Foreigners will buy one out of every three homes sold in Marbella in 2026.

"The Costa del Sol real estate market enters 2026 with a clear message for investors: more moderate growth, but on structurally solid foundations. After several years of strong appreciation, Marbella and its surroundings are consolidating a new cycle marked by market maturity, a scarcity of supply in prime locations, and an international demand that continues to act as the main driver of the sector." This is reflected in The Agency Marbella's 2026 Real Estate Market Report, which analyzes the evolution of the residential market from an economic and financial perspective, incorporating data on prices, transactions, tourism, connectivity, and international comparisons.

The study predicts that in 2026 the rise in housing prices in Marbella will be between 7 and 8 percent, with 32% of purchases going to international buyers. Indeed, according to the 2026 Real Estate Market Report, one of the pillars of the sector continues to be this external demand. In the province of Málaga, foreign buyers already represent 31.8% of transactions, placing it among the provinces with the highest weight of foreign capital in Spain. In Marbella, this demand is particularly concentrated in the prime and luxury segment, with buyers coming from the United Kingdom, Northern Europe, the United States, and the Middle East. These are mostly profiles with low dependence on bank financing, "which reduces the market's sensitivity to changes in interest rates," the report warns.

Appreciations of 120%

The data from the report confirm that the market continues to grow, although "at a more rational pace." In the province of Málaga, residential prices have accumulated an appreciation of over 120% since the lows of the financial crisis, already very close to the highs prior to 2008. Just in the last year, the price of housing in Spain grew by 13.4% year-on-year, with increases close to 19% in second-hand housing, the highest in the last two decades.

"On the Costa del Sol, this behavior is explained by a structural deficit of supply, particularly acute in Marbella, where the availability of land in consolidated areas is practically non-existent," the study warns, noting that "this factor acts as a natural floor for prices and reduces the probability of sharp adjustments even in adverse macroeconomic scenarios."

"We no longer talk about impulsive growth, but about a more rational environment, supported by a very solid international demand and a structurally limited supply in the best locations"

Leif Orthmann

Managing partner of The Agency Marbella

"The Marbella real estate market has entered a phase of greater maturity. We no longer talk about impulsive growth, but about a more rational environment, supported by a very solid international demand and a structurally limited supply in the best locations," explains Leif Orthmann, managing partner of The Agency Marbella.

Within the so-called Golden Triangle, Marbella remains the most dynamic market in terms of transaction volume, while Benahavís has the highest average prices, and Estepona stands out for its highest percentage growth, supported by a broader supply. This distribution of growth, according to the report, "provides stability to the entire market, as it does not depend on a single segment or a single buyer profile."