Market · Luxury 2024
Marbella vs. Benahavís: where was the luxury market headed in 2024?
Two neighbouring luxury markets that moved differently in 2024, and why accurate pricing matters more than ever.
SHORT ANSWER
In 2024 Marbella showed strong activity across all luxury brackets, with prices above €8,000 per square metre for homes over €4 million. Benahavís was strong at the very top (above €4 million), but activity from €1.5 to €4 million had fallen from its 2023 peak. These are data for 2024, not current figures.
IN THIS ARTICLE
Understanding these movements is essential for both buyers and sellers in the high-end market. These are 2024 data; for the latest quarter, see the luxury market in Q1 2026.
The two markets side by side
| Luxury market · 2024 | Marbella | Benahavís |
|---|---|---|
| Transactions €1.5M to €4M | The most active bracket, consistent appeal | Down from the 2023 peak |
| Transactions above €4M | At or near their highest volumes | Up on previous years |
| Prices above €4M | Above €8,000/m², accelerating | More stable after the 2023 peak |
Year 2024, according to the transaction and price charts in the original article. Own analysis.
How did Marbella behave: growth across all brackets?
Marbella saw strong transactional activity across all luxury segments in 2024, in some cases exceeding 2022 levels. Homes from €1.5 million to €4 million remained the most active, which shows consistent appeal. Sales above €4 million were at or near their highest volumes, with the "More than 4M€" segment showing significant growth, a sign of growing confidence among ultra-luxury buyers. Prices were also rising robustly, particularly above €4 million, surpassing €8,000 per square metre by 2024.
And Benahavís: strength at the top, moderation below?
Benahavís presents a contrasting picture. Transactions above €4 million increased compared with previous years, and top-tier homes attracted strong interest. However, activity below €4 million declined from its 2023 peak, especially for homes between €1.5 and €4 million. That drop may also signal reduced inventory or a mismatch between sellers' expectations and buyers' budgets in that segment.
Marbella attracts robust luxury demand with strong price appreciation, while Benahavís, although strong at the top, shows moderated activity in mid-luxury price points.
Alfonso Lacruz
Why did prices diverge?
Price trends moved apart. In Marbella, the segment above €4 million showed accelerated price growth, driven by demand and limited supply, with a strong upward curve into 2024. In Benahavís, prices above €4 million were more stable in 2024 after their 2023 peak, and prices from €1.5 to €4 million had softened slightly from that peak. These patterns highlight the need for precise pricing strategies based on property type, location and buyer trends.
In summary, accurate market knowledge and strategic positioning are vital for navigating these dynamic markets. We look at what happened next in the market has fallen 30%.
Frequently asked questions
How much did luxury homes cost per square metre in Marbella in 2024?
In the segment above €4 million, prices surpassed €8,000 per square metre by 2024, with accelerated growth driven by demand and limited supply.
Which luxury brackets were most active in Marbella in 2024?
Homes from €1.5 million to €4 million remained the most active, and sales above €4 million were at or near their highest volumes.
Why did activity from €1.5 to €4 million fall in Benahavís?
Activity declined from its 2023 peak. It may signal reduced inventory or a mismatch between sellers' expectations and buyers' budgets in that segment.
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: Luxury transaction and price charts for Marbella and Benahavís, 2024. Own analysis. Last updated: 12 May 2025.
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