In recent years, the Costa del Sol property market is shifting towards new-build homes. Flexible payment terms, luxury modern communities with resort-style facilities, and the prospect of capital appreciation from launch to completion are driving buyers away from resale and toward off-plan. Here is what that shift looks like on the ground, and why it shows no sign of reversing.
Off-plan properties for sale on the Costa del Sol have accelerated sharply over the last decade, with buyers drawn by flexible staged payments, modern energy-efficient design, and the potential for capital gains built in from the moment they reserve.
The Marbella and Costa del Sol property market has undergone structural change over the last few years, with an increasing number of luxury new developments along the coast.
Resale properties on the Costa del Sol continue to offer a fantastic level of variety and local charm, are often in more established areas, and are priced lower per square metre; that is particularly appealing to those looking for a Spanish-style home or walking distance to popular town centres.
However, in recent years, we are also seeing more options in emerging areas like Estepona, Benahavís, and Mijas, where off-plan properties are increasingly being offered and sold, sometimes selling out even before a single foundation is laid. As a result, the balance of buyer preference that once tilted toward resale homes is shifting slightly toward new development and off-plan properties that offer modern design, facilities and promising capital gains.
This is not simply a story about supply shortages, though those are real. It is also a story about a new generation of buyers, a new set of lifestyle priorities, and an increasingly compelling commercial case for buying new rather than existing properties that may lack modern facilities, finishes, or spacious open-plan living areas.
New-build homes have always been part of the Costa del Sol’s property mix and always will. But those of us working in this market day to day noticed something distinctly different emerging: a marked increase in the number and quality of new developments on offer, and their popularity with buyers.
Some trace it back to when COVID changed the calculus for many international buyers. The sudden normalisation of remote working meant that location became a choice rather than a constraint.
Professionals who had spent years planning an eventual move to the renowned Costa del Sol lifestyle found themselves able to act immediately. Why endure a cold northern winter with higher living expenses when a reliable internet connection and a mild Mediterranean climate make working from Marbella, Estepona, or Benahavís a realistic quality-of-life option rather than a temporary holiday or second home?
That transition brought a different buyer to the market: younger, more design-conscious, more demanding of both technology and lifestyle infrastructure. And that buyer, more often than not, is choosing new-build properties along the coast with modern design, open-plan living, and large terraces to enjoy the fantastic year-round weather. Smart home, shared facilities and energy-efficient design that appeal to the values of today’s savvy buyer, independent of age: the world is more aware of sustainability and simplicity.
The numbers reflect it. Across Marbella, total annual property transactions climbed from approximately 2,568 in 2020 to 5,589 in 2022, then stabilised at 4,379 in 2025. Overall, Golden Triangle transactions followed a similar curve, peaking at 10,413 in 2022 and stabilising to 8,540 in 2025, with the greatest total growth in the Estepona area.
With this consistent growth, it’s no surprise that all major Spanish developers, Aedas, Neinor, Culmia, and Metrovacesa, are choosing property in the Costa del Sol because the numbers justify it. These are not speculative bets; they are commercial decisions made by organisations that carefully track demand.
According to figures from the Portal Estadístico del Notariado, new-build transactions across the Golden Triangle accounted for 8.6% in 2023, rising to 13.63% of total sales in 2024 (a 58.5% jump), before rising to 14.16% in 2025. But with more than 450 off-plan developments currently on offer on the Costa del Sol, the number of properties being reserved off-plan now won’t be reflected for another year or more when the property and transaction are completed.
The municipality breakdown tells a more nuanced story. In Marbella, where buildable land is scarce and planning constraints remain significant, new-build purchases accounted for just 7.94% of completed transactions in 2024, up to 8.79% in 2025. Estepona’s statistics reflect its position as the coast’s primary hub for new construction: new-build reached 22.99% of transactions in 2024 and 25.37% in 2025. Benahavís recorded 10.36% new-build in 2024 but just 2.95% in 2025, a figure that reflects a temporary delivery gap rather than any softening in underlying demand.
Two points of context are essential when reading these figures. First, notarial data captures transactions at deed completion, which typically occurs months or years after the private sale contract is signed on an off-plan purchase. The real-time appetite for new-build is therefore consistently ahead of what the official data shows in any given period.
Second, resale’s dominance in volume is partly a function of supply: there are simply not enough new-build completions to meet demand in most of these municipalities, which is precisely why the best projects sell out before breaking ground. The figures suggest that the resale market is larger by volume, while the new-build market is where buyer appetite and developer investment is increasingly concentrated.
