Market · Luxury
Luxury property market in Marbella and Benahavís: Q1 2026 data
Fewer buyers, more supply and, even so, higher prices on the deed. The segment from €1.5 million, looked at on its own.
SHORT ANSWER
In the first quarter of 2026, luxury home sales (from €1.5 million) fell 13.7% year on year in Marbella and 41.9% in Benahavís, according to Spain's Land Registrars and Notaries (Registradores y Notariado). At the same time, inventory grew by 12.3% and 16.8%, and the closing price per square metre rose by 5.5% and 9.8%.
IN THIS ARTICLE
Looking at luxury on its own changes how you read the market. Here are the figures and what they mean.
The figures for the quarter
| Luxury homes · Q1 2026 | Marbella | Benahavís |
|---|---|---|
| Sales | -13.7% | -41.9% |
| Active inventory | +12.3% | +16.8% |
| Years of stock | 4 years | 12 years |
| Closing price per m² | +5.5% | +9.8% |
Luxury homes from €1.5 million. Year-on-year change, Q1 2026 against Q1 2025. Years of stock: active inventory divided by average annual sales over the last twelve months; a balanced market clears its stock in about 20 months. Source: Spain's Land Registrars and Notaries (sales and closing prices); Idealista and Fotocasa (active inventory). Own analysis.
Why look at luxury on its own?
Sales in the first quarter on the Costa del Sol fell by around 30% compared with the same period last year (we analyse this in the market has fallen 30%). It is a striking figure, but it lumps together things that have little in common: a €300,000 apartment and a €3 million villa do not live in the same market. That is why we look at the upper segment separately, with a cut-off at €1.5 million, where the buyer and the time to sell change. Today it accounts for 11.3% of transactions, a little more than one in nine.
How far have luxury sales fallen?
They have not fallen equally in the two locations. In Marbella they dropped 13.7% and in Benahavís 41.9%, three times as much. The difference is not that Benahavís is a worse market, but that it is much smaller and concentrated in large villas, so it only takes a few buyers taking their time for the quarter to look like a collapse. Its numbers show a direction, not an exact measure.
Are luxury prices going up?
While sales fall, the number of homes for sale grew by 12.3% in Marbella and 16.8% in Benahavís, and the price at which deals are signed rose by 5.5% and 9.8%. Fewer buyers, more supply and, even so, higher prices on the deed.
How long does it take to sell a luxury home today?
At the current pace, Marbella would take about four years to sell everything on the market and Benahavís about twelve, whereas in a healthy market that figure is twenty months. What it means today is simple: there are plenty of homes for sale that do not sell, and the ones that do close are the ones that are correctly priced.
There are plenty of homes for sale that do not sell. The ones that close are the ones that are correctly priced.
Alfonso Lacruz, Q1 2026 analysis
Methodology and sources
Sales and closing prices come from the Spanish Land Registrars' Association (Colegio de Registradores de España) and the General Council of Notaries (Consejo General del Notariado), which record what appears on the deed. Inventory comes from Idealista and Fotocasa, which reflect asking prices, not closing prices. Years of stock are our own calculation. Luxury segment: homes from €1.5 million. Year-on-year change, first quarter of 2026 against the first quarter of 2025.
Frequently asked questions
How much did luxury sales fall in Marbella in Q1 2026?
By 13.7% year on year for homes from €1.5 million, according to Spain's Land Registrars and Notaries. In Benahavís the fall was 41.9%, three times larger, because of the smaller volume of transactions in that municipality.
Did luxury home prices fall in Marbella in 2026?
No. The closing price per square metre rose by 5.5% in Marbella and 9.8% in Benahavís in the first quarter of 2026, because only correctly priced homes reach the deed.
How much luxury inventory is there in Marbella and Benahavís?
At the current sales pace, Marbella would take about four years to sell everything it has listed and Benahavís about twelve. A balanced market clears its stock in about twenty months.
What is the difference between asking price and closing price?
The asking price is the one the seller publishes on portals such as Idealista or Fotocasa. The closing price is the one recorded on the deed and published by the Land Registrars and Notaries. Only the second reflects what the buyer actually paid.
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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