Marbella: The Crash that Never Happened

History shows that even a global lockdown couldn’t break the stability of the Marbella property market.   While analysts forecasted a major crash for the Spanish resale market, for the “COVID year” 2020 Marbella recorded a negligible 0.1% dip, according to data from Notaries.

The price per m2 was 2,755 € in 2019 and reached 2,752 € in 2020. This 3 € difference confirms that Marbella is insulated from the economic pressures affecting the rest of Spain.

During the pandemic, Idealista reported several dire warnings for the resale sector. Mikel Echavarren, CEO of Colliers International Spain, projected second-hand housing prices would fall between 5% and 10%. Raymond Torres of Funcas predicted a price adjustment between 10% and 20% due to GDP contraction. The Remax network warned of 30% drops in specific regions, and economist Daniel Lacalle forecasted a double-digit decline.

Marbella is an international market. Its performance is tied to the wealth of buyers from abroad rather than Spanish domestic affairs. While the broader Spanish market reacts to local employment and national GDP, Marbella relies on global capital. This international base creates a buffer that defies domestic trends.

However… the market in Marbella has since moved from 2,752 €/m2 in 2020 to a projected 4,424 €/m2 in 2025, according to data from Notaries. This represents a 60.8% increase in property value over the last five years. This growth further proves that Marbella operates as a distinct economic entity, independent of the volatility seen in the wider Spanish resale market.

Note: Marbella statistics include data from new builds. These are recorded at the notary upon completion of the projects rather than at the point of reservation, which can produce a time lag in the reported figures. However, this is balanced by the fact that 91.2% of transactions in Marbella in 2025 were resale properties.