WHAT HAPPENS WHEN YOU OVERPRICE A PROPERTY: HOW TO LOSE VALUE EVEN IN A RISING MARKET ?

Overpricing a property can reduce what you actually walk away with, even in a rising market. If the property does not generate rental income, waiting is not neutral. In most cases, it quietly works against you. This is especially relevant in markets like Marbella and Benahavís, where many owners assume future price growth will compensate for an ambitious asking price. The reality is different.

Why overpricing a property can cost sellers money?

When a property is launched above its true market val-ue, five factors start working in parallel:

1. Market growth. Yes, prices may increase over time. This is often the reason behind overpricing. But it is on-ly one variable and not the most decisive one.

2.Holding costs. Owning a property comes with ongoing expenses, whether it is sold or not. Community fees, insurance, maintenance and upkeep continue every month. A realistic assumption is around 1.5% per year.

3. Inflation. Even if you achieve a higher price in the future, the real value of that money may be lower. Infla-tion reduces purchasing power over time, often as-sumed at around 2% annually.

4. Opportunity cost. The capital tied up in the property could be working elsewhere. Even a conservative return of 4% per year compounds over time, increasing the cost of waiting.

5. Property ageing. Properties lose relative appeal over time. Design trends evolve, competition improves, and even well-maintained homes can feel outdated. A rea-sonable estimate is around 1% per year.

While the market may rise, these factors ac-cumulate. The result is simple: overpricing does not protect value, it often reduces it. The right asking price is not the highest number a property could reach. It is the price that protects what you actually receive.

MARKET STABILITY? ESTEPONA RISES WHILE MARBELLA, BENAHAVÍS, AND MIJAS SALES FALL

The latest sales figures from the fourth quarter of 2025 recently published confirm the Costa del Sol property market is changing pace. The exceptional momentum of recent years is easing, but this should not be mistaken for weak-ness. Instead, we are seeing a gradual return to a more balanced market where buyers remain ac-tive but are highly selective.

1. Marbella and Benahavís are slowing, while Estepona advances. The four municipalities are no longer moving together. Marbella recorded a 7.8% drop in homes sold compared with 2024, while Benahavís fell by 11.0% and Mijas by 16.1%. Estepona, however, moved the other way, rising 9.7%. This proves there is no single Costa del Sol market anymore; micro-local dynamics dictate performance.

2. Affordability is only half the story as product mix is key. If price point alone dictated the market, the numbers would look diferent. Mijas, the most accessible area at an average €360,043, saw the sharpest drop. Estepona, averaging €414,976, surged. Why?Estepona is heavily buoyed by a wave of new-build completions from past contracts finally hitting the Notary. Mijas, conversely, is behaving like a traditional resale market feeling a natural cooling. In higher-end markets like Marbella €734,425) and Benahavís (€939,770), buyers are simply taking more time, carefully comparing luxury resales against a few shiny new-build alternatives.

3. The market still looks strong in historical terms. Despite the recent slowdown, all four municipalities remain well above their 20-year average for sales. The boom years created an unusually high benchmark. Today’s activity repre-sents a healthier, more sustainable rhythm rather than a worrying contraction.

In this complex environment, strategy matters. For homeowners in Marbella and Benahavís, success depends more than ever on expert pricing, strong positioning, and deep market insight. It is the pre-cise difference between merely sitting on the market and success-fully getting sold.

Journal on the Real Estate Market on the Costa del Sol - March 2026

MARBELLA AND BENAHAVIS BETWEEN 500K€ AND 2M€: WHAT KIND OF LIFE CAN YOU HAVE HERE?

As we live every day in this real estate world, we talk a lot about market statistics and prices, but for most of our clients the real question is much simpler: What kind of life can I have here with my budget?

In these ranges, when you know the area and are clear about what you want, the answer is not same for any budget and the article explains what kind of life each level from 500 k€ to 2 M€ euros allows on the Costa.

