Q1 2025 Real Estate Market Overview

The Q1 2025 property market report from LuxuryForSale.Properties highlights continued strength in: Marbella, Estepona, and Benahavís. The Marbella’s Golden Triangle has experienced a notable year-on-year increase of 24.7% in total sales during the first quarter of 2025, thereby affirming an ongoing trend of robust market activity in this highly desirable area of the Costa del Sol.

Sales Recap – Q1 2024 vs Q1 2025

  • The total number of property transactions rose from 1,875 in Q1 2024 to 2,339 in Q1 2025.
  • The resale sector continues to be the primary catalyst for activity, representing almost 90% of total transactions.
  • Estepona distinguished itself as the top performer, achieving a 59% rise in total sales.
  • Sales of new-build properties increased by 29.4%, with Estepona responsible for the vast majority of that growth.

In the first quarter of 2025, the Golden Triangle recorded 2,339 transactions, remaining near the all-time high of 2,581 sales achieved during the same period in 2022, which was characterized by a remarkable surge in demand following the pandemic. This performance underscores the resilience and fundamental strength of the current market.

Price Evolution per m2

In the initial quarter of 2025, the average cost per square metre in the Golden Triangle attained €4,260, as reported by Idealista. This indicates a year-on-year rise of 12.15% in comparison to the €3,799/m² noted in Q1 2024.

Although these figures are derived from asking prices on Idealista — as final sales prices for transactions are not disclosed by Registradores (Property Registrars) at the municipal level – they provide a glimpse into market trends in areas with high demand.

To put these figures into context:

  • In Andalusia, the average price stood at €1,857/m², reflecting an 8.1% year-on-year increase, according to the Spanish Registrars Association.
  • In the province of Málaga, the average price reached €2,869/m², up 13.1% compared to Q1 2024.

The Golden Triangle not only exceeds regional and provincial averages, but also demonstrates consistent price growth in Spain’s high-end property market.

Municipality-by-Municipality Breakdown

– Marbella

Retaining its status as the largest and most dynamic market in the area, Marbella documented more than 1,200 property transactions, indicating a 7.8% increase compared to the previous year. Nevertheless, a significant 45% drop in new-build sales points to a reduction in available inventory over the last two years, even with the persistent demand for prime locations. It is crucial to understand that new-build sales pertain to units that have been completed and delivered, rather than off-plan sales that occur during the construction phase.

– Benahavís

Benahavís recorded a 17% growth in overall sales, propelled by a 32.9% increase in resale properties. Conversely, transactions for new-builds experienced a substantial decline of 76%, which could indicate a temporary halt in project completions.

– Estepona

Estepona emerged as the unequivocal leader during this quarter:

  • +161% increase in new-build transactions (from 75 to 196)
  • +44.5% increase in resale activity

A significant increase of 59% in overall sales has been achieved, attributed to the completion of multiple new residential projects, alongside a mix of resales of recently renovated properties and others acquired with renovation intentions — all bolstered by competitive pricing in comparison to Marbella.

International buyers at Record High

Another significant highlight from the first quarter of 2025 is the unprecedented proportion of foreign purchasers in the province of Málaga. As per information from the Spanish Registrars Association, 34.75% of all real estate transactions in the initial quarter were conducted by international buyers — the highest percentage ever documented for the province. This represents a notable increase of 10.04% from 31.58% in Q1 2024, further solidifying Málaga’s status as one of the most appealing locations for foreign investment in residential real estate.

Last Thought about the 1 Q Real Estate Market 2025

The findings for the first quarter of 2025 reveal a strong and growing market throughout the Golden Triangle:

Marbella continues to uphold its prestigious reputation; however, its relatively stable figures may indicate limitations in supply rather than a decrease in demand, which remains at an all-time high.

Estepona is becoming a significant area of opportunity, drawing in both local and international buyers due to an increasing array of high-quality developments and comparatively affordable prices.

Benahavís continues to be a favored option for resale properties; however, it may encounter a decline in new-build sales as projects are finalized and handed over to new owners.

In addition to this optimistic perspective, the unprecedented surge in foreign buyer engagement highlights the Golden Triangle’s lasting attractiveness on the international platform and its capacity to draw sustained investment despite fluctuating economic circumstances.

A shared vision

The Golden Triangle’s luxury market is enjoying a strong moment, but also that the time has come to plan with foresight. International demand remains high, Marbella continues to enjoy global appeal, and leading professionals — like LuxuryForSale.Properties — are committed to a model based on quality, safety and sustainable development.The Costa del Sol high-end sales growth continue.

“We have huge potential, but we must take care of it. Only then will we remain a true reference on Europe’s luxury property map.” David Fernandez.

Are you thinking about buying a property in Marbella?

If you’re considering investing in Marbella real estate, now is a strategic time. The Golden Triangle continues to outperform, offering both lifestyle and capital appreciation potential.

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