Marbella's prime market enters 2026 from a position of strength. Constrained supply at the top of the market — particularly beachfront and gated-community estates — continues to support values, while international demand has broadened well beyond its traditional sources.

Prices and supply

The scarcity story is most acute on the Golden Mile and in Sierra Blanca, where new land is effectively unavailable and turnover is low. Buyers competing for the best addresses are increasingly willing to acquire off-market, and we expect this discreet segment to grow.

New-build supply remains concentrated in Benahavís, Nueva Andalucía and Estepona's New Golden Mile, where contemporary villas and branded residences are setting new benchmarks for specification and price per square metre.

Who is buying

• Northern European families relocating for lifestyle and schooling
• North American buyers, a notably larger cohort than five years ago
• Investors seeking euro-denominated assets with strong rental demand

Where the value lies

For buyers prioritising value over trophy address, San Pedro de Alcántara and Marbella East continue to offer space, beaches and golf at a meaningful discount to the centre — with room for further re-rating as infrastructure matures.

The fundamentals that made Marbella resilient — climate, connectivity, security and lifestyle — are only strengthening.