One of the most underappreciated drivers of the off-plan surge is purely practical: the payment structure. A buyer can reserve a new-build property for as little as €6,000. From there, the typical structure requires a deposit of around 30% plus VAT at exchange, staged across the construction period, which can extend to 18 months or more if purchasing at the early launch phase. The balance is paid on completion, often supported by a mortgage on the finished property.
This is fundamentally different from buying a resale home, which typically requires the full purchase price and associated costs on a fixed completion date. Off-plan buying allows buyers to commit without decapitalising, to lock in a price and a property while continuing to hold other assets and paying gradually over the years to completion.
And locking in early matters, because developers actively increase prices as projects progress. It is standard practice to raise asking prices after hitting sales milestones: when the first tranche of units is sold, after planning licenses are confirmed, and during the construction phase itself.
The appreciation available through off-plan purchasing comes from two sources simultaneously: developer price increases during construction and underlying market-value growth in the area. Together, buying new properties in the early phase of off-plan is one of the most commercially attractive entry points in the Costa del Sol market.
The resale market, by definition, prices in current value. In new builds, early buyers are pricing in future value and being rewarded for it. This is not simply about market appreciation, though that has been strong: average sold prices per square metre in the Golden Triangle area increased by over 9% over 2025, including approximately 7.7% in Marbella and 10.8% in Estepona, with some sub-areas seeing significantly higher growth.
For new development properties, buyers who enter at launch will, in most cases, own an asset that has already appreciated in value before they receive the keys. Off-plan properties on the Costa del Sol have commonly appreciated between 5% and 20% from initial launch to completion, depending on the project and timing. Buyers who get in at early-bird pre-launch prices can therefore make excellent profits and secure the best units by acting fast.
Buyers who get in early, even after launching, can make excellent capital gains as well as choose the best properties in the development: the most spectacular views, spacious living areas, orientation, or position: take your pick.
If that wasn´t enough, buying early in the process often gives you the opportunity to customise the design or materials, meaning you save time, effort and money later on to ensure the property is delivered to your style. A much simpler choice than having to reform properties and deal with busy and sometimes unreliable local builders to update your resale property, or even change to a new build after completion.
The resale market on the Costa del Sol also offers an excellent range of properties. However, it contains housing stock that sometimes fails to meet today’s buyer profile. Older apartments without proper insulation or smart home functionality, and without complete communal facilities, sometimes do not meet current European energy efficiency standards. These properties can require buyers to invest additional capital in renovations and improvements, without any guarantee of recouping that investment on resale.
In contrast, new-build properties arrive ready. Modern aerothermal heating and cooling systems, underfloor heating, BREEAM or equivalent energy certification, smart-home automation, EV charging points, and fibre connectivity are standard in quality new developments today. For buyers who want to move in and live, rather than manage a building project, the appeal is straightforward.
The communal facilities deserve separate mention. Today’s premium new developments around Marbella and the Costa del Sol is not simply a building with a pool. It is a managed community with a gym, spa, co-working spaces for remote professionals, landscaped gardens, concierge services, underground parking, and storage, all maintained and insured collectively. This is the lifestyle infrastructure that the post-COVID buyer expects, particularly those making the Costa del Sol a primary or semi-primary residence rather than an occasional holiday base.
There is one more factor that is reshaping buyer thinking, and it is one that tends to be underweighted in market analysis: the rising cost and complexity of construction.
Renovation and reform costs across Spain have increased substantially in recent years, driven by supply chain pressures, energy costs, and skilled labour shortages. A buyer who purchases a dated resale property with the intention of modernising it faces a significantly different financial picture.
Budget overruns, extended timelines, and the management overhead of coordinating trades across international time zones have led many buyers to a simple conclusion: buying new is easier, more predictable, and in some cases more cost-effective when the total investment is calculated honestly.
A new-build property comes with a 10-year structural warranty, modern systems with manufacturer guarantees, and no immediate capital expenditure on maintenance. For buyers focused on lifestyle rather than project management, this matters.
The key legal considerations are straightforward. Spanish law (Ley 20/2015) requires developers to hold buyers’ deposits in bank guarantees or insurance policies until handover, meaning that if a project does not complete, buyers are protected. Additionally, new-build properties carry a 10-year structural warranty. These legal protections make off-plan buying considerably more secure than it was in earlier market eras.
