Marbella property market in transition? Why that’s good news for Irish buyers

For decades Irish families have been drawn to the Costa del Sol, with regular flights from Dublin, Cork, Shannon and Knock putting Marbella within easy reach. A well-established Irish community is now part of the town’s social fabric, while the shared currency offers buyers another practical advantage. The route’s enduring popularity is reflected in Central Statistics Office figures for the first half of 2025, which placed Málaga among the 10 busiest routes from Dublin.

Anyone considering buying today will find a different market from the one friends and family bought into during the post-pandemic rush. After several exceptional years, Marbella is transitioning away from a sellers’ market, creating new opportunities for those looking to buy.

Kristian Connolly, chief executive of Kore Estates Private Office, a Marbella-based property advisory with Irish heritage, deep local roots and more than 20 years of experience on the Costa del Sol, explains what has changed: “For several years, sellers had the upper hand, leaving buyers with little room to negotiate. Buyers today are more discerning, taking time to compare properties and questioning whether asking prices reflect real value. A well-priced home still sells quickly, so the buyers who succeed are the ones who are prepared and able to move quickly.”

The figures confirm this analysis. Spain’s General Council of Notaries records 3,422 homes changing hands across Marbella, Benahavís and Estepona in the first half of 2026, 20.7 per cent below the exceptionally busy first half of 2025. Values, meanwhile, have held firm: notarised sales averaged €4,366 per sq m, 15.5 per cent higher than a year earlier, reflecting strong demand for quality homes, though averages always reflect the mix of properties sold.

Asking prices are rising at a steadier pace. Idealista, a Spanish property listing website, puts the average asking price in Marbella at €5,956 per sq m in August, up 4 per cent year-on-year, compared with 7.6 per cent in February. That steadier pace reflects buyers who are no longer prepared to follow prices upwards without question.

House hunters are taking a more measured approach, and while well-priced homes still attract strong interest and can sell quickly, the market is increasingly likely to reject unrealistic asking prices. “Pricing correctly from the outset is everything,” says Connolly. “Good properties at the right price still sell well, so being ready to act is still key. But there is no longer the same pressure to pay over the odds for properties outside of prime locations.”

Activity is building too. Sales across the Golden Triangle – between Seville, Córdoba and Granada – rose 9.7 per cent between the first and second quarters of 2026, with the limited supply of prime property continuing to underpin values.

Politics adds another dimension. Spain, like Ireland, has housing high on its political agenda, with the Bank of Spain estimating the country’s housing shortfall at around 750,000 homes. On October 5th Spain’s prime minister Pedro Sánchez called a general election for November 29th, days after the country’s congress rejected two housing decrees. The government has since re-approved them: the first took effect on October 8th and the second is due on November 15th, though both still need the backing of the permanent deputation, the smaller parliamentary body that sits while congress is dissolved.

For us, the term Private Office is a statement of intent, it reflects the level of care, understanding and service we believe every client deserves.

—  Oliver Nash, partner at Kore Estates Private Office

In Marbella itself, a long-awaited overhaul of the town’s urban planning marks another significant development. On September 18th the council gave final approval to its new General Municipal Plan, or PGOM, the first in Andalucía drawn up under the region’s new Lista planning law. It replaces a framework dating from 1986 and provides a clear legal footing after the annulment of the 2010 plan. Urban land expands from around 40 million to 53 million sq m, and 20 per cent of new residential buildable area is to be set aside for affordable housing.

The PGOM sets the general model. The detailed rules for the existing city will follow in the Plan de Ordenación Urbana, or POU, which is still being prepared. “The POU is the document to watch,” says Connolly. “Anyone considering a development opportunity, or a home with potential to extend, should follow it closely.”

Irish visitors will notice the next change first. On September 15th the Spanish government approved DORA III, Aena’s five-year investment plan, committing €830 million to Málaga airport between 2027 and 2031, part of a wider programme expected to cost about €1.5 billion. The terminal is set to grow from roughly 80,000 to 140,000 sq m, increasing annual capacity from about 30 million to 36 million passengers. The announcement marks a record 26.76 million passengers handled in 2025, up 7.4 per cent from the previous year.

What does this mean for Irish buyers?

For buyers who have done their homework and sought the right advice, a transitional market presents opportunities: with finance and legal advice in place, they can act decisively when the right property comes along. Irish buyers also hold practical advantages: as EU citizens, they enjoy the same property rights as Spanish nationals, need no visa or residency permit, and buy in the same currency as at home, so face no exchange complications. The practicalities are straightforward: a Spanish tax number, a local bank account and, for those who need finance, a Spanish mortgage, typically available to non-residents at 60 to 70 per cent of the value.

Purchase costs should also be factored in. Transfer tax on resale homes in Andalucía currently stands at 7 per cent, although the regional government has announced plans to cut it to 6.75 per cent from 2027, with further reductions to follow, though the measure forms part of a draft budget and has yet to be approved. Buyers should budget around 10 to 13 per cent of the price for taxes and fees overall. Ireland and Spain have a double taxation agreement and owning a home in Spain does not automatically make you a Spanish tax resident, but you should always consider questions of income, residency and succession in both jurisdictions.

This is where informed, bespoke advice matters most. At Kore Estates Private Office, which advises on buying, selling, investment and legal and tax matters, the starting point is getting to know the person behind the purchase. “The process starts with truly understanding why a client is buying, what matters most to them, and the lifestyle they’re looking for,” says Oliver Nash, partner at Kore Estates Private Office. “For us, the term Private Office is a statement of intent, it reflects the level of care, understanding and service we believe every client deserves.”

In today’s market this means helping buyers act when the right property comes along, advising sellers on realistic pricing and having the confidence to walk away when a deal simply doesn’t make financial sense.

Marbella’s underlying appeal remains undiminished: year-round sunshine, frequent, affordable flights, strong international demand and a limited supply of prime property. The market may be changing, but the reasons Irish buyers have favoured this stretch of the Costa del Sol for decades remain as compelling as ever.

For a confidential conversation about buying or selling in Marbella, or to arrange a meeting at our office located at the Owners Club, Puente Romano, contact Kore Estates Private Office on +34 851 817 060 or email info@koreestates.com. Visit koreestates.com to find out more.