The Marbella property market report is our quarterly reading of the town, with every figure drawn from official Spanish registry, notarial and ministry data and read through what we see daily as an agency working in this market. This is the Q2 2026 edition, the province edition, covering April to June 2026, and the page always carries the current edition, with every previous quarter archived below and the Q1 2026 edition at its own address.

Marbella Property Market Report Q2 2026 in a Province Up 7.7%

Málaga province registered 9,387 home sales between April and June 2026, 7.7% more than in the first quarter and 8.7% more than a year earlier on our own reading of the twelve month totals published by the Land Registry (Registradores de España), while Spain as a whole recorded falls of 5.7% on the quarter and 2.3% on the year. Marbella, the largest of the three towns, had 842 sales published for the first quarter, a provisional figure that Spain’s Ministry of Housing and Urban Agenda (MIVAU) finalises on 1 October alongside its first count for the second quarter.

Across 2025 as a whole the town registered 4,399 sales, 7.3% fewer than the 4,743 of 2024, a far gentler movement than a single provisional quarter suggests, and one we would set against how few of the homes buyers are asking for have come to the market. Over the twenty two years to 2025 Marbella registered 82,235 residential sales, of which 11,864 were new build.

Three Prices in the Marbella Property Market Report

Marbella has three prices, each measuring a different event, and buyers declared €4,695 per built square metre on their deeds in the twelve months to the September refresh of the General Council of Notaries (the Notariado), across 3,941 deeds at an average of €780,941 for 166 square metres. That window already takes in the second quarter, so it is the most current reading of price anywhere in the Marbella property market report.

Valuers assessed Marbella at €4,528 per built square metre in the second quarter, 15.6% higher than a year earlier and drawn from 748 valuations, which is the figure lenders work from and so a measure of how comfortable the banks are with this market, and it sits 4% below the deed price. The Land Registry recorded €3,347 across the whole province, so Marbella stands well above the provincial average.

Six Postcodes, One Wide Spread

The spread inside Marbella is wider than the spread between the three towns, with postcode 29602, which covers much of the Golden Mile and the surrounding prime neighbourhoods, achieving €5,636 per built square metre against €4,120 in 29604, which covers Elviria, a difference of 37%. Between those two sit 29660, covering Nueva Andalucía and Puerto Banús, at €4,727 across 1,057 deeds, 29603 in the east of the town at €4,629, 29670 at San Pedro de Alcántara and Guadalmina at €4,390, and 29601 in the centre and old town at €4,247.

For a seller the postcode rather than the municipal average is the comparison that stands up in any Marbella property market report, and for a buyer it is the same argument from the other side. We set every valuation against the closed sales in the street rather than against the town figure.

Supply Behind the Prices

Prime areas including the Golden Mile, Sierra Blanca, Nueva Andalucía and Los Monteros remain largely built out, leaving limited room for significant new residential development, and licensing timeframes have not improved meaningfully, so a number of major luxury developments and branded residences remain under construction. With demand resilient and quality stock limited across both resale and new build, constrained supply continues to be one of the principal factors supporting values.

New Build Against Resale in Marbella

New build made up 9.7% of the town’s first quarter sales against 18.7% in Estepona, and across the twenty two years to 2025 it peaked at 2,108 sales in 2004 and stood at 450 in 2025. For a seller of a well located existing home that means competing with very little new stock, which in our view is what has allowed prices to hold through quieter quarters.

For a buyer wanting new build in Marbella the same share means choosing from roughly half the relative supply available a few kilometres west. Across the province the second quarter brought growth in resale and a fall in new build, with resale up 16.2% to 6,420 and new build down 7.0% to 2,967, and on present evidence we would expect the balance to keep shifting toward resale.

Foreign Demand in Marbella

Foreign buyers accounted for 60.9 per cent of Marbella purchases in the first quarter of 2026, against 39.1 per cent for Spanish buyers, which is the latest town level buyer data in the Marbella property market report, while across Málaga province they took 37.01% of purchases in the second quarter, more than twice the national share of 15.98%. The median buyer in Marbella was 51 years old and 87.5 per cent of purchases were made by private individuals rather than companies, and neighbouring Benahavís runs at 84.1 per cent foreign buyers.

