The portals will tell you Marbella prices are up 12% year-over-year. They are not. Transactions above €3M closed 7-9% higher than the same quarter last year — still strong, but a real number, not a listing-side figure inflated by properties sitting on the market at ambitious prices.
What actually moved
Three neighbourhoods led the quarter: Sierra Blanca (+9.2%), San Pedro (+8.7%), and the Golden Mile (+7.4%). The common thread is scarcity — fewer than a dozen quality listings in each band — rather than demand spikes.
The Gulf wave
Gulf buyers now represent roughly 31% of transactions above €10M in Marbella. Five years ago, the figure was closer to 12%. The driver is not tax, it is culture: a new generation of Gulf principals is choosing Marbella over London and the South of France for summer residence.
What this means for sellers
The market is selective, not weak. Well-priced, well-presented residences in prime neighbourhoods sell in 45-90 days. Ambitious listings still sit for 9-12 months regardless of the macro.