Marbella Property Market in H1 2026: A more balanced market takes shape

The latest data to June confirms the change of pace we anticipated in our Marbella Real Estate Market Report 2026.

After several years of exceptional activity, residential sales are moderating across Marbella, Benahavís and Estepona. So far, however, fewer transactions have not led to lower prices.

Between January and June 2026, 3,422 homes were sold across the Golden Triangle, 20.7% fewer than during the same period in 2025. Over the same six months, the average price of completed transactions rose by 15.5% to €4,366/m².

Activity also strengthened between the first and second quarters, pointing to a more nuanced picture than the year-on-year figures alone might suggest.

H1 2026 at a glance

• 3,422 residential transactions across Marbella, Benahavís and Estepona
• 20.7% fewer sales than in H1 2025
• €4,366/m² average transaction price
• 15.5% annual increase in the average price per square metre
• 9.7% more transactions in Q2 than Q1
• International buyers accounted for 61% of purchases in Marbella, 68% in Estepona and 85% in Benahavís

Transaction volumes moderated across the Golden Triangle

Between January and June 2026, 3,422 residential transactions were recorded across Marbella, Benahavís and Estepona, compared with 4,313 during the same period in 2025.

This represents a combined decline of 20.7%.

All three municipalities recorded fewer sales:

• Marbella: -21.8%
• Estepona: -18.6%
• Benahavís: -22.6%

The decline is significant, but it should be considered in the context of the high levels of activity reached over recent years and alongside what has happened to prices.

There was also a noticeable improvement as the first half progressed.

Transactions across the Golden Triangle increased from 1,632 in Q1 to 1,790 in Q2, a rise of 9.7%.

Activity improved in all three municipalities between the two quarters:

• Marbella: +3.0%
• Estepona: +15.0%
• Benahavís: +28.8%

This does not offset the year-on-year decline for the first half as a whole. It does, however, show that activity strengthened during Q2 rather than continuing to slow.

Average prices continued to rise

Between January and June 2026, the average price of homes sold across the Golden Triangle reached €4,366/m², compared with €3,781/m² during the same period in 2025.

This represents a year-on-year increase of 15.5%.

Average prices increased across all three municipalities:

• Marbella: +13.5%
• Estepona: +19.2%
• Benahavís: +19.6%

Prices also moved higher between the first and second quarters.

The Golden Triangle average increased from approximately €4,250/m² in Q1 to €4,471/m² in Q2, a rise of 5.2%.

By municipality:

• Marbella: +2.7%
• Estepona: +11.3%
• Benahavís: +6.2%

These figures should not be interpreted as meaning that every property has increased in value by the same percentage.

Average transaction prices are affected by the type, size, quality and location of the homes sold during each period. This is particularly relevant in Benahavís, where the smaller number of transactions means that individual high-value sales can have a greater influence on the municipal average.

The broader conclusion is nevertheless clear: lower transaction volumes have not, so far, resulted in a general fall in prices.

A similar pattern can be seen across Spain

The moderation in transaction volumes is not limited to the Costa del Sol.

According to data from Spain's General Council of Notaries for June, residential transactions fell by 4% year on year across Spain and by 9.7% in Andalucía.

Prices moved in the opposite direction, increasing by 8.8% nationally and 8% in Andalucía.

The pattern is therefore similar to the one we are seeing locally: transaction volumes are moderating while prices remain higher than a year ago.

International buyers remain a key part of the market

The latest figures from the Notary Statistics Portal confirm the importance of international demand across Marbella, Benahavís and Estepona.

Foreign buyers accounted for approximately 37% of residential purchases in Málaga province in Q2 2026.

Their share was considerably higher across the Golden Triangle:

• Marbella: 61%
• Estepona: 68%
• Benahavís: 85%

The profile of those buyers varies between municipalities.

Marbella

Marbella continues to attract a broad international buyer base.

Among foreign purchasers, the UK is the largest market, followed by Sweden, the Netherlands, Poland and Germany.

Resale homes account for the large majority of transactions. Over the latest 12-month period, 75% of buyers were private individuals and 25% were companies.

Estepona

Estepona has a particularly diverse international buyer base.

