This is the Marbella property market report Q3 2024, our archived edition covering the third quarter of 2024. It formed part of our quarterly analysis of the Marbella residential market, compiled from official Spanish registry and notarial data.

For the current quarter, see the latest Marbella property market report. Reading consecutive editions shows direction, which is more useful than any single quarter alone.

A Market Rebuilding Confidence

The Marbella property market report Q3 2024 recorded a market that had regained its footing. Marbella posted 1,400 transactions, a 10 per cent increase year on year, although still 16 per cent below the exceptional peak of 2022.

The wider context was a rising population of ultra high net worth individuals, led by the United States and the Middle East, both of which have a disproportionate influence on this market. What Q3 2024 captured was confidence returning after a period of adjustment, rather than a market at full stretch.

The Story of the Quarter

Q3 2024 is the earliest edition we have digitised, and it is useful precisely because it predates the surge that followed.

Volumes were recovering but still well below the 2022 peak, and the divergence between the three municipalities was starker than at any point since.

It provides the baseline against which the 2025 expansion should be read.

Transactions Across the Golden Triangle

The three municipalities behaved very differently in Q3 2024, which is one of the clearest illustrations we have that the Golden Triangle should never be treated as a single market.

Marbella recorded 1,400 transactions, up 10 per cent year on year but 16 per cent below its 2022 peak. Estepona recorded 1,050, up 6 per cent and, notably, 3 per cent above its 2022 peak, the only one of the three to have fully recovered. Benahavís recorded 350, down 19.9 per cent year on year and 37.5 per cent below its 2022 peak.

Benahavís illustrates a structural point rather than a weakness. In a low volume, high value market, a handful of transactions either way produces dramatic percentage swings. Reading its numbers the way you would read Marbella’s is a common and expensive mistake.

Who Was Buying

Foreign buyers drove a significant portion of transactions across all three municipalities, motivated by lifestyle, the year round climate, and the region’s standing as an international hub for luxury living. Many also viewed the Costa del Sol as a stable investment destination during a period of economic uncertainty.

Nationality and Location Preference

British buyers were the most significant foreign group at 10 per cent of all transactions, concentrated in Marbella’s luxury market, particularly the Golden Mile and Puerto Banús.

German buyers at 7 per cent of foreign transactions were increasingly drawn to Estepona, for affordability relative to Marbella and the availability of newer developments.

Scandinavian buyers, especially Norwegian and Swedish, at 6 per cent gravitated to Benahavís for the privacy of its gated communities.

Eastern European buyers, particularly from Poland, Ukraine and the Czech Republic, had become a growing segment across Marbella and Estepona over the preceding two years, representing 4 per cent of foreign transactions in the quarter.

The pattern worth noting is that nationality and location preference are closely linked in this market. Different buyer groups consistently favour different municipalities, which means demand for any given location is more concentrated by source country than headline figures suggest.

The American Arrival

One of the more consequential developments captured in the Marbella property market report Q3 2024 was the arrival of American buyers in meaningful numbers.

The introduction of direct flights between New York and Málaga brought a wave of American interest, and by Q3 2024 the percentage of American buyers had risen to match that of Poland and Ireland. From a base of almost nothing, that is a rapid shift.

Read alongside later editions, this was the beginning of a trend rather than a spike. American interest has continued building through 2025 and into 2026, driven by remote working flexibility and by relative value against other prime resort markets.

Estepona’s Development Boom

Estepona saw impressive growth in new development, with 14.8 per cent more projects underway in 2024 than the previous year. The town attracted significant investment from both local developers and international buyers, drawn by land availability and more relaxed zoning.

Why Estepona Recovered First

Estepona was the only one of the three municipalities to exceed its 2022 peak in Q3 2024.

The reason was supply. Where Marbella was constrained by land scarcity and planning, Estepona could deliver new product, and buyers absorbed it.

That structural advantage has persisted through every quarter since, and remains the single clearest difference between the two markets.

Developments ranged from residential complexes through to high end beachfront property and resort style gated communities, positioning Estepona as a more affordable but genuinely attractive alternative to Marbella.

Benahavis, Quiet Luxury

Benahavís, often called the dining capital of the Costa del Sol, was becoming an increasingly sought after location for high end property. Sitting just inland from Marbella, it combines privacy with proximity to Marbella’s amenities.

Despite the sharp fall in transaction count, the underlying market was active, with a growing number of luxury villas and upscale developments under construction. Its position near golf courses, natural parks and beaches continued to attract buyers seeking serene, private living.

What Q3 2024 Meant for Buyers and Sellers

For buyers

With hindsight, Q3 2024 was one of the better entry points of the cycle. Marbella was still 16 per cent below its 2022 transaction peak, competition was less intense than it became through 2025, and prices had not yet made the double digit gains recorded the following year.

For sellers

Confidence was returning but had not fully translated into pricing power. Sellers who held through to 2025 saw materially stronger conditions, which is worth remembering when assessing whether to sell into a recovering market or wait for it to mature.

What Q3 2024 Told Us With Hindsight

Read now, the Marbella property market report Q3 2024 marks the start of the expansion that ran through 2025. Marbella’s 1,400 transactions were recovering rather than peaking, and volumes climbed further before normalising in 2026.

Two calls in this edition proved correct. Estepona’s development led advantage persisted and remains the defining structural difference within the Golden Triangle. And American demand, then barely registering, has grown consistently every quarter since.

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