Marbella Property Prices 2026 | An Honest Read on Timing

Marbella property prices stood at €4,789 per built square metre on the deeds in the twelve months to the October refresh of the General Council of Notaries (the Notariado), and valuers placed the town at €4,528 in the second quarter, 15.6% higher than a year earlier. Sales moved the other way, with 4,399 homes registered across 2025 against 4,743 in 2024, so anyone weighing up a decision this autumn is looking at firmer values and fewer transactions at the same time.

Timing is a fair concern for anyone looking at property for sale in Marbella at the moment, since the Euribor has climbed, Spain votes on 29 November and the town’s new general plan has only just been approved. We set out the official figures on Marbella property prices below with our own view of them, and the full series and sources sit in our Marbella property market report.

Marbella property prices on the deeds and in the valuations

A deed records what a buyer actually declared before a notary, which is why we give it more weight than any asking price, and the Notariado counted 3,909 deeds in Marbella at an average of €787,301 for 164 square metres in that twelve month window. The same rolling figure stood at €4,695 at the refresh we quoted in September, so Marbella property prices on the deeds moved up by about 2% between two readings a few weeks apart.

Spain’s Ministry of Housing and Urban Agenda (MIVAU), which publishes valuations and sales town by town, placed Marbella at €3,916 per built square metre in the second quarter of 2025 and €4,528 in the second quarter of 2026, across 748 valuations. That is an opinion of value rather than a price paid, although it is the figure lenders work from, and it sits 5% below the deed price, so the banks have grown more comfortable without running ahead of what buyers sign for.

The wider measures point the same way at a calmer pace, with the house price index from Spain’s National Statistics Institute (INE) showing Andalucía 11.9% higher in the year to the second quarter of 2026, after 13.3% in the first, and the quarterly gain easing from 4.1% to 2.6%. The Land Registry (Registradores de España) recorded €3,347 per built square metre across Málaga province, 10.8% higher over twelve months, a figure that covers the whole province rather than Marbella. Neither series stands lower than a year ago, and one slower quarter is not a turn after so many months of growth.

Our 2026 Market Outlook in February expected average pricing across the Golden Triangle to stay broadly stable this year, and the official record has so far run ahead of that view. We would rather say so plainly, because a reader ought to see where we were cautious and where the market proved stronger.

Sales counts through 2025 and 2026

MIVAU counted 873 sales in Marbella in the settled first quarter of 2026 and 921 in the first count for the second, against 1,159 and 1,078 in the same quarters of 2025, which are falls of 24.7% and 14.6%. The full year of 2025 ran 7.3% below 2024, and we judge any slowing on a full year rather than on one or two quarters. First counts also move, since the first quarter across the three towns settled 3.6% above the figure first published, and MIVAU settles the second quarter on 16 December.

The provincial count arrives sooner than the town figures, and the INE recorded 2,564 sales in Málaga province in August 2026, 6.0% more than in August 2025, straight after a fall of 14.7% in July. That leaves the first eight months of the year at 23,047 sales, 4.8% below the same months of 2025, while Spain stands 2.3% lower, as our post on Málaga home sales in August sets out.

Our reading, from working in this market every day, is that good property is scarce and that buyers are careful and price conscious, some of them wondering whether values are near a peak. Marbella property prices rising while transaction counts fall points to demand that is still there and stock that is not, and the official price series support that view.

New build made up only 6.2% of Marbella’s second quarter sales against 18.0% in Estepona, and it ran at 450 sales across 2025 against a peak of 2,108 in 2004. A seller of a well located existing home therefore competes with very little new stock, while a buyer set on something brand new has a shorter list here than a few kilometres west, and our guide to buying off plan sets out how those purchases work.

The Euribor at 3.24% and the buyers it reaches

The European Central Bank (ECB) raised its deposit rate from 2.00% to 2.25% in June and to 2.50% in September, then left it unchanged on 29 October, and the twelve month Euribor averaged 3.24% in October 2026 against 2.19% a year earlier. A mortgage reviewed against that index now costs more than it did twelve months ago, so any budget built on last year’s rates is the first thing we recheck with a buyer.