At the lower range of this bracket, around 500 k€ to 800 k€, buyers are usually choosing between a good apartment or townhouse in a well located community and a more basic villa that may need updating. You can be close to services, in a pleasant urbanization, perhaps with a shared pool and some sea or garden views. Daily life is convenient: schools, supermarkets, sports and restaurants are all within a short drive. What you may compromise on is plot size, absolute privacy or the “wow” view.

As you move towards 1 M€ and even a little higher, the conversation changes. In many areas you can find a solid detached villa with its own garden and pool, often with better orientation, more light and clearer views. The difference is not only in meters, but in how the property feels when you arrive: more space around you, more flexible layouts, room for guests and family to visit comfortably. For many buyers in this range, that is when the property begins to feel like a long-term home rather than just a holiday base.

Between 1,5 M€ and 2 M€, quality and micro-location become more visible. You are closer to the better streets within a given area, with easier access, quieter surroundings and more established neighbors. You may not be in the most famous gated communities, but you are often one or two steps below them in price, with a similar sense of calm and security.

The point is that the same budget can buy very differ-ent lives, depending on where you focus: closer to the beach or in the hills, more square meters or a better street, something ready to live in or a home with poten-tial. The most useful first step is not to chase the largest house on paper, but to be honest about how you want to live day to day. Once that is clear, it becomes much easier to see which areas and which homes truly match your life not just your budget.

Not every location is for everyone but we have many locations and lives to choose from and that is the beauty of our Costa del Sol.

THE MARKET REALITY IN MARBELLA & BENAHAVÍS: WHY SOME HOMES SELL AND OTHERS SIT

To understand the Marbella and Benahavís markets today, we must look at the balance be-tween available homes and actual sales. The market has adopted a more deliberate rhythm, where "velocity" depends heavily on prop-erty type and strategic positioning.

1. The Speed of Apartment Sales. The apartment sector is currently the market’s true engine. The data is striking: in Marbella, 106.9% of active inventory sold within a year, while Benahavís saw 73.6%. This turnover is nearly three times the rate of villas, showing that buyers are acting quickly on modern, easy -to-manage luxury living spaces that fit their current lifestyle.

2. The Illusion of Choice in Villas. For villas, the situation is different. It might look like buyers have end-less choices, but this is often an "illusion." The actual sales numbers are much lower: only 29.0% of villas sold in Marbella and 17.8% in Benahavís last year. This gap means many villas are simply sitting on the market. In this selective envi-ronment, if a price isn't realistic, serious buyers will simply move on.

3. The Trap of Overpricing. Many properties remain stagnant be-cause of a common mistake: over-pricing. When a home is priced correctly, it usually sells close to its asking price. However, overpriced homes never reach the negotiation table as they become "invisible." Success requires a precise strategy to avoid being part of the majority that fails to sell within a year.

In summary, the market has en-tered a "sustainable rhythm." While apartments move faster, the low percentage of annual villa sales highlights the need for pro-fessional positioning. For owners, the goal is ensuring a property is priced to move, not just to be listed.

Journal on the Real Estate Market on the Costa del Sol - February 2026

Journal on the Real Estate Market on the Costa del Sol - January 2026

WHAT REALLY DETERMINES THE VALUE OF A VILLA IN MARBELLA AND BENAHAVIS ON THE RANGE 5OOK€-2M€

In the 500k€- 2M€‚ bracket, villa values are about more than size alone. Two homes with the same square meters can end up with very different price tags because buyers are not only comparing "what it is", but also "how it lives" and "what it might cost them later". When you break it down, pricing in Marbella and Bena­havís usually comes back to four key points: location, the property itself, competition, and the wider market.

• Location (and micro-location). "Location, location, location" is true, but here micro-location moves the needle. There is not one Marbella or one Benahavís. Even within Nueva Andalucía, La Campana, Centro Pla­za, La Cerquilla and Aloha are all "Nueva Andalucía", yet pricing differs. Access, nearby amenities, the quality of the surrounding homes, and the profile of neighbors ali influence demand. So does "friction": road noise, steep approaches, narrow streets, difficult turning, limited

• The Property (quality + livability). Condition and maintenance shape perception immediately. A kitchen is a kitchen, but it is not the same a Gaggenau kitchen as a basic Bosch set-up-sometimes it is not the real cost difference, but the buyer's perception of value. The same applies to windows, bathrooms, insulation, drain­age, and overall build quality. Then comes liveability: orientation and natural light, layout, room sizes, privacy, the number of stairs in and out, and how usable the plot really is. Views add value, but the premium is higher when the view corridor is likely to remain.