The question of who is buying is almost as interesting as the question of why. British and German buyers remain significant groups across the Costa del Sol, but the nationality mix has diversified considerably. Dutch, Belgian, Polish, Lithuanian, American, and Latin American buyers are increasingly active, and the data shows a particularly strong alignment between these newer buyer groups and new-build purchasing.
According to Spain’s Land Registry (Registradores) 2024 annual report, around 30% of new plan buyers were Dutch, Polish, and Belgian buyers, up from their representation of between 21-24% in 2023. Market observers consistently report that this proportion is higher still on the Costa del Sol, where the concentration of quality new development is greatest. Instead, the resale market has traditionally been dominated by British, French, or German buyers who value established locations and local charm.
The trend among Dutch buyers alone is striking: some agents have noted that new-build purchases by Dutch nationals in the first half of 2024 tripled compared to the whole of 2022, with summer 2024 sales up 150% on the same period the prior year. This is consistent with Notariado data indicating that Dutch buyers increased from 8% to 11% of international buyers in Málaga province from 2024 to 2025.
Interestingly, UK buyers accounted for about 14% of foreign buyers across Màlaga in 2025, over 16% in Benahavís, nearly 21% around Mijas municipality, a striking 23.5% in the Manilva area, and 36.14% around Sotogrande/San Roque. UK patterns of property investment in the Costa del Sol, therefore, suggest greater attention to the largest new development areas.
The age and motivation profile has also shifted. The typical off-plan buyer today is not necessarily a retiree seeking a sun-drenched second home, although they do represent a good portion of the market. An increasingly significant portion of the market is working professionals in their 30s and 40s, often remote workers, entrepreneurs, or digital nomads, who are deliberately relocating and want a home that reflects how they live and work. Co-working spaces, equipped gyms and EV chargers are not marketing features for this buyer; they are requirements.
Purpose has also become more varied. There are still strong second-home buyers and yield-focused investors, but in 2026, we have observed a large proportion of overseas buyers on the Costa del Sol purchasing as residents rather than as second-home non-residents. We see them studying the areas, looking at the variety of amenities and quality international schools in Marbella, and then buying accordingly.
The lifestyle proposition of mild winters, year-round outdoor living, safety, excellent schools, world-class gastronomy, and golf has matured from an aspiration into an active life decision for a growing cohort of internationally mobile professionals.
The traditional Marbella premium zones of the Golden Mile, Sierra Blanca, and Nueva Andalucía remain highly sought after but are largely built out. The meaningful volume of new development has shifted to nearby areas with available land and a more flexible planning environment.
Estepona has emerged as the standout story for off-plan properties. A €10 million marina redevelopment (expected to bring in €113 million income), a new public hospital, gradual gentrification of properties and the area, and investment in pedestrian infrastructure have significantly elevated the town’s profile.
The stretch between Casasola and the Kempinski Hotel, increasingly referred to as the New Golden Mile, is producing luxury developments with panoramic views and larger plot sizes at prices that still sit below central Marbella. It offers more land, faster planning approvals, and a town that is actively investing in its own appeal, with more than 180 new developments currently for sale throughout Estepona.
Benahavís has long consolidated its position as the inland luxury enclave of the Costa del Sol, with over 40 off-plan projects currently for sale across the area. Positioned in the mountains between Marbella and Estepona, it delivers privacy, natural landscape, and ultra-exclusive communities such as La Zagaleta and El Madroñal, within 15 minutes of Puerto Banús.
Buyers here are typically at the higher end of the market, drawn by large plots, golf, unbeatable panoramic views and a level of seclusion that is increasingly scarce. New developments in some pockets, such as La Real de la Quinta, offer fantastic Benahavís views within the benefits of a completely private master gated community with an exclusive man-made lake and commercial centre, offering a compelling lifestyle.
Mijas Costa represents another of the market’s value-growth corridors. Entry prices are more accessible than in the Golden Triangle and the rental appeal is strong: retirees, remote workers, expats from across Europe, and young families all feature prominently, and the area is developing steadily, with more than 50 developments currently for sale in Mijas.
Golfers in particular find the combination of La Cala’s courses and village atmosphere compelling, and it is also close to Málaga international airport, which facilitates frequent, affordable travel around the world. Townhouses and mid-range apartment developments here offer meaningful upside as the coastal-inland belt continues to develop.
