rather than showing a marked contraction.

Foreign demand remains one of the market’s key pillars. In Málaga province, foreign buyers accounted for 33.29% of all transactions in Q2 2025, virtually unchanged from 32.95% in Q2 2024, underscoring the province’s enduring international appeal and the Golden Triangle’s central role within it.

Price Trends

Official Land Registry data for Q2 2025 show:

• Málaga province: average price of €2,936/m², an +11.9% annual increase.
• Andalucía: average of €1,874/m², up +7.9% year-on-year.

While no official municipal figures are available for Marbella, Estepona, or Benahavís, data from Idealista — based on asking prices rather than final sale values — indicate that the average price across the Golden Triangle reached €4,669/m², representing a +12.1% increase year-on-year.

It is important to note that these are indicative averages. The region’s diversity is considerable: values vary widely from inland areas to prime coastal locations such as La Zagaleta in Benahavís or frontline beach properties on Marbella’s Golden Mile, where prices can reach or exceed €30,000/m².

Market Outlook

The Golden Triangle’s performance in the first half of 2025 reflects a market in balance. Activity has cooled from previous peaks but remains strong by historical standards, supported by continued international demand and limited supply in prime areas.
Price growth continues at a sustainable pace, suggesting that the market has entered a period of stability following several years of rapid expansion.

As the year progresses, buyer activity is expected to remain solid, particularly in the established residential zones of Marbella, Estepona, and Benahavís, where quality properties continue to attract a global audience.

Mar Poza, 09 Oct 2025 - Intelligence