Borrowing Costs and Cash Buyers

The twelve month Euribor averaged 2.783% across the second quarter against 2.102% a year earlier, and it was still rising in July at 2.855%, yet volume and price in the province advanced regardless. Buyers from outside Spain are frequently not dependent on Spanish lending at all, so in the Golden Triangle rate movements weigh on sentiment more than on completions.

Apartments below a million euros are far more sensitive to the cost of finance than villas at five million, and in our experience a significant proportion of purchases in Marbella’s prime and luxury segments are completed with equity rather than debt. Any buyer budget built on the rates of eighteen months ago is the first thing we recheck.

Rents and the Limits of the Official Index

The only official rent index that reaches municipal level is published annually by Spain’s National Statistics Institute (INE), and it reaches 2024, covers Marbella and Estepona but not Benahavís, and describes a market two years old, so the Marbella property market report treats it as context rather than a measure of where rents stand today. Where tenancies actually clear today is a question no public source answers on this coast, because long lets, seasonal lets and holiday lets behave as three separate markets, each with its own tenants, terms and calendar.

We keep a letting book and can say what is being agreed this month in a given urbanisation, which is a conversation and not a chart. Where a buyer intends to let, the licensing position is the first question ahead of the yield, because tourist licensing varies between the three municipalities and a licence that exists today may not exist on resale.

Marbella Beside Estepona and Benahavís

Although this is the Marbella property market report, Marbella is best understood next to its neighbours, because buyers routinely shortlist across all three municipalities before deciding. The three towns registered 1,566 sales in the first quarter on the provisional count, with Marbella on 842, Estepona on 598 and Benahavís on 126.

Estepona, where new build arrives

Estepona registered 3,466 sales across 2025, 9.6% more than in 2024, and new build made up 18.7% of its first quarter sales, roughly double Marbella’s share. On the deeds the town achieved €3,483 per built square metre, 26% below Marbella, on homes that are themselves a quarter smaller.

Benahavís, the largest homes

Benahavís is much the smallest of the three towns by volume and the largest by average purchase, at €987,020 for 217 square metres, or €4,540 per built square metre across 624 deeds. New build there fell from 403 registrations in 2006 to 23 in 2025, so the market is now almost entirely resale.

For a buyer the choice is fairly plain, since if new build choice matters most Estepona offers materially more of it, and if absolute prime and privacy matter most Benahavís concentrates it. Marbella offers the deepest and most liquid market of the three, which matters when you eventually come to sell.

The Micro Markets Inside Marbella

Marbella is not one market, and the municipality wide averages in any Marbella property market report hide very different dynamics between urbanisations that sit minutes apart. The Golden Mile is defined by frontline scarcity, with effectively no capacity for new supply.

Nueva Andalucía offers more depth of stock and a broader price range, making it one of the more liquid parts of the market. Sierra Blanca and Nagüeles hold elevated positions with sea views and tightly constrained supply. Los Monteros has drawn renewed attention in the east, and La Quinta combines golf and views with a more active pipeline.

Outlook to the Year End

Should things continue as they have, we would expect the province to stay within the band it has held for seven quarters rather than break out of it, since volume rose while borrowing grew dearer, the buyers are there and careful on price, some wondering whether values are near a peak, and good property remains short, which in our view is what holds volume where it is. Any slowing we would judge across a full year rather than on one or two quarters.

On that basis the slightly lower twelve month total to June reads to us as a market short of homes to sell rather than of buyers, with the registered price per built square metre still 10.8% higher over the same twelve months. For sellers the position is stronger than the provisional town counts suggest, because a count that is still arriving understates its quarter, and prices have kept rising on the official measures while the town counts fell, which in our reading points to demand that is still there and good stock that is not.

The next test of our own reading falls on 1 October 2026, when MIVAU finalises the first quarter of 2026 and publishes its first count for the second quarter, and the municipal edition of this Marbella property market report will carry both on 13 October. The charts on the three town pages will carry a second quarter bar for the first time.

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