Market · Q1 2025
Marbella and Benahavís real estate in 2025: strong foundations
After 25 years in this market, the numbers for early 2025 confirm its resilience: Marbella strong, Benahavís in a healthy adjustment.
SHORT ANSWER
Based on data up to the first quarter of 2025, Marbella performs above its long-term average and started 2025 stronger than 2024. Benahavís is in a healthy correction after the 2021-2022 surge, with 2024 sales still above the 20-year average. Supply and demand are balanced and international interest is strong. I did sense some cooling in the second quarter, but I had no data yet to confirm it.
IN THIS ARTICLE
With 25 years in the luxury market of Marbella and Benahavís, I analyse the figures constantly. These are my conclusions from the data available in June 2025, which covers up to the first quarter of 2025.
Is Marbella still performing above its average?
Yes. Marbella consistently performs above its long-term average. Despite some shifts in sales volume in the second quarter of 2024, it has shown remarkable resilience, and the first quarter of 2025 started very strongly, surpassing the first quarter of 2024. This performance, often above pre-pandemic averages, points to a stable and attractive market, a main destination for buyers looking for a high-quality lifestyle and solid investments.
Is Benahavís in a downturn or a healthy adjustment?
In my view, a healthy correction, not a downturn. After the significant surge of 2021 and 2022, Benahavís is in an adjustment period: sales were lower than the peak in 2023 and early 2024, but total sales in 2024 were still above the 20-year average, which reflects underlying strength. Benahavís offers exclusivity and larger plots, and this recalibration creates new opportunities. The first quarter of 2025 shows renewed buyer interest, particularly in high-quality new builds.
Marbella and Benahavís real estate markets continue to demonstrate dynamism and resilience.
Alfonso Lacruz, June 2025
Is the market balanced between supply and demand?
It is, with strong interest from international buyers. Some segments saw less activity because of lower inventory or higher prices, but the market as a whole keeps moving forward. A higher availability of new builds gives buyers more options, and price stability, with increases in Marbella, reflects a healthy market. Possible interest rate reductions could stimulate demand further, which is why data-driven decisions matter. For what came next, read the market in the second quarter of 2025.
What is my view for the rest of 2025?
Marbella is sustaining its upward path with strong demand and stable prices, while Benahavís adjusts after its peak. I will add a personal feeling: I sense the market is cooling in this second quarter of 2025, although we have no data yet to prove it. As an experienced agent, I remain confident in the long-term strength of this market, driven by its lifestyle and the sustained confidence of international buyers.
Frequently asked questions
How was the Marbella property market performing in early 2025?
Strongly: Marbella consistently performs above its long-term average and the first quarter of 2025 started better than the first quarter of 2024.
Was Benahavís in a downturn in 2025?
No. It was in a healthy adjustment after the 2021-2022 surge, and total sales in 2024 were above the 20-year average.
Was the market balanced between supply and demand?
Yes, with strong international interest, more new-build options for buyers and price increases in Marbella.
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: Own analysis of transaction figures for Marbella and Benahavís up to the first quarter of 2025. Last updated: 16 June 2025.
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