Málaga province registered 9,387 home sales between April and June 2026, a rise of 7.7% on the first quarter and 8.7% on the same three months of 2025. Spain registered 167,934 across the same quarter and fell 5.7%. The Málaga property market has now spent a full quarter moving in the opposite direction to the country it sits in, and it did the same to its own region.
Every figure below comes from the Colegio de Registradores, the Ministry of Transport, the Notariado, Aena or the Banco de España, and each one has been read off the source document rather than taken from anybody’s summary of it. We publish nothing from our own books in a market report and nothing appears here either, so a buyer who wants to check any figure in this post can do it in an afternoon.
The quarter the Málaga property market moved the other way
Registered sales count deeds arriving at the property register, which makes them completed purchases rather than listings, asking prices or reservations that may never sign. On that measure the Málaga property market has recorded seven consecutive quarters between 8,600 and 9,800 sales, with the second quarter of 2026 near the top of that band at 9,387 and the province remarkably level for nearly two years while the commentary around it swung from boom to correction and back.
The composition of the quarter is the part to slow down for. Resale sales rose 16.2% to 6,420, the second largest quarterly rise of any province in Spain, while new build fell 7.0% to 2,967. All 748 of the extra homes Málaga sold against a year earlier came out of the second hand market. New build still took 31.6% of the Málaga property market against 20.8% nationally, so the province is not short of appetite for new stock. It is short of new stock.
Buyers here are not answering the same conditions as buyers in Valladolid or Murcia. A household buying its first home inland is priced by salary, mortgage rate and local supply, and all three tightened through the first half of 2026. Somebody buying a second home above Marbella is priced by what they have already made somewhere else, and that pool did not shrink this year. The Málaga property market shares a statistical series with the rest of Spain and very little else.
Where Málaga sits inside Andalucía
Andalucía registered 34,495 sales during the quarter, more than any other autonomous community and 20.29% of everything transacted in Spain. The region as a whole fell 4.5%, and only three of its eight provinces grew at all. The Málaga property market was one of the three, and it was not close.
Sevilla fell 15.2% to 6,204 sales and Granada fell 13.2% to 3,595, with Almería down 8.0% and Cádiz down 6.6%. Córdoba managed 0.8% and Huelva 1.8%, so the two other provinces that grew between them did not add a quarter of what Málaga added on its own. This is not a regional trend that Málaga happens to sit inside. It is one province pulling in a direction of its own while the seven around it slow down or stall.
The same gap runs through price. Andalucía averaged €2,090 per built square metre across the quarter against Málaga’s €3,347, which is 60% higher than the region and 70% above Cádiz, the next most expensive Andalusian province at €1,964. The Málaga property market carries 27.2% of the region’s transactions and a far larger share of its money. Anyone quoting an Andalucía average at you is telling you almost nothing about this stretch of coast.
What a square metre now costs
Málaga’s average registered price reached €3,347 per built square metre during the quarter, up 0.2%, which holds the ground taken in the first three months of the year rather than adding to it. On the twelve month measure, which smooths out whatever happened to sell in any single quarter, the province stands at €3,254 and 10.8% up on the year. New build averaged €3,487 and resale €3,281.
Spain reached €2,487 per square metre, a historic high, up 2.4% on the quarter and 9.2% on the year. That leaves the Málaga property market 34.6% above the national average, and pulling away from it rather than tracking it. The registrars’ repeat sales index, which follows the same properties as they trade again, hit its seventh consecutive record at 3.14% growth in the quarter and 16.7% over the year. The registrars themselves note that the pace is moderating, and they are right to.
Second hand housing carried the quarter nationally, with prices up 3.5% against a fall of 0.7% in new build, and used homes reached 79.21% of all registered transactions in Spain. The Málaga property market leans harder on new build than the country does, which is why the shortage of finished resale stock in the best addresses is the constraint every buyer on this coast meets first. Our quarterly reports for Marbella, Estepona and Benahavís take that split municipality by municipality.
Foreign buyers took 37.01% of the Málaga property market
Foreign purchasers accounted for 37.01% of every home registered in Málaga province during the second quarter, a gain of 2.71 percentage points in three months and the second highest share of any province in Spain behind Alicante at 46.43%. The national figure reached 15.98%, the highest the Land Registry has ever recorded, so the Málaga property market is running at more than twice the country’s own record.
