The Journal · March 2026
Stability? Why Estepona is rising while sales fall in Marbella, Benahavís and Mijas
The latest 2025 sales data confirms that the Costa del Sol market is changing pace. It is not weakness: it is a return to a more balanced and more selective market.
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March 2026 edition, in full
The original charts, the issue's second article and the properties of the month, in three pages.
Open the PDFWhat this issue is about
The momentum of recent years is fading, but it should not be mistaken for weakness. What we are seeing is a gradual return to a more balanced market, where buyers are still active but far more selective.
1. Marbella and Benahavís slow down, Estepona moves ahead
The four municipalities no longer move together. Marbella sold 7.8% less than in 2024, Benahavís 11.0% less and Mijas 16.1% less. Estepona went the other way, with an increase of 9.7%. There is no single market on the Costa del Sol: the dynamics of each area shape the result.
| Home sales | Change 2025 / 2024 | Average selling price |
|---|---|---|
| Marbella | -7.8% | €734,425 |
| Benahavís | -11.0% | €939,770 |
| Estepona | +9.7% | €414,976 |
| Mijas | -16.1% | €360,043 |
Source: Notaries and Land Registrars statistics. Own analysis.
Price only tells half the story: the key is the product
If price were the only factor, the data would look different. Mijas, the most affordable area, suffered the biggest fall. Estepona rose because it is capturing a wave of new-build deliveries sold in earlier years that are now reaching the notary. Mijas behaves like a traditional resale market that feels the cooling. In Marbella and Benahavís, buyers are taking more time to choose the best product in their price range.
The market is still strong in historical terms
Despite the slowdown, all four municipalities remain above their sales average for the last twenty years. The years from 2021 to 2024 raised the bar; activity is now returning to a healthier, more sustainable pace.
Also in this issue: what happens when you overprice
The third page explains why overpricing a home loses you money even when the market rises: upkeep, inflation, opportunity cost and the ageing of the property all work at the same time as the price rise. With the example of a six-million villa, you will find it in what happens when a property is overpriced.
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: General Council of Notaries (Consejo General del Notariado); Spanish Land Registrars' Association (Colegio de Registradores de España). Own analysis. Last updated: 15 April 2026.
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