The residential market in Marbella, Estepona and Benahavís remains one of the most liquid segments on the Costa del Sol.
Using official data from the Spanish Ministry of Transport and the Notaries’ Statistical Portal, this report summarises how the market performed in 2024 and during the first half of 2025, with a particular focus on transaction volumes and price behaviour.
1. Long‑term sales trend since 2007
The three municipalities together registered 8,708 residential sales in 2024. That is one of the strongest years on record and almost matches the previous peak in 2022.
| Year | Benahavís | Estepona | Marbella | Total |
|---|---|---|---|---|
| 2020 | 456 | 2,517 | 2,563 | 5,536 |
| 2021 | 859 | 3,137 | 4,628 | 8,624 |
| 2022 | 1,128 | 3,647 | 5,513 | 10,288 |
| 2023 | 1,068 | 2,666 | 4,509 | 8,243 |
| 2024 | 801 | 3,162 | 4,745 | 8,708 |
After the post‑pandemic surge in 2021–2022, with more than 10,000 transactions in 2022, volumes normalised but remained clearly above the pre‑2020 years.
Compared to 2020, the overall market in 2024 handled 57% more sales in these three municipalities.
2. Resales versus new‑builds
Official resales statistics show that the market is fundamentally driven by existing homes. In 2024 Spain as a whole registered around 695,545 residential resales, of which approximately 634,088 were used properties and just 61,457 new homes.
The same pattern is visible locally. In Marbella, Estepona and Benahavís combined, 2024 ended with a total of 8,708 sales, of which around 7,521 were resales and only 1,187 corresponded to new properties.
For buyers this means the best opportunities are still in the resale segment, while premium new developments play a more focused, high‑value role.
3. Short‑term dynamics: 2024/2025 quarterly numbers
Looking at quarterly data gives more nuance. The table below compares the end of 2024 with the first half of 2025.
| City | 4Q 2024 sales | 1Q 2025 sales | 1Q 25 vs 4Q 24 | 2Q 2025 sales | 2Q 25 vs 1Q 25 | 1st half 2024 | 1st half 2025 | 1H 25 vs 1H 24 |
|---|---|---|---|---|---|---|---|---|
| Benahavís | 186 | 193 | +3.8% | 198 | +2.6% | 419 | 391 | -6.7% |
| Estepona | 980 | 889 | -9.3% | 772 | -13.2% | 1,328 | 1,661 | +25.0% |
| Marbella | 1,152 | 1,157 | +0.4% | 1,084 | -6.3% | 2,485 | 2,243 | -9.7% |
| Total | 2,318 | 2,239 | -3.4% | 2,054 | -8.3% | 4,232 | 4,293 | +1.4% |
The headline: transaction numbers in the first half of 2025 are broadly in line with 2024 (+1.4%), but performance differs by municipality.
Estepona stands out with a 25% increase in sales compared with the same period of the previous year, while Marbella shows a moderate contraction after several exceptionally strong years.
4. Marbella pricing: Notaries’ data
The Notaries’ Statistical Portal for the Marbella area (September 2024 to August 2025) shows:
- Average price per m² (built): 4,228 €/m²
- Number of sales: 4,322 in the period
- Average price per property: 711,138 €
- Annual price change: +12.59%
- Median age of buyers: 52 years
The dashboard also confirms that a significant share of buyers are foreign and that apartments represent the bulk of transactions.
In other words, Marbella remains a mature international market with strong purchasing power and limited tolerance for mis‑priced product.
5. Price ranges by product type
Sample transactions in 2025 illustrate how widely prices vary between micro‑locations and property types:
Apartments
- Good quality apartments in established complexes trade from around 3,500–5,500 €/m².
- Beachfront or fully refurbished units in prime areas can reach 10,000–14,000 €/m².
- At the very top end, duplex penthouses on the Golden Mile or in frontline beach projects exceed 19,000 €/m².
Townhouses
- Well‑located townhouses in need of cosmetic work start around 3,500–4,000 €/m².
- Refurbished units in sought‑after communities typically range between 6,000–8,000 €/m².
- Best‑in‑class product in central or beachfront locations can approach 11,000 €/m².
Villas
- Traditional villas close to the coast but outside the very prime areas can be found around 3,200–5,000 €/m².
- Refurbished or recently built villas in good locations commonly sell in the 6,000–9,000 €/m² band.
- Iconic properties in Golden Mile or frontline beach settings comfortably exceed 12,000 €/m².
These ranges highlight the importance of micro‑location, views, renovation quality and community amenities when analysing value.
6. Key takeaways for buyers and sellers
For buyers
- The market remains active but more price‑sensitive than in 2021–2022.
- Resales dominate volumes; new developments are more selective and often priced at a premium.
- Well‑priced, renovated units in good locations still sell quickly – preparation and decisiveness are essential.
For sellers
- 2024–2025 data confirms that the Costa del Sol remains a deep, liquid market – but buyers compare everything.
- Correct entry price, professional presentation and accurate benchmarking against similar recent sales are critical.
- Vendors who align with current price bands achieve faster sales and stronger net results than those who “test” unrealistic prices.
7. How Olivo Estates can help
At Olivo Estates we use the same official data sources referenced above – combined with on‑the‑ground knowledge of individual communities – to advise clients on both acquisition and sale.
- For buyers: independent assessment of asking prices, rental potential and resale prospects.
- For sellers: data‑driven valuations, market‑tested pricing strategies and a structured marketing and negotiation process.
If you would like a property‑specific valuation or a tailored acquisition brief for Marbella, Estepona or Benahavís, contact us for a confidential consultation.
