My Takeways: Panorama’s Marbella Property Market Report

If you only read one market report this year for Marbella, this should be it. Christopher Clover, Managing Director of Panorama Properties, has been writing about the Marbella property market for over 55 years.  Together with Diana Morales’ annual market report, his analysis is widely regarded as essential reading in the Marbella property sector, valued for both its depth and reliability. It’s a report that other agencies follow closely. However, as with all agency-produced market reports, readers should expect some inherent bias—balancing objective market conditions with a naturally optimistic outlook is an unavoidable challenge in the industry.

In more than 11,000 words, their newly published “Marbella Property Market Report 2025” (read it here) provides an excellent and reliable, detailed analysis of market trends, sales statistics, and regulatory developments. This review highlights the key points relevant for buyers, sellers, and industry professionals.

However, I will not provide a detailed review of everything the report covers, readers are better served by digesting the report itself. What I will do is provide a handful of my own takeaways from my perspective as someone who is already very familiar with the market and the stats.

Top 3 Changes (since the last report)

1. Strong demand has become permanent. The high level of property sales and interest is now considered the normal state of the market. Buyers continue to view Marbella as a leading destination for lifestyle and investment. This is the new normal.
2. The buying process has become more rigorous. Buyers negotiate harder, take more time, and require thorough quality checks before committing. Transactions reflect careful evaluation rather than speed.
3. New price ceilings have been set. Properties on the Golden Mile near Puente Romano have broken previous records. These sales establish higher minimum prices for the most exclusive tier of real estate.

Other takeways

• Real vs Asking Disparity – Notary data for the 12 months to September 2025 shows an average price of 4,228 euros per square metre in the municipality of Marbella, an increase of 12.6% compared with 2024. Leading domestic property portal, Idealista, reports an average of 5,400 euros per square metre for Marbella as of September 2025.  My opinion: The gap of more than €1,000 per square metre between asking prices and actual sale prices suggests one of two issues: either duplicate listings are skewing the data, or properties are being overpriced due to poor guidance from inexperienced or unprofessional agents.
• New highs? A refurbished duplex penthouse in Puente Romano reached 43,824 euros per square metre. Branded residences, including Dolce & Gabbana and Versace villas, have asking prices of between 21,000 and 22,000 euros per square metre. My opinion: Not all branded residences are created equal
• Cash buyers – Properties over 2 million euros rarely involve financing, according to the report. Less than 10% of these purchases use mortgages, which reduces exposure to interest rate fluctuations and reflects the purchasing power of buyers in Marbella. My opinion: this doesnt mean they are not obtaining financing in the home countries.
• Urban Planning – The annulment of the 2010 urban plan for Marbella means the 1986 plan remains in force. The new plan – the POU – is expected to be receive definitive approval between 2027 and 2028. This will provide clarity for developers and investors. My opinion: this has been going on too long, unlike the famous extension of the local rail service beyond Fuengirola, having an up-to-date urban plan should be a given.

Overall, the excellent Panorama Marbella Property Market Report 2025 reveals a market characterised by sustained demand, more discerning buyers, and record-setting prices in the luxury segment. By all accounts, well-priced properties continue to achieve strong results. Marbella continues to attract buyers and investors and remains a significant market in southern Spain.