PRICES · 86 QUARTERS · THROUGH 2026 Q2
What actually happened to prices here
Agencies quote today. This is the whole cycle, from the housing ministry's own quarterly series: the 2008 peak, how far it fell, and how long it took to come back. Every figure below is government data, not an asking price taken from a portal.
The whole cycle
- Marbella
- Estepona
If you bought at the top
This is the number nobody selling property puts on a page. Across this coast, a buyer at the 2008 peak waited between fifteen and seventeen years simply to get back to what they paid, before costs and before inflation. Marbella fell least and recovered first, which is the one part of the local sales pitch the data actually supports.
| Municipality | Peak | Low | Fall | Back to peak | Took | Now |
|---|---|---|---|---|---|---|
| Marbella | 2,900 2007 Q4 | 1,898 2015 Q1 | -35% | 2023 Q1 | 15.3 yrs | 4,528 |
| Estepona | 2,939 2008 Q2 | 1,303 2013 Q1 | -56% | 2025 Q2 | 17.0 yrs | 3,518 |
| Fuengirola comparison | 2,693 2007 Q3 | 1,419 2014 Q3 | -47% | 2024 Q1 | 16.5 yrs | 3,758 |
| Mijas comparison | 2,539 2007 Q2 | 1,148 2014 Q3 | -55% | 2024 Q3 | 17.3 yrs | 3,365 |
Mijas and Fuengirola are outside the area this directory covers and are here only to show the pattern was regional rather than particular to Marbella.
What this cannot tell you
Three limits, stated plainly, because they decide how much weight the numbers can carry.
- Appraisal, not sale pricevalor tasado is what valuers assessed, a close proxy for what buyers paid rather than the thing itself
- Whole municipalityMarbella's figure blends a Sierra Blanca villa with a San Pedro apartment
- Nominal, not realthe recovery times above ignore inflation, so in real terms they are longer
The second limit is the important one. No official source prices a micro-market, so any per-square-metre figure you see for Sierra Blanca or the Golden Mile comes from one agency's own transactions. That is not necessarily wrong, but it is a sample of one firm's book, and worth reading as such. Benahavís is not in this data at all: the ministry only publishes municipalities above 25,000 people.
Source: Ministerio de Vivienda y Agenda Urbana: valor tasado de vivienda libre, municipios mayores de 25.000 habitantes. Checked 2026-10-01, covering 86 quarters to 2026 Q2. The ministry publishes roughly one quarter in arrears. See also who is actually where and the agency index.