• Competition (your direct rivals). lf there are many similar villas for sale, price pressure increases. This is why we analyze two sets of comparables. "For sale" comparables show who you compete against today: the alterna­tives buyers will view next, and therefore who you must beat on presentation, features and, if needed, price. "Sold" comparables are the strongest reference for market value be­cause they show what buyers actually paid once negotiations were finished.

• The Market (demand vs supply). When demand is strong, prices rise. When demand is weaker, sellers compete and price be­comes the lever. This links to what I ex­plained in my November's Journal about the gap between asking and closing prices: por­tals show asking, but the market is defined by sold.

  In summary: correct pricing is not guesswork. lt re­quires a professional review of location, property, com­petition and market grounded in sold evidence, not optimistic listings.

WHERE IS THE MARKET HEADING? THE REALITY OF INVENTORY AND THE PRICE GAP IN COSTA DEL SOL

As we start the new year, the data from the end of 2025 shows us exactly what to expect in 2026. The post-covid activi­ty of the last few years has calmed down. We have entered a more stable environment, which is healthy for both buyers and sellers.

Based on our latest data for Marbella and Benahavis, here are the three trends you need to know:

1. Market Velocity & Balance. The most obvious change is the "Market Velocity" - the speed at which homes sell. Sales have moved to a more nor- mal pace. This is because the Absorption Ratio (the balance between supply and demand) has moved into a "Balanced Market" zone. We are no long- er in a "lopsided sellers market" where sellers hold all the lev­erage. Buyers are taking more time to decide, and sellers should expect a slightly longer timeline to close a sale.

2. The Changing Face of lnvento­ry. The supply of homes is shifting in specific ways. While apartment inventory is generally growing, the market for properties under €250,000 has virtually vanished. In the villa segment, we see a "squeeze" at the bottom: the number of villas for sale is dropping, but almost entirely in the under €1.5M range. Meanwhile, the sup­ply of high-end villas over €4M remains very steady. Scarcity is now a factor of price point, not just property type.

3. Success Requires a Smart Plan. In this balanced environment, simply lísting a home is not enough. Be­cause buyers have more options and less urgency, your property needs a competitive edge. This is where pricing and presenta­tion become vital. To secure a sale, a proper­ty must be priced ac­curately from day one and presented flawessly. Professional staging data- backed pricing are now the only ways to truly stand out. For 2026, success lies in interpreting these shifts correct­ly. Success belongs to those who adapt to the specific trends of their price range and focus on pro-fessional execution.

Why the Costa del Sol shines in winter?: Less rush, more quality of life: the Costa del Sol at its very best

Winter is when the Costa del Sol becomes effortless. The light is softer, the pace slows down, and everything simply flows: longer walks, longer lunches, easier reservations, and a calmer, more liveable rhythm. It´s the season when the destination stops “performing” and starts feeling like real life.

The best way to understand it is to spend a weekend with a clear storyline: culture and tapas to begin, nature and authenticity to reset, and a final touch of quiet, refined luxury, all with Marbella and Benahavís as the natural centre.

A winter weekend that proves the point

DAY 1 - Morning: a cultural anchor in Málaga´s historic centre

Start with an unhurried coffee and a walk through Málaga´s historic centre, when the streets feel lively yet breathable. Keep the “cultural anchor” simple: choose one visit that shapes the morning like Picasso´s Museum or The Alcazaba and Roman Theatre, combining history and architecture. Then let the rest happen naturally between small plazas, elegant fachades, and the hidden corners you only notice when you´re not rushing. Winter is perfect for this: comfortable temperatures, quieter spaces, and beautiful light.