Casares and Manilva, closer to Sotogrande and the Strait of Gibraltar, attract buyers who have been priced out of the Golden Triangle or who actively prefer a quieter, less developed environment closer to the beaches of Cadiz, but still accessible to the facilities of Marbella and Málaga. With more than 100 developments currently for sale around Manilva, entry-level new-build pricing in these areas runs from approximately €2,800 to €4,500 per square metre (significantly below Estepona or Marbella), and the views across to Morocco on a clear day are genuinely striking.
Benalmádena completes the picture at the eastern end, with around 14 developments currently on offer in this more developed area. Close to Málaga Airport, with beach access, a quick train to Màlaga, a quaint marina, various aquariums and resort-style amenities, it appeals to buyers who want a developed international town close to Fuengirola and Málaga town centre, traditionally popular with British, Scandinavian and French expats.
We offer a curated selection of the best developments for sale, but we can look deeper for clients wanting to explore more options in a particular area. If you are looking for the best developments under 1 million euros, take a look at our handpicked selection. However, several developments currently on the market illustrate the breadth and quality of what is available:
360 by Cordia and Emerald View bring contemporary design and sea views to the mid-market Mijas Costa belt, offering compelling luxury options in this loved eastern part of the coast. These developments offer all the amenities of the Golden Triangle at a more accessible price point: luxury spa, coworking facilities, extensive gym, spa, and kids’ zone. They offer good value for money, close to Marbella and Málaga.
Vanian Views in Estepona, close to the border of Benahavís, offers a similar luxury product on the other side of Marbella: a strong example of the privacy, nature and views that define the area’s appeal.
At the upper end, Tyrian Residences and Sierra Blanca by The Sea, both luxury beachfront developments in Estepona, target buyers who may have previously considered only properties in Marbella’s most prestigious residential hillside, now considering the beachfront lifestyle of rejuvenated Estepona.
Maralto apartments overlooking Estepona, the sea and surrounding mountains offer a mix of views and town-centre convenience, perched on a hill just above commercial areas, with a nice 20-minute walk past shops and restaurants to the Puerto Deportivo of Estepona, offering a stunning range of spa, pool and gym community facilities. A little further up to the east, a range of new developments like The Oak 46 apartments Estepona offer more budget-friendly value, a 10-minute stroll from the town centre and a 25-minute walk to the beach, with coworking, social space and community pools. These options offer value, lifestyle and incredible views in forward-thinking developments.
Combining the concepts of beach lifestyle and value, Vesta Mare on the Manilva beachfront pushes the frontline beach new-build apartment market, offering excellent beachfront apartments on the western end of the Costa del Sol.
Real de la Quinta in Benahavis offers a different but equally compelling proposition: resort-integrated living within a wider lifestyle private estate environment and stunning views across the mountains, Mediterranean and man-made lake. A masterplan of seven individual developments, the gated community offers residents their own golf courses, spa, restaurants, concierge services and commercial facilities at their doorsteps, surrounded by nature hikes and trails 15 minutes from Puerto Banus.
Finally, in the ultra-luxury end of the new development market, the category that continues to attract considerable attention on a global scale branded residences in the Golden Triangle. Branded residential properties such as Dolce & Gabbana, Vasari, Fendi, Karl Lagerfeld, or Versace residences, signal something important about where international luxury appetite is pointing.
The Costa del Sol’s shift toward new-build is not a short-term anomaly. It reflects a structural realignment of who is buying, why they are buying, and what they want from the property they choose to own. The major Spanish developers have clearly understood this and committed significant capital to it. International buyers are following the same logic.
The case for off-plan is not universal: there are buyers for whom a resale property remains the right choice, particularly at the ultra-luxury villa level, where bespoke existing homes are often irreplaceable. But for the majority of buyers in the €400,000 to €2 million range, and for many above that, the off-plan market currently offers a combination of commercial logic, product quality, and lifestyle alignment that resale cannot easily match.
The practical advice we give clients is this: enter early, choose your development carefully, and understand the payment timeline before you commit. The best projects sell quickly, and the best prices within any given project go first. That’s where we come into it. Knowing the market well, we can guide you to find the right development for you.
If you are weighing up the new-build versus resale question for your own purchase, we would be glad to walk you through the specifics: developments, locations, timelines, and payment structures, based on what matters most to you. Contact MPDunne for personalised property advice in the Costa del Sol.
Melinda Rendina Content Writer & Marketing Coordinator
Melinda is an experienced writer specialising in real estate, urban planning, lifestyle, architecture and design. A seasoned Marbella resident, she holds an Undergraduate Degree in Social Science with Honours in Politics, and a Masters degree in Urban Planning.
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