The 'Golden Triangle' of real estate continues to grow, with Estepona taking center stage
The luxury real estate market in Marbella, Estepona, and Benahavís maintains steady growth, despite challenges in adjusting prices and improving infrastructure.
The real estate market of the Costa del Sol, especially in the so-called Golden Triangle (Marbella, Estep and Benahavís), continues to show a robust health. In 2024, 8,708 homes were sold in this area, which represents an increase of 5.6% compared to the previous year. This positive trend was confirmed during a day organized by the DOM3 Association, which brought together leading experts and businessmen of the sector to analyze the future prospects of the luxury real estate market.
The Growth of the Golden Triangle
The Golden Triangle continues to solidify its position as one of the most coveted destinations in the luxury real estate sector, with a total of 8,708 homes sold in 2024. Marbella leads in sales volume with 4,745 transactions, followed by Estepona with 3,162 and Benahavís with 801. According to the data presented, the market maintains steady and healthy growth, with a 5.64% increase compared to 2023.
Ignacio Díaz, Director of Projects and Infrastructure for the Marbella City Council, emphasized that these figures "are sustainable and consistent with responsible growth," highlighting the market's dynamism without falling into speculative excesses.
The event, held at the exclusive Villa Las Tortugas—a property managed by Pure Living Properties and Panorama Properties—also served as an opportunity to reflect on the sector's challenges and short-to-medium-term outlook.
The International Buyer Profile
One of the key discussion points was the dominance of foreign buyers, who remain the primary drivers of the luxury real estate market on the Costa del Sol. According to first-quarter 2025 data, Spain reached a record 21,525 foreign buyers, accounting for 14.1% of total property transactions in the country. In the province of Málaga, this percentage rises to 34.75%, with Marbella leading the way with an even higher figure.
"In our agency, over 90% of sales are to foreign buyers. Marbella has positioned itself in the same conversation as Dubai, Miami, or London when it comes to luxury real estate destinations," said Christopher Clover, CEO of Panorama Properties, underscoring the city's international appeal. Marbella, with nearly 167,000 residents—over 55,000 of whom are foreign—has become a melting pot of diverse nationalities living in harmony, a phenomenon rarely seen in other European cities.
Market Challenges: Prices and Expectations
Despite continued growth, experts have identified several challenges. First, there has been a price correction after years of rapid sales at high prices. "Buyers are now more demanding and unwilling to pay premiums," said Javier Nieto, CEO of Pure Living Properties. "It's necessary to adjust expectations and maintain realistic pricing," he added.
Mariano Beristain, General Director of Diana Morales Properties, agreed with Nieto, stating that property owners must be more realistic about valuations. "Many owners have overly high expectations, which complicates transactions," he stressed.
Despite these corrections, the outlook remains optimistic. Christopher Clover noted that over the past two years, they have sold properties to buyers from 45 different nationalities, highlighting Marbella's global appeal as a real estate destination.
Urban Planning and Infrastructure Challenges
The real estate market's growth also presents challenges in urban planning and infrastructure development. Ignacio Díaz pointed out that Marbella has around 9,000 homes awaiting development, though many are pending approval under the new General Urban Development Plan. In Estepona, land availability for new projects is even greater, partly explaining the strong growth in new developments in the area.
The Director of Projects and Infrastructure also emphasized the City Council's efforts to ensure sustainable urban planning, particularly in areas like water supply, energy, and telecommunications. However, he acknowledged that these processes move slowly, which could pose a challenge to the pace of urban growth.
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Infrastructure and Quality of Life: Challenges for the Costa del Sol
One recurring topic during the roundtable discussion was the need to improve urban infrastructure to maintain the Costa del Sol's competitiveness as a luxury destination. "If we're the best destination in Europe, we must have the best infrastructure," insisted Christopher Clover, emphasizing that many areas still lack basic amenities, affecting both residents' quality of life and potential buyers' experience.
Javier Nieto also called for greater attention to established residential areas, pointing out that many lack basic services like sidewalks and street lighting. "We can't sell five-million-euro villas on streets without sidewalks, proper lighting, and dangling cables. Excellence starts with the surroundings," he stated.
Additionally, Mariano Beristain highlighted that security is another decisive factor for high-net-worth buyers. "Many clients choose areas like Zagaleta solely for the level of security they offer," he noted.
On the other hand, experts agreed that housing access is becoming a problem for many workers in the sector. "If affordable housing isn't found, we'll end up struggling to sustain our local economy," warned Clover, stressing the importance of finding solutions so workers can live near their workplaces.
A Promising Future but with Challenges Ahead
The real estate market in the Golden Triangle continues to show robust health, with sustained growth and an increasingly international profile. However, experts agree that price adjustments, infrastructure improvements, and access to affordable housing are challenges that must be addressed to secure the region's future as a luxury real estate destination. The event organized by DOM3 reaffirmed high expectations for the sector while also highlighting critical issues that could influence its short- and medium-term evolution.
This event is part of DOM3 Association's series of activities, which is already working on new forums and events focused on the real estate sector's impact on the Costa del Sol.