Midday: tapas and hidden gems in the alleyways.

After culture comes one of the south’s greatest pleasures: a tapas lunch in the old town, drifting into those tucked-away places you discover between narrow streets like Uncibay square, Marqués de Larios street or Atarazanas market. Small bars with character, intimate tables, local favourites; this is where Málaga feels most authentic. In winter, the experience is even better: slower service, more space, and the time for a proper sobremesa.

Afternoon: Marbella, at its most enjoyable

Then the mood shifts to Marbella. Winter Marbella is elegance without effort: calmer, more local, and more walkable. The old town feels more personal, the seafront promenade invites a longer stroll, and a late coffee during golden hour becomes the plan. This part of the day highlights a key advantage of the Costa del Sol: you can combine culture, gastronomy and coastal living in one rhythm, without turning your weekend into logistics.

Evening: dinner with atmosphere, not noise

Winter evenings are made for dining well. You can choose for quality and ambience, not for what´s left. Keep it simple: somewhere you can talk, linger, and walk afterwards. In winter, luxury isn´t about excess, it´s about comfort.

DAY 2 - Morning: Benahavís and a mountain viewpoint to reconnect with nature

Start day two with the best contrast: Benahavís. Within minutes, the landscape turns greener, the air feels cleaner, and the pace resets. To set the tone, add a simple but powerful plan like Three Pergolas Viewpoint where you can take a short walk, breathe, and enjoy open views. No need for a demanding hike; just nature, silence, and that sense of retreat that explains why so many people want the inland hills without giving up the coast.

Midday: lunch in the village, where gastronomy is the main event

Then comes what Benahavís is known for: lunch in the village. Gastronomy here is undeniably the headline, drawing visitors from all over thanks to its well-regarded restaurants and strong dining culture. Winter makes it even better more relaxed service, more availability, and the kind of meal that becomes an experience rather than a reservation.

Afternoon: Puerto Banús without the crowds - quiet luxury at its best

For a magazine-worthy finish, head to Puerto Banús. In winter, luxury and elegance meet  without the high-season bustle: a stroll alongside the yachts, stylish terraces, window-shopping, and a relaxed walk along the seafront promenade, all enjoyed without having to think about noise or crowds. It’s the kind of final chapter that leaves a clear impression: the lifestyle here doesn’t depend on summer; in winter, it often improves.

Evening: a final slow moment-Marbella, softly lit

After Puerto Banús, keep the ending simple and elegant: return towards Marbella for an early evening drink on the promenade, when the light turns golden and the atmosphere feels effortless.

Then choose a dinner that’s about ambience and conversation, warm lighting, good service, no rush. A short walk afterwards, with the sea nearby and the streets quieter than summer, is the perfect full stop to the weekend.

In winter, the luxury is not doing more, it’s doing it better.

After a weekend like this, the conclusion feels natural. The Costa del Sol shines in winter because it offers what people truly want: light, outdoor living, outstanding food, variety, and a more human pace. The coast feels more intimate, the days are calmer, and the experiences that define life here—walks by the sea, long lunches, cultural moments, and time in nature—feel effortless and genuinely enjoyable.

Winter is also when decisions are often made. Without the intensity of peak season, buyers can see the essentials more clearly: how a place lives day to day, how easy it is to move around, and how complete the lifestyle offering really is. The Costa del Sol is not simply a destination—it is a way of living that works year-round, and winter is the proof.

And within that lifestyle map, Marbella and Benahavís become the most complete base for many buyers because they offer the best of both worlds: refined coastal living and high-level services, paired with nature, privacy and a genuine sense of retreat just minutes away. In winter, when life slows down beautifully, Marbella and Benahavís are often where the Costa del Sol feels most complete—and where many people choose to live, invest, and return to year after year.

Off Plan Property Transactions in Spain: Legal Framework, advantages and risks

The purchase of property “off-plan” —that is, acquiring a dwelling that has not yet been built or is still under construction— is a common practice in the Spanish real estate market, particularly in times of urban expansion. It involves entering into a contract of sale with a developer or builder for a property that will be delivered at a future date.