Those rises weigh on Marbella property prices less directly than on the market in most of Spain, because foreign buyers accounted for 60.9% of purchases in the town in the first quarter of 2026 and many of them do not depend on Spanish lending. Across Málaga province they took 37.01% of purchases in the second quarter, more than twice the national share of 15.98%, as our post on foreign buyers in Málaga sets out. In our experience apartments below a million euros feel the cost of finance far more than villas at five million, where a significant proportion of purchases are completed with equity.

Access to the coast keeps growing as well, with Aena, the airport operator, recording 22,129,948 passengers at Málaga Airport in the first nine months of 2026, 6.6% more than a year earlier, and traffic on international routes up 7.3%. Passengers are not purchasers, but the people who buy here have to fly here first.

The 29 November election and the proposed 100% tax

Royal Decree 806/2026 dissolved Spain’s Parliament on 6 October and called a general election for 29 November, and housing is already prominent in the debate. The proposal made in 2025 for a 100% tax on homes bought by non EU buyers who do not live in Spain has not become law, and under article 207 of the standing orders of Congress any business still pending before the chamber lapsed on dissolution.

Any new government could bring the measure or something like it back, and we do not claim to know who will win or what they will table. For a British, Norwegian or Gulf buyer the position we would take is that a tax which does not exist should neither delay a good purchase nor hurry one, and we will tell any client exactly where it stands on the day they are deciding.

The new general plan and the supply behind it

Marbella’s full council gave definitive approval to its new general plan, the PGOM, on 18 September, replacing a framework dating from 1986, and the plan takes full effect once the resolution and its planning rules appear in the provincial bulletin. Our Marbella PGOM news post covers the vote. Much of what the plan allows still waits on detailed planning, licences and construction, so we would not expect it to move Marbella property prices or the stock in prime areas for some years.

Prime areas including the Golden Mile, Sierra Blanca, Nueva Andalucía and Los Monteros remain largely built out, so the plan is unlikely to alter the scarcity behind Marbella property prices there. That is a comfort for owners, and for buyers it is one more reason to act on a good resale when it appears.

Where Marbella property prices part company by postcode

Postcode 29602, covering much of the Golden Mile and the surrounding prime neighbourhoods, achieved €5,778 per built square metre on the deeds against €4,159 in 29604, which covers Elviria, a difference of 39%. Between them sit 29660, covering Nueva Andalucía and Puerto Banús, at €4,892 across 1,042 deeds, 29603 in the east of the town at €4,791, and both 29670 at San Pedro de Alcántara and Guadalmina and 29601 in the centre and old town at €4,366. Nobody buys a municipal average, and in our experience a move in Marbella property prices rarely reaches every postcode at once.

Buyers routinely shortlist across all three municipalities, and Estepona achieved €3,514 per built square metre on the deeds, 27% below Marbella, while Benahavís reached €4,716 at an average of €1,007,034 for 214 square metres. Our Estepona and Benahavís reports carry those towns in full, and our guide to Marbella covers the town area by area.

Timing a purchase in Marbella this winter

The official record shows valuations and registered prices higher than a year ago, fewer sales, dearer borrowing and very little new stock, and our analysis points to a shortage of good homes rather than of buyers. Should things continue as they have, we would expect Marbella property prices to stay firm rather than fall, although we would not overstate that view with an election weeks away and third quarter figures to come. A buyer with long term plans is, in our view, better served by choosing the right home at a price the closed sales support than by trying to call the quarter.

We set any home a client likes against the closed sales around it, using the JUST Intelligence Database™ we have built up over many years, and we will get the answers on licences, charges and delivery dates before a reservation is signed. Our buyers guide covers the process from offer to notary, and our requirements form tells us what to look for on a buyer’s behalf.

Owners read the same Marbella property prices from the other side, since a good home in a market with little stock can command its price, while buyers who wonder whether values are near a peak will test any asking price that runs ahead of the street. Our valuation calculator gives a first reading, and we will set it against closed sales before a home reaches the market through JUST Sell.

Investors have a different sum to do, because the return depends on the licence as much as on Marbella property prices, and tourist licensing varies between the three municipalities. The only official rent index at town level reaches 2024, so we work from our own letting book, and we can say what is being agreed this month in a given urbanisation.

What buyers ask us about Marbella property prices