Market · Q2 2025
Costa del Sol real estate market in Q2 2025: fewer sales, stable prices
A fundamentally healthy but slower market: fewer transactions, rising prices and increasingly selective buyers.
SHORT ANSWER
In the second quarter of 2025, transactions fell by around 20% in Marbella, Benahavís and Mijas, according to the Land Registry; Estepona was the exception (+3.6%). Even so, average prices rose in most municipalities. For owners, a realistic price stands out in this more selective market.
IN THIS ARTICLE
The latest Land Registry data for the western Costa del Sol, for the second quarter of 2025, presents a market that remains fundamentally healthy but has clearly shifted in pace.
Is it a correction or an adjustment?
Prices continue to trend upward, yet transaction volumes have dropped noticeably compared with the same period last year. After two exceptional years of strong activity, this moderation suggests the market is returning to a more sustainable rhythm rather than entering a downturn. Serious buyers are still active, but they are increasingly selective and value-driven, focusing on properties that combine quality, location and realistic pricing.
1. How far have sales fallen and what is happening to prices?
Closed transactions decreased by around 20% in Marbella, Benahavís and Mijas during Q2, while Estepona was the only area to post a modest gain. Despite these declines, prices have continued to rise across most municipalities. This resilience highlights the strength of the local market, supported by limited supply of modern homes and consistent demand from both domestic and international buyers.
2. Do all the municipalities behave the same way?
| Average price of homes sold | Price per m² | Over the previous quarter | Over one year |
|---|---|---|---|
| Marbella | €3,974 | +2.8% | +11.7% |
| Benahavís | €3,730 | -0.8% | +3.5% |
| Estepona | €3,052 | +5.9% | +13.9% |
| Mijas | €3,142 | +3.1% | +21.2% |
Second quarter of 2025. Source: Spanish Land Registrars (Registradores de España).
Price trends diverge across areas. Marbella and Estepona recorded quarterly price gains of 2.8% and 5.9%, while Mijas led the region with an impressive 21.2% annual increase. Benahavís was the only market to show a small quarterly decrease (-0.8%), suggesting a temporary pause after several years of growth, particularly in the high-end segment where buyer caution is more evident.
3. Why is the gap between asking and closing prices widening?
Since mid-2024, asking prices have risen faster than achieved sale prices, reflecting a growing disconnect between seller expectations and buyer sentiment. While this may lead to longer marketing times, well-priced listings continue to attract strong interest, confirming that confidence in the Costa del Sol remains solid and long-term fundamentals are intact.
What it means for homeowners
Well-priced homes will stand out this autumn, as buyers grow more selective and motivated, making now the ideal moment to attract serious offers before year-end.
Alfonso Lacruz, October 2025
This is 2025 data. To see how the market has moved since, read the market has fallen 30% and why prices rise when fewer homes are sold.
Frequently asked questions
How much did sales fall on the Costa del Sol in Q2 2025?
By around 20% in Marbella, Benahavís and Mijas compared with the same period last year. Estepona was the only area with a modest gain (+3.6%).
Did prices fall in Q2 2025?
Not in most municipalities: Marbella rose 2.8% and Estepona 5.9% on the previous quarter, and Mijas 21.2% over a year. Benahavís fell 0.8%.
What is the gap between asking and closing prices?
The difference between what sellers ask and the final sale price. Since mid-2024, asking prices have risen faster than closing prices.
Was it a good time to sell in autumn 2025?
According to this analysis, yes for homes at a realistic market price, because buyers were more selective but motivated.
About the author
Alfonso Lacruz
Naval engineer and market analyst. Over 25 years advising owners in Marbella and Benahavís. Publishes a monthly market analysis with Land Registry data.
The figures are indicative and every property is different: for a specific number, ask for a valuation of your home.
Sources: Spanish Land Registry data (Registro de la Propiedad); Spanish Land Registrars (Registradores de España, average price of homes sold, Q2 2025). Last updated: 31 October 2025.
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