While this type of transaction offers certain advantages to purchasers, it also entails a number of legal and practical risks. The following article examines the essential legal aspects of off-plan purchases under current Spanish law.

The legal regime governing off-plan property sales in Spain is primarily set out in:

• Law 38/1999, of 5 November, on Building Regulation (Ley de Ordenación de la Edificación – “LOE”).

• Royal Legislative Decree 1/2007, approving the Consolidated Text of the General Law for the Protection of Consumers and Users.

• And, generally, the provisions of the Spanish Civil Code, particularly those relating to contractual obligations and termination for breach.

The off-plan developer is subject to several key legal obligations

Guarantee of advance payments: Developers must secure all amounts paid by purchasers before or during construction through either a bank guarantee or an insurance policy (surety bond).

• This guarantee must ensure the refund of all sums paid on account, plus statutory interest, in the event that construction does not commence or delivery does not take place within the agreed timeframe.

• The guarantee must be issued individually in favour of each purchaser and expressly referenced in the contract.

It is essential that your legal representative in the off-plan sale ensures this point and that t he guarantee is issued and withdrawn or the insurance policy is duly signed.

Special account requirement: All advance payments received must be deposited into a special, segregated bank account used exclusively to finance construction of the specific project. We   must request a bank certificate for the special account specifying the name  of the developer and the project being developed. This is important because the developer can only use your payments for the development of that specific project. In addition, the bank must authorize each payment and ensure that there is no misappropriation of funds.

Information and transparency duties: The developer must provide detailed and accurate information to the purchaser —including technical specifications, building plans, construction licenses, delivery schedules, and total price— as required by Royal Decree 515/1989.

This is usually done through a document called a DIA (“Documento de informacion Abreviada”).

Advantages of Purchasing Off-Plan

Off-plan acquisitions offer a number of potential benefits:

• More competitive pricing: Buyers usually obtain properties at lower prices than completed units, as they help finance the project from its early stages.

• Customisation options: Purchasers often have the opportunity to choose finishes or make minor modifications during construction.

• Capital appreciation: In a rising market, the property’s value may increase before completion, generating a potential gain.

• Financial planning: Payments are typically made in instalments during construction, allowing better cash-flow management.

Risks and Potential Pitfalls

However, these transactions also entail significant risks, particularly when the statutory guarantees are not properly implemented.

• Delays or construction stoppages: If the developer fails to complete or deliver the project on time, the buyer may face lengthy recovery procedures —especially if no valid guarantee or bond was issued.

• Absence or defect of guarantees: Failure to provide a valid bank guarantee or insurance policy, contrary to Law 20/2015, leaves the purchaser exposed to financial loss.

• Unilateral changes to specifications: Unauthorized modifications to plans or materials may constitute contractual breaches and lead to disputes.

• Developer insolvency: If the developer enters insolvency proceedings, buyers without properly individualised guarantees may rank only as ordinary creditors and risk losing their deposits.

Recommendations for Purchasers

Before signing an off-plan purchase agreement, buyers are strongly advised to:

1. Verify that a valid building license and approved project exists.

2. Ensure that an individual guarantee or insurance policy has been issued and remains in force.

3. Obtain a Land Registry extract (nota simple) to confirm ownership of the land.

4. Include clear contractual clauses regarding delivery dates and penalties for delay.

5. Seek independent legal advice from a lawyer specialised in real estate law before making any payment.

Purchasing off-plan property in Spain can be an attractive and legitimate option for acquiring new housing at advantageous conditions. Nevertheless, such transactions demand caution and careful legal due diligence.

Spanish legislation provides robust consumer protection provided that the developer duly complies with its obligations regarding guarantees and transparency. Engaging a lawyer specialized in Spanish real estate law is therefore essential to minimize risk

and ensure that the transaction proceeds securely and in full compliance with applicable law.

