Market · Q3 2025
Is the Costa del Sol market in trouble? The truth about the fall in sales in Marbella and Benahavís
The latest data answers the question on every investor's mind: is the market crashing? The answer is a resounding no. It is a healthy, necessary recalibration.
SHORT ANSWER
In Q3 2025, compared with Q3 2024, closed sales fell 14.6% in Marbella, 13.5% in Estepona and 25.6% in Benahavís. It is not a crash: activity has returned to the 20-year average and to the levels of 2014-2019, after the exceptional spike of 2022. Properties priced accurately from day one are still closing efficiently.
IN THIS ARTICLE
The real estate landscape of the western Costa del Sol is changing. Sales in Marbella, Estepona and Benahavís are finding their natural equilibrium, a transition from urgency to sustainability.
The figures: Q3 2025 against Q3 2024
| Closed sales · Q3 2025 | Change against Q3 2024 |
|---|---|
| Marbella | -14.6% |
| Estepona | -13.5% |
| Benahavís | -25.6% |
Year-on-year change in closed sales, third quarter of 2025 against third quarter of 2024.
Far from alarming, this double-digit correction reflects a necessary cooling. Buyers are still active but have become significantly more selective: they are no longer rushing, and take time to analyse value and demand quality before committing.
1. Are we back at the 20-year average?
As in our annual analysis of Benahavís, home sales in the first three quarters of 2025 are almost on the 20-year average line. The spike of 2022 was an exceptional event driven by post-pandemic global demand, not a permanent new baseline. Current activity mirrors the stable growth periods of 2014-2019. This return to the mean confirms that the market remains fundamentally healthy, with a solid foundation of genuine demand.
2. What does it mean for sellers?
With inventory stabilising and sales velocity returning to normal, precision is everything. The days of "testing the market" with an aspirational price are over. Properties priced accurately from day one are still closing efficiently. Overpriced listings, on the other hand, risk stagnation: they accumulate days on market, which ends up weakening the seller's negotiating position. Success now requires professional presentation and a data-driven pricing strategy. We explain the risk in overpricing your home.
In this new reality, expertise and strategy are your most valuable assets.
Alfonso Lacruz
In summary: a market that is maturing
The Costa del Sol is maturing. We are moving away from the volatility of the boom years into a phase of long-term stability. For buyers, this means the return of breathing room. For sellers, it is a call to action. For the later picture, read the Costa del Sol market in Q1 2026.
Frequently asked questions
Is the Costa del Sol property market crashing?
No. In the third quarter of 2025 sales fell, but activity has returned to the 20-year average and to the levels of 2014-2019. I see it as a healthy recalibration, not a crash.
How much did sales fall in Q3 2025?
Compared with Q3 2024, closed sales fell 14.6% in Marbella, 13.5% in Estepona and 25.6% in Benahavís.
Can I still sell at a good price?
Yes, if the price is accurate from day one. Properties priced correctly are still closing efficiently, while overpriced listings accumulate days on market and weaken the seller's position.
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: Closed sales for Marbella, Estepona and Benahavís, Q3 2025 against Q3 2024, and the 20-year sales series (charts published with the original article); own analysis. Last updated: 18 December 2025.
Thinking of selling your home on the Costa del Sol?
Start by knowing where your home stands in today’s market.