Market Outlook Golden Triangle Q1 2025.
The report highlights a resilient market across Marbella, Estepona, and Benahavís, collectively known as the Golden Triangle. After an exceptional 2022, 2023 saw a dip in sales—transactions fell by 20.31% nationally and by 9.8% in the region. Yet activity remained strong, with a 5.4% transaction increase in H1 2024 versus late 2023.
1. Municipality-by-Municipality Trends
- Marbella saw a 13.9% rise in sales in H1 2024 on top of Q2 2024’s 6.98% year‑on‑year growth.
- Estepona recorded modest growth (+1.65%), while Benahavís declined by 20.52% due largely to new‑build stock cycles.
- In Q1 2025, the Golden Triangle achieved a 24.7% Y‑o‑Y rise in transactions, with Marbella (+7.8%), Estepona (+59%), and Benahavís (+17%) all contributing.
2. Property Type & Stock Dynamics
Resales dominate the market, comprising around 90–91% of all sales. Luxury villas are especially prized, though apartments—particularly in gated communities—form the market backbone. Semi‑detached villas have seen a resurgence, providing an attractive balance of space and private amenities.
3. Price Evolution
Q1 2025 saw average asking prices in the Golden Triangle reach €4,260/m²—12.2% higher than Q1 2024—with Málaga province averaging €2,869/m² (+13.1%) and Andalucía €1,857/m² (+8.1%).
4. Foreign Investment & Buyer Profile
Foreign buyers hit a record 34.75% of all purchases in Málaga province in Q1 2025, up from 31.58% in Q1 2024. The high‑end market remains dominated by international buyers, drawn by the region’s lifestyle, accessibility, and remote‑work appeal.
5. Market Outlook
The market is robust yet balanced. Q1 2025’s strong growth was driven by resurging new‑build stock, especially in Estepona. Marbella faces supply constraints in new builds, holding sales steady. Analysts do not foresee a bubble—growth is moderating in line with economic fundamentals and improving supply, which should maintain equilibrium into 2026.
Our Vision.
We at LuxuryForSale.Properties think that the 2024–25 market report paints a picture of a dynamic, luxury‑driven, and internationally appealing real estate landscape. Key municipalities each play distinct roles, stock cycles remain pivotal, and sustained foreign demand underscores the Golden Triangle’s premium position.