The Netherlands is the largest foreign market, followed by the UK and Poland.

The municipality also has a considerably higher proportion of new-build purchases than Marbella or Benahavís.

Over the latest 12 months, 86% of buyers were private individuals and 14% were companies.

Benahavís

Benahavís remains the most international of the three municipalities.

The UK and Sweden are its leading foreign buyer markets, followed by the Netherlands, Belgium and Germany.

Over the latest 12 months, 77% of buyers were private individuals and 23% were companies.

Its smaller transaction base and concentration of higher-value properties mean that movements in average prices should be interpreted with particular care.

New-build activity differs considerably between the three markets

Resale property remains dominant across Marbella, Estepona and Benahavís, but the balance between new-build and resale varies considerably.

Over the latest 12-month period, new homes represented approximately:

• 25% of transactions in Estepona
• 11% in Marbella
• 7% in Benahavís

Estepona therefore continues to stand out for its greater capacity to bring new residential supply to market.

Marbella and Benahavís remain much more heavily weighted towards resale property, particularly in established prime residential areas where new development opportunities are more limited.

Buyers are becoming more selective

The most important change we are seeing is not simply a reduction in the number of transactions. It is a change in how buyers are making decisions.

Buyers are comparing properties more carefully. Location, quality, condition and price relative to competing homes are receiving greater scrutiny.

This is creating a clearer distinction between properties that are correctly positioned in the market and those where the asking price does not reflect current conditions.

In Marbella, quality supply remains limited in many of the most sought-after locations. Fewer transactions therefore do not necessarily imply lower prices.

They do, however, make correct pricing from the outset increasingly important.

Marbella, Estepona and Benahavís continue to follow different dynamics

Although the three municipalities are often grouped together as Marbella's Golden Triangle, each has its own market characteristics.

Marbella: an established market with limited prime supply

Marbella remains the largest of the three markets by transaction volume and the most established.

Supply is limited in many key residential areas. During H1 2026, sales were lower than a year earlier, but both transaction activity and average prices improved between Q1 and Q2.

Estepona: a greater role for new development

Estepona recorded the smallest year-on-year decline in sales of the three municipalities.

It also saw a 15% increase in transactions between Q1 and Q2 and continues to have a much larger new-build component than either Marbella or Benahavís.

This greater availability of new development remains one of the main distinctions between Estepona and the other two markets.

Benahavís: smaller, more international and higher-value

Benahavís operates with a much smaller number of transactions and a high concentration of prime and ultra-prime property.

It also has the highest proportion of international purchasers, with foreign buyers representing 85% of transactions.

Because relatively few homes change hands, individual high-value transactions can have a pronounced effect on average prices. Short-term movements therefore require more cautious interpretation.

A more balanced market after several exceptional years

The data for the first half of 2026 points to a market moving towards more balanced conditions after several years of exceptional activity.

Sales remain below 2025 levels, but transaction activity improved between Q1 and Q2. Average prices also continued to rise across all three municipalities.

International demand remains a fundamental part of the market, while quality supply continues to be limited in many of Marbella's most sought-after areas.

At the same time, buyers are becoming more selective and paying closer attention to the relationship between location, quality, condition and price.

This is consistent with the direction we anticipated in our Marbella Real Estate Market Report 2026: transaction volumes are moderating, prices remain resilient and correct pricing is once again becoming increasingly important in achieving a sale.

About this analysis

This market update has been prepared by DM Properties | Knight Frank using residential transaction data from the Notary Statistics Portal and the General Council of Notaries, together with our ongoing analysis of the Marbella, Benahavís and Estepona property markets.

Unless otherwise stated, H1 comparisons refer to January–June 2026 versus January–June 2025. Buyer-profile and new-build/resale figures refer to the latest available 12-month period.

Average transaction prices can be affected by changes in the type, size, location and value of properties sold and should not be interpreted as an estimate of the change in value of an individual property.

Last updated: September 2026

Sources: Notary Statistics Portal; General Council of Notaries; DM Properties | Knight Frank, Marbella Real Estate Market Report 2026.

Mar Poza, 04 Sep 2026 - Intelligence