Market · Q4 2025
Why are prices rising in Marbella, Benahavís and Estepona if fewer homes are selling?
If fewer homes sell, do prices fall? The official data says no, and the reason is the realistic seller.
SHORT ANSWER
Actual sale prices in Q4 2025 rose in all four municipalities (Marbella +3.2%, Benahavís +2.0%, Estepona +6.0%, Mijas +1.7%) even though sales fell. The market is becoming more selective: fewer transactions, but at higher prices, and realistic sellers are the ones who close.
IN THIS ARTICLE
The Spanish Land Registrars published the official data on actual sale prices for the fourth quarter of 2025, and it is not what most people expected.
1. Fewer transactions, higher prices
| Q4 2025 | Actual sale price | Change | Asking price | Change |
|---|---|---|---|---|
| Marbella | €4,202/m² | +3.2% | €5,524/m² | +2.1% |
| Benahavís | €3,833/m² | +2.0% | €5,463/m² | +1.3% |
| Estepona | €3,349/m² | +6.0% | €4,151/m² | +2.3% |
| Mijas | €3,316/m² | +1.7% | €3,599/m² | +2.9% |
Change Q4 2025 against Q3 2025. Source: Spanish Land Registrars (Registradores de España) and property portals. Own analysis.
In the March Journal we shared the sales figures: falls of 7.8% in Marbella, 11.0% in Benahavís and 16.1% in Mijas, with Estepona the only exception, growing by 9.7%. Even so, actual sale prices rose in all four. The market is not stopping: it is becoming more selective.
2. The gap between what is asked and what is paid is shrinking
In Marbella, Benahavís and Estepona the difference is narrowing because actual prices are rising faster than asking prices: sellers are more realistic and the market rewards them. Mijas is the exception: asking prices are rising more (+2.9%) than closing prices (+1.7%), widening the gap, which shows that sellers there have not yet followed the path of the other markets.
3. The data confirms what we see every day
In our portfolio, where we only work with properties at market price, sales close in under 90 days with discounts below 3%. The right price does not just sell: it sells fast and with a minimal discount.
This market rewards the realist. Whoever is slow to adjust falls behind.
Alfonso Lacruz
For the three readings of this data (seller, buyer and investor), read Marbella Q4 2025: sell, buy or invest?
Frequently asked questions
Did prices rise in Marbella in Q4 2025?
Yes: the actual sale price was €4,202/m², 3.2% higher.
Why are prices rising if fewer homes are selling?
Because the market is becoming more selective: correctly priced properties reach the deed, at higher prices.
What is the gap between asking price and sale price?
The difference, as a percentage, between what is asked on the portals and what is paid on the deed.
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 Registrars' Association (Colegio de Registradores de España, Q4 2025); property portals. Own analysis. Last updated: 6 May 2026.
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