Andalucía as a region sits at 15.95%. That is almost exactly the national average and less than half of Málaga. Six autonomous communities outrank it, led by the Balearics at 32.27%, Valencia at 31.03% and the Canaries at 29.33%. Foreign demand in Andalucía is not really an Andalusian story at all. It is a Málaga property market story, and the regional average buries it.
British purchasers led nationally at 6.99% of foreign acquisitions, followed by Dutch at 6.94%, German at 6.11%, Moroccan at 6.09%, Romanian at 5.70%, Italian at 5.13%, French at 4.97% and Polish at 4.33%. No single nationality sits anywhere near a position of dominance, and 57.39% of foreign purchases came from inside the European Union with a further 16.75% from the rest of Europe, which makes this a European market buying a European coast.
Buyers arriving from eight different countries do not all turn at once. A market carried by one country turns the moment that country’s currency, tax code or politics turn, and this coast has watched it happen to other resort markets more than once. Eight nationalities each holding between four and seven per cent of the total is a far steadier base than one holding thirty, and it is the single best argument for the resilience of the Málaga property market that the official data will give you.
Borrowing cost more and the buyers did not flinch
The twelve month Euríbor, which prices the great majority of Spanish variable mortgages, averaged 2.783% across the second quarter against 2.344% across the first and 2.102% a year earlier. It closed June at 2.798% and carried on upward into July at 2.855%, so the easing cycle that supported the Málaga property market through 2025 has now reversed.
The Land Registry’s own mortgage data points the same way. The average rate contracted on new Spanish mortgages rose 0.04 percentage points to 3.03%, a second consecutive increase, while average borrowing per home reached a record €176,453 and the average monthly payment reached €825. That payment now absorbs 34.3% of average salary cost nationally and 35.3% across Andalucía, the fourth heaviest burden of any region in Spain. Spanish buyers are handing over more of their salary than a quarter ago, and that is the clearest reason the national market lost volume while this one gained it.
The Málaga property market added both volume and price into a tightening rate cycle, which tells you plainly that its buyers are not the ones doing the borrowing. Equity and cash dominate the higher value transactions across Marbella and Benahavís. A purchase funded by a sale in London, Amsterdam or Dubai does not care what the Euríbor did in June. Rates do bite on this coast at the mortgage dependent end of the Estepona new build market, and that is the first place we would look for any volume effect through the second half of the year.
Buyers who do want a Spanish mortgage are still being lent to on reasonable terms, and the banks here stayed open through a rate cycle that closed lending down in other markets. We work with brokers who place these loans every week and we will get you an accurate rate and a realistic loan to value before you commit to anything rather than after. Our Marbella buyers guide sets out where the financing sits inside the purchase timetable.
The supply the Málaga property market is still waiting on
Málaga province started 10,021 free market homes during 2025 against 9,349 in 2024, the highest figure since the last cycle, while completions reached 6,248 against 6,429. Starts have run ahead of completions in each of the last four years, which is the arithmetic of a pipeline filling faster than it empties and leaves 3,773 homes from last year alone still under construction.
Set that against the 83,274 homes started across the province in 2003 and current activity runs at roughly 12% of the last cycle’s peak. Builders are not flooding the Málaga property market and nothing in the official record suggests they are about to. The average price of urban land reached €344 per square metre in the first quarter against €324 a year earlier. Land is the real constraint behind every supply figure here, because the developable coastal strip is finite and everybody who wants to build on it is bidding for the same parcels.
For a buyer that reads as scarcity rather than shortage. Prime completed stock stays tight, the best addresses trade quickly, and the schemes coming out of the ground now are the ones delivering into 2027 and 2028. Anyone who wants something new is buying it off plan, which is why our off plan guide walks through the payment structure and the bank guarantees before the reservation stage, and why we would keep a closer eye on the current developments page than on the resale listings this year.
