Knight Frank Global House Price Index, Q1 2026

Pia Arrieta DM Properties

20 Jul 2026 2 minutes to read

Knight Frank’s Global House Price Index shows that global house price growth slowed in the first quarter of 2026. Across 55 housing markets, average annual nominal growth eased to 1.4%, down from 2.3% in Q4 2025.

However, the wider picture remains more resilient than the headline suggests. According to Knight Frank, 91% of tracked markets still recorded positive annual nominal price growth. Spain ranked among the stronger performers, with 13.9% annual nominal growth, 3.8% quarterly growth and 10.1% real annual growth.

Key findings

Global house price growth slowed to 1.4% in Q1 2026.
Real house prices fell by 1.8% across the index.
91% of tracked markets still recorded positive annual nominal growth.
Spain ranked 7th in the index, with 13.9% annual nominal growth.
Spain also recorded one of the strongest real annual growth rates, at 10.1%.
Turkey led the index in nominal terms, while Mainland China and Canada recorded the sharpest annual falls.

Liam Bailey, global head of research at Knight Frank commented: The post-Covid repricing of prime global rents has largely passed through, but the market has not moved into reverse. Growth is slower, more selective and increasingly dependent on local supply constraints. Markets with tight availability and resilient high-income demand are still seeing meaningful rental growth, while affordability pressures are capping performance elsewhere.”

A local view about Marbella and the Costa del Sol

The local picture supports the same broad message: prices are still rising, but the market is becoming more measured.

Official Notaries’ Portal data to 31 March 2026 shows that average achieved prices rose year-on-year in the three main Golden Triangle municipalities. Marbella increased from €4,227/m² in Q1 2025 to €4,864/m² in Q1 2026, Benahavís from €3,682/m² to €4,718/m², and Estepona from €2,990/m² to €3,384/m². Over the same period, transaction volumes fell in all three areas.

This confirms the trend identified in our 2026 Marbella Real Estate Market Report: demand remains healthy, but buyers are more selective and pricing is increasingly important.

Why this matters

Global growth is slowing, but Marbella’s market remains supported by limited supply, strong international demand and the strength of its best locations. The key difference now is that buyers are less willing to overpay. Correct pricing has become essential.

Read the full report: Knight Frank Global House Price Index, Q1 2026.

Pia Arrieta, 20 Jul 2026 - News