Housebuying in Marbella: foreigners will buy one in three homes sold this year

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A new market report forecasts property price increases of 8% in 2026, while highlighting that Marbella's real estate market has entered a phase of 'greater maturity'

José Carlos García

Marbella

Monday, 9 February 2026, 15:26

"The Costa del Sol real estate market enters 2026 with a clear message for investors: more moderate growth, but on structurally sound foundations.

"After several years of strong appreciation, Marbella and its surrounding area are consolidating a new cycle marked by market maturity, a shortage of prime locations and international demand that continues to be the sector's main driver."

This is reflected in the real estate market report for 2026 by The Agency Marbella, which analyses the evolution of the residential market from an economic and financial perspective, incorporating data on prices, sales, tourism, connectivity and international comparisons.

The study predicts that in 2026 house prices in Marbella will rise by between seven and eight per cent, with 32 per cent of purchases going to international buyers.

In fact, according to the aforementioned market report, foreign demand remains one of the pillars of the sector. In the Costa del Sol province, foreign buyers now account for 31.8 per cent of property deals, making it one of the provinces with the highest proportion of foreign investment in Spain.

In Marbella, this demand is particularly concentrated in the prime and luxury ends of the market, with buyers coming from the United Kingdom, Northern Europe, the United States and the Middle East. These are mostly buyer profiles with low dependence on bank financing, "which reduces the market's sensitivity to changes in interest rates," notes the report.

120 per cent price increases

The report's data confirms that the market continues to grow, albeit "at a more rational pace". In Malaga province, residential prices have risen by more than 120 per cent since the lows of the financial crisis, now very close to their pre-2008 highs. In the last year alone, the price of housing in Spain grew by 13.4 per cent year-on-year, with increases of nearly 19 per cent in resales, the highest in the last two decades.

"On the Costa del Sol, this behaviour is explained by a structural supply deficit, especially pronounced in Marbella, where the availability of land in consolidated areas is practically non-existent," warns the report. It further points out that "this factor acts as a natural price floor and reduces the probability of sharp price adjustments even in adverse macroeconomic scenarios".

"We're no longer talking about impulsive growth, but rather a more rational environment, supported by very solid international demand and a structurally limited supply in prime locations."

Leif Orthmann

Managing partner at The Agency Marbella

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