Foreign buyers continue to be the driving force behind the real estate market on the Costa del Sol, especially in Marbella.
This has been the clear conclusion of a real estate market report for 2026 drawn up by The Agency Marbella.
The study analyses the evolution of the residential market from an economic and financial perspective, incorporating data on prices, sales, tourism, connectivity and international comparisons. It forecasts more moderate growth this year, but on structurally sound foundations.
The study predicts that in 2026 house prices in Marbella will rise by between seven and eight per cent, with 32 per cent of purchases going to international buyers.
In fact, according to the mar- ket report, foreign demand remains one of the pillars of the sector. In Malaga province, foreign buyers now account for 31.8 per cent of property deals, making it one of the provinces with the highest proportion of foreign investment in Spain.
No financing
In Marbella, this demand is particularly concentrated in the prime and luxury ends of the market, with buyers coming from the UK, Northern Europe, the United States and the Middle East.
These are mostly buyer profiles with low dependence on bank financing, “which reduces the market’s sensitivity to changes in interest rates”, notes the report.
The report’s data confirms that the market continues to grow, albeit “at a more rational pace”. In Malaga province, residential prices have risen by more than 120 per cent since the lows of the financial crisis, now very close to their pre-2008 highs.
Price increases
In the last year alone, the price of housing in Spain grew by 13.4 per cent year-on-year, with increases of nearly 19 per cent in resales, the highest in the last two decades.
“On the Costa del Sol, this behaviour is explained by a structural supply deficit, especially pronounced in Marbella, where the availability of land in consolidated areas is practically non-existent,” says the report.
It further points out that “this factor acts as a natural price floor and reduces the probability of sharp price adjustments even in adverse macroeconomic scenarios”.
“Marbella’s real estate market has entered a phase of greater maturity. We’re not talking about impulsive growth but a more rational environment, supported by a very solid international demand,” said Leif Orthmann, managing partner at The Agency Marbella.
Within the so-called Golden Tri- angle, Marbella remains the most dynamic market in terms of trans- action volume, while Benahavís boasts the highest average prices and Estepona stands out for its higher percentage growth, supported by a wider range of properties available.
This distribution of growth, according to the report, “brings stability to the market as a whole, as it does not depend on a single segment or a single buyer profile”.
This article was written by José Carlos Garcia and published in Sur on 20th of February 2026.