At MARBELLA SOLICITORS, we have specialised lawyers in off-plan transactions and who will be delighted to assist you and help you through the entire purchase process, from the reservation to the very end and even beyond, that is: annual tax returns, Spanish Will, etc.

Our Law Office is specialized in property and tax Law, so we are experts in this area of the Spanish Law, with a large experience in conveyancing and purchase/sale transactions. All our lawyers are qualified solicitors, duly registered with the Bar Association. We are based in Costa del Sol with 6 offices along the coast.

MAGAZINE ON THE REAL ESTATE MARKET OF MARBELLA & BENAHAVIS - WINTER 2025

Costa del Sol Market 2025: Asking Price vs. Sold Price Reality

Journal on the Real Estate Market of the Costa del Sol - December 2025

SIERRA BLANCA VS. LA ZAGALETA: WHICH LUXURY LIFESTYLE FITS YOU BEST?

When defining true luxury in Marbella and Benahavís, two iconic names domínate the conversation: Sierra

Blanca and La Zagaleta. The question isn't which is "best," but rather which aligns with your lifestyle. They offer fun­damentally different experiences: one is connected and urban, the other secluded and prívate.

Sierra Blanca: The "Urban" Choice. Sierra Blanca sits on the northern side of Marbella's Golden Mile. lts primary appeal is proximity. Residents are minutes away from international schools, Puerto Banús, and the city's business and social hubs. lt offers a prestigious, quiet neighborhood feel with mature gardens and sea views, but remains deeply connected to the daily rhythm of Marbella.

The Market Reality: Sierra Blanca is a more active market, with 44 homes sold between 2023 and 2025, compared to 29 in La Zagaleta. The average sold home here is 677 m2 , reflecting a slightly more compact, urban villa style.

La Zagaleta: The "Retreat" Choice. La Zagaleta, located in Benahavís, feels like a prívate country club. lt is a destina­tion in itself, requiring a drive up the Ronda road, roughly 20 minutes to reach Puerto Banús. In exchange for this distance, you gain unrivaled privacy, security, and space. lt features two prívate golf courses and expansive plots where neighbors are often invisible to one another.

The Market ReaHty: Properties here are grander estates, with an average sold size of 731 m2 and bigger plots. This exclusivity commands a premium: the average sold price currently sits at 6,469 €/m2 , slightly higher than Sierra Blanca's 6,205 €/m2.

The choose, they are similar but different:

While asking prices in both locations average over 7,000 €/ m2, the choice comes down to how you see yourself living:

• Choose Sierra Blanca if you want easy daily movement between home, school, and Marbella's social scene.

• Choose La Zagaleta if you seek a secluded, estate-style

  sanctuary and are comfortable driving for amenities.

For most buyers, a personal visit is the deciding factor as the distinct atmosphere of each location will naturally align with their lifestyle.

COSTA DEL SOL MARKET SHIFT? THE TRUTH ABOUT SALES DROPS IN MARSELLA & BENAHAVÍS

The real estate landscape of the western Costa del Sol is changing. The latest data from the third quarter of 2025 provides an answer to the question on every investor's mind: Is the market crashing? The answer is a resounding no. lnstead, we are seeing a healthy, necessary recalibration. The number of sales in Marbella, Estepona, and Benahavís are finding their natural equilibrium, marking a transition from urgency to sustainability.

1. A Return to the 20 -Year Average. As illustrated in our annual analysis of Benahavís, home sales in the first third quarters of 2025 shows that we are almo land on the 20-year average line. The spike seen in 2022 was an exceptional event driven by post-pandemic global demand, not a perma­nent new baseline. Current activity levels now mirror the stable growth periods of 2014-2019. This "return to the mean" confirms that the market remains fundamen­tally healthy, revealing a sol id foundation of genuine de­mand.

2. Q3 Adjustments: Sales Down, Reality Up. Comparing Q3 2025 to the same period in 2024 revea Is a universal re­duction in closed sales across the Golden Triangle: -14.6% in Marbella, -13.5% in Estepona, and a more pronounced -25.6% in Benahaví­s. Far from alarming, this double-digit correction reflects a necessary cooling. Buyers are still active but have become significantly more selective. They are no longer rushing; they are taking time to analyze value and demand quality before committing.

