The Journal · July 2026
Luxury market in Marbella and Benahavís 2026: fewer sales, higher prices and 4 years to sell
Fewer buyers, more supply and, even so, higher prices on the deed. In this issue I look at the segment from €1.5 million separately, because it does not live in the same market as the rest.
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July 2026 edition, in full
The original charts, the issue's second article and the properties of the month, in three pages.
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First-quarter transactions on the Costa del Sol fell by around 30%, but that figure lumps together a €300,000 apartment and a three-million villa. That is why in July I looked at the high end separately, with a cut-off at one and a half million: today it is 11.3% of transactions, a little more than one in nine.
- Luxury has not fallen equally in the two markets. In Marbella sales dropped 13.7% and in Benahavís 41.9%, a much smaller market where a few buyers move the quarter.
- Prices rise while homes take years to sell. Inventory grew 12.3% and 16.8%, and the closing price rose 5.5% and 9.8%.
- Price is always the last to move. First sales fall, then inventory builds up and the time to sell lengthens. The first three have already happened; price is the next indicator to watch.
Also in this issue: buyers exist and homes are not selling
On page three I explain the apparent contradiction: fewer sales, more homes for sale and yet the average closing price rises. It is not that every home has gained value: only the best of the market gets signed, the homes that are priced right. What is not adjusted stays in the shop window, which is why Marbella has four years of inventory and Benahavís twelve.
I see it every week with my clients: there are buyers looking, but what they like is above what they are willing to pay, and when a well-priced home appears, it sells quickly. If you want to see how that price is set, I explain 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: Spanish Land Registrars' Association (Colegio de Registradores de España); General Council of Notaries (Consejo General del Notariado); Idealista; Fotocasa. Own analysis. Last updated: 11 August 2026.
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