New figures from the Golden Triangle Q2 2026 Market Report reveal a clear divide emerging across the Costa del Sol, with Estepona recording almost twice as many new-build transactions as Marbella in 2025.
Estepona is strengthening its position as the new-build centre of the Golden Triangle.
According to the latest market analysis published by JUST Real Estate, 888 new-build homes were sold in Estepona during 2025, compared with 450 in Marbella and just 23 in Benahavís.
The figures highlight how differently the three neighbouring markets are now developing.
Estepona’s New-Build Advantage
While Marbella remains the largest and most established property market of the three, Estepona continues to benefit from something increasingly difficult to find in its neighbour: significant new residential supply.
New-build properties represented 18.7% of Estepona’s sales in Q1 2026, roughly double Marbella’s share.
The difference becomes even clearer when looking at 2025 registrations:
Estepona — 888 new-build sales
Marbella — 450 new-build sales
Benahavís — 23 new-build sales
This means Estepona recorded almost twice as many new-build transactions as Marbella and more than 38 times the number registered in Benahavís.
For agents and buyers, the figures point to an increasingly distinct role for each part of the Golden Triangle.
3,466 Sales in One Year
New development is only part of the picture.
Estepona recorded 3,466 residential transactions across 2025, up from 3,163 in 2024 — an increase of approximately 9.6% year-on-year.
That also placed 2025 comfortably above the 2,688 transactions registered in 2023, showing how strongly activity has recovered over the past two years.
However, transaction figures need to be interpreted carefully.
New-build registrations often represent properties reserved off-plan many months — sometimes years — before completion. A surge in registered transactions can therefore reflect the delivery of developments rather than a sudden increase in buyer demand during that particular quarter.
Still 26% Below Marbella per Square Metre
Perhaps one of the most significant figures for buyers is the price difference.
Registered deeds analysed in the report put Estepona at an average of €3,483 per built square metre, approximately 26% below Marbella.
The report also recorded an average transaction value of €436,254 across 3,150 deeds, with an average property size of 125 m².
Meanwhile, second-quarter valuations placed Estepona at €3,518/m², representing a 12.1% increase year-on-year.
The combination is significant: Estepona continues to offer a lower average entry price than Marbella while simultaneously experiencing substantial new development and