3. The Strategic lmperative for Sellers. In a market where inventory is stabilizing and sales velocity is returning to normal, precision is everything. The days of "testing the market" with aspirational pricing are over. Properties priced accurately from day one are still closing efficiently. However, overpriced listings risk stagnation, accumulating "days on market" that ultimately weaken the seller's nego­tiating position. Success now requires professional presentation and a data-driven pricing strategy.

In summary, the Costa del Sol is maturing. We are moving away from the volatility of the boom years into a phase of long-term stability. For buyers, this signifies the return of breathing room. For sellers, it is a call to action: in this new reality, expertise and strategy are your most valuable assets.

Lesser- Know Trails in Marbella and Its Surroundings for this Autumn

Discover six unique getaways to enjoy the colors and calm of the season

When we think of Marbella, the mind often jumps to its beaches, the luxury of Puerto Banús, or the vibrant nightlife of the Costa del Sol. Yet just a few kilometers away from the bustle, hidden hiking routes reveal their best side in autumn: landscapes painted in ochre and gold, fresh mountain air, and secret corners that invite you to disconnect.

Below, we present a selection of little-known trails in Marbella and its surroundings to enjoy during this magical season.

1.The Ruins of Daidín (Benahavís)

Hidden in the mountains between Benahavís and Ronda, the 9th-century ruins of Daidín reveal remnants of walls, towers, and cisterns overlooking the Guadalmina Valley. Surrounded by olive and almond trees, the trail offers stunning views and a journey back to the legacy of AI-Andalus in the heart of Málaga.

• Approximate duration: 2 hours 30 minutes (round trip).

• Tip: Avo id the central hours of the day and bring water; while not a long route, there is very little shade.

2.The Buenavista Mine (Marbella)

Hidden among pine forests, the Buenavista Mine blends industrial heritage with natural beauty. The trail passes old mining tunnels and structures overlooking the Mediterranean, glowing with golden light at sunset in autumn.

• Approximate duration: 1 .5-2 hours (round trip).

• Bring a flash light to explore the tunnels safely and avoid humid days, as the ground can get slippery.

3.The Wine Route (Manilva)

Beyond hiking, an escape through the vineyards of Manilva offers a different plan. lts moscatel grape fields, unique along the coast, turn golden and red in autumn. Several family-run wineries welcome visitors to learn about the winemaking process and taste traditional sweet wines.

• Approximate duration: Half a day.

• Tip: Book a winery visit to pair nature with tastings.

4.The Otter Pool (Estepona)

A natural gem hidden in the upper course of the Castor River in Estepona. The trail winds between rocks and small waterfalls until reaching a crystal-clear pool that gives the place its name: La Charca de las Nutrias - "The Otter Pool." The constant murmur of the river and the lush vegetation create an atmosphere of serenity, perfect for disconnecting. In autumn, the water level drops slightly, making it easier to walk along the riverbed and enjoy the absolute calm of this secluded spot.

5.Castillejos de Quintana (Istán)

Between lstán and the Concepción reservoir lie the ruins of a 9th-century Arab fortress. The trail leading there crosses Mediterranean scrubland dotted with natural springs. A little-visited site that blends history with nature.

• Approximate duration: 2 hours.

• Tip: Autumn is the best time to go, when the vegetation is green and the heat has eased.

6.The Pinsapo Forest of Sierra Bermeja (Estepona)

This natural enclave shelters one of the most impressive pinsapo (Spanish fir) forests in Andalusia, with centuries-old trees growing on the reddish soil that characterizes the sierra. The path ascends gently through curves up to a viewpoint overlooking the Costa del Sol - and on clear days, even the north of Africa. The fresh air and the scent of fir trees make this hike a truly sensory experience.

• Approximate duration: 3-4 hours (round trip).

• Tip: Best enjoyed on cloudy or rainy days, when the forest's colors deepen and the landscape feels more alive.