What Marbella, Estepona and Benahavís actually achieved
Deed prices from the Notariado cover a rolling twelve months and therefore include April, May and June, which makes them the most current achieved figures available anywhere in the Málaga property market. Marbella runs at €4,665 per built square metre across 4,037 registered deeds, Benahavís at €4,529 and Estepona at €3,437. These are prices people signed at a notary rather than prices somebody hoped for, and the gap between the two is where most published commentary on this coast goes wrong.
Postcode 29602, which covers the Golden Mile with Nagüeles, Sierra Blanca and Camoján above it, achieved €5,475 per square metre across 622 deeds at an average of €1,067,432 over 195 square metres, with four further Marbella postcodes above €4,300 and the three Estepona postcodes running from €3,415 to €3,796. A postcode is a great deal wider than a neighbourhood, so those averages fold Puerto Banús in with San Pedro, and beachfront Estepona in with the hills behind it.
That is the level at which published statistics stop being useful and we start being useful. We hold unit level records for the developments across these three municipalities, built up over years, covering what individual schemes actually sold at and how quickly they absorbed. Nobody can price a specific villa off a postcode average. Setting a property against the right comparable set gets you to a number you can act on, and that is a conversation to have with us rather than with a portal. Our valuation tool is the quickest way to start it if you already own here.
For buyers coming the other way, the practical question is which of the three towns fits the budget and the use. The guide to Marbella and the guide to Estepona cover how the two differ street by street, and what is currently for sale in Marbella shows where the stock sits today. Tell us what you are looking for and we will send you the properties that match before they reach a portal, which is what our requirements form is for.
When the town by town numbers arrive
Everything above is province and region, because that is what closes on time. The Ministry of Transport publishes municipal counts for Marbella, Estepona and Benahavís roughly two quarters in arrears, so the second quarter for the three towns lands at the start of 2027 and the first quarter of 2026 settles on 1 October. We will publish both as they come and say so plainly if they disagree with what the province has been telling us.
Until then the province is the better guide to where the Golden Triangle stands, and the notarial deed prices above are the most current municipal figures anybody holds. If you are weighing a purchase or a sale before the town by town data catches up, ask us what the Málaga property market has done to your specific address rather than to the province, and we will tell you.
How many homes were sold in Málaga in Q2 2026?
Málaga province registered 9,387 home sales between April and June 2026, according to the Colegio de Registradores. That is 7.7% more than the first quarter and 8.7% more than the second quarter of 2025, in a quarter when Spain as a whole registered 167,934 sales and fell 5.7%.
Is the Málaga property market still going up in 2026?
Yes, on both volume and price. The Málaga property market added 8.7% in registered sales over the year and the average registered price reached €3,347 per built square metre, with the twelve month figure at €3,254 and 10.8% up on the year. It did that in a quarter when Spain and Andalucía both fell.
How is the Málaga property market doing compared with the rest of Andalucía?
Andalucía registered 34,495 sales in the second quarter and fell 4.5%, while Málaga rose 7.7%. Only three of the region’s eight provinces grew at all. Málaga also averaged €3,347 per square metre against €2,090 for Andalucía, and its foreign buyer share of 37.01% is more than double the regional 15.95%.
How many foreign buyers are buying in Málaga province?
Foreign buyers accounted for 37.01% of all registered home purchases in Málaga during the second quarter of 2026, second only to Alicante at 46.43% and more than double the national record of 15.98%. British buyers lead at 6.99% of foreign purchases nationally, with Dutch, German, Moroccan, Romanian, Italian, French and Polish buyers all between 4% and 7%.
When are the Marbella and Estepona figures for 2026 published?
Municipal counts run about two quarters behind the province, so the first quarter of 2026 settles on 1 October and the second quarter follows at the start of 2027. Notarial deed prices are current to the quarter, which is why this post uses those for the three towns. Ask us and we will tell you where the numbers stand for the address you are interested in.
The Costa del Sol property market continues to evolve, but informed decisions begin with reliable data. Download the JUST Q1 2026 Marbella Property Market Report today and gain exclusive insight into one of Europe’s most resilient and internationally driven residential markets.
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Research enquiries:
James Evans — Managing Partner
📞 +34 643 390 376 | ✉️ james@justrealestate.es
Sales enquiries:
Alina Nouaimeh — Partner
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