Tax Residency: A legal labyrinth across borders. Examples from the United Kingdom nd Netherlands

Establishing tax residency may seem straightforward, but in practice it is a complex process filled

with legal nuances that vary significantly between countries. These differences can lead to

paradoxical situations, especially for individuals who live, work, or invest across borders.

Spain: The 183-Day Rule and Econornic Nexus

Spain considers an individual a tax resident if they spend more than 183 days in the country during the calendar year.

AII days of physical presence count, even if only for a few hours, and overnight stays are not required. Sporadic absences are also included unless the person can prove tax residency in another country. A person is also deemed a tax resident if their main economic interests or business activities are based in Spain, or if their spouse and minar children live there. Even a single transit day through a Spanish airport may count as a day of residence.

United Kingdom: Overnight Stay and Personal Ties

The United Kingdom applies the Statutory Residence Test (SRT) to determine tax residency. This test takes into account the number of days spent in the UK with an overnight stay, as well as personal and professional ties and the availability of a home in the country. Spending 183 days or more in the UK during a tax year automatically makes an individual a tax resident. For those who are no longer residents but still maintain a home in the UK, staying more than 90 days per year can result in regaining tax residency status. Only days that include an overnight stay are counted, except for specific exemptions such as transit stops or aircrew duties. Additionally, from April 2025, non-domiciled individuals are required to pay taxes on their worldwide income, ending the previous preferential regime.

Netherlands: Centre of Life Over Number of Days

In the Netherlands, the number of days spent in the country is not the main criterion for determining tax residency.

lnstead, the focus lies on the centre of an individual's personal and economic life - where their habitual residence is, where their family lives and works, and where their bank accounts, insurance, and medical services are located. Although spending more than 183 days in the Netherlands may indicate residency, it is not a decisive factor. A person may still be considered a tax resident even with fewer days, if their life is primarily centred in the Netherlands

The Paradox of Dual Residency

lt is entirely possible-and often legally complex-to be considered a tax resident in more than one country.

For instance, a person who works in Spain during the day but returns to the UK to sleep could be treated as a resident in both jurisdictions: Spain, due to physical presence and economic activity, and the U K, due to overnight stays and personal ties. These situations require careful tax planning to prevent double taxation and ensure full compliance with the laws of each country.

Why Expert Advice Matters

Investing in Spain requires more than signing a contract - it demands understanding where and how to pay taxes, avoiding double taxation, and structuring operations correctly. Tax planning is essential.

MAGAZINE ON THE REAL ESTATE MARKET OF MARBELLA & BENAHAVIS AUTUMN 2025

THE HIDDEN COSTS OF LUXURV LIVING IN BENAHAVIS : TAXES, EXPENSES AND LIFESTYLE

Purchasing a luxury villa in Benahavís is not just a real estate decision - it's about entering a lifestyle defined by privacy, security, and comfort. However, the true cost of ownership goes well beyond the listing price.

1. Initial Costs - On Purchase: In addition to the property price, buyers must factor in taxes (Transfer Tax for resales. or VAT and Stamp Duty for new builds). Notary and Land Registry fees, legal services and technical inspections. These costs typically range between 10- 12% of the purchase price. Keep in mind that rates may vary depending on the municipality and type of property.

2. Annual Costs & Property Taxes: Once the property is yours. ongoing expenses such as council tax (IBI), rubbish collection, community fees and home insurance become part of your annual budget. For nonresidents. income tax and wealth tax obligations may also apply, especially for properties not used as a primary residence.

"The true cost of ownership is more than square meters - it's how you live within them."

3. Lifestyle & Leisure: Families relocating full - or part-time to Benahavís should also plan for international school tuition, private health insurance, golf or sports club memberships, and regular dining or entertaining. These expenses enhance quality of life - but should be budgeted realistically from the start.

Note: The costs shown in the table are estimates for guidance only. Figures vary depending on lifestyle, residence status, property type and community services such as security or amenities. Taxes must be calculated individually.

For a tailored breakdown. contact our team to help you plan wisely and invest with confidence.