
Is Spanish Property Overvalued in 2026? Bank of Spain View
Is Spanish property overvalued in 2026? The Bank of Spain puts housing 1.1%-8.5% above fundamental value and declines to call it a bubble. What it means here.
Analysis, area guides and buying intelligence for the Costa del Sol

Is Spanish property overvalued in 2026? The Bank of Spain puts housing 1.1%-8.5% above fundamental value and declines to call it a bubble. What it means here.

Marbella property financing is not published. Nationally 54.8% of purchases use a mortgage averaging €181,976 — 23% of Marbella’s €788,970 average sale.

Marbella price per square metre is quoted at 5,596, 4,665 and 3,636 €/m². All three are correct — asking, average and median. Here is which one to use.

Non-resident property prices Spain: buyers paid 3,242 €/m² in H2 2025 against 1,839 €/m² for Spanish buyers. Why the 76% gap is composition, not overcharging.

Foreign buyers took 18.4% of Spain’s home sales in H2 2025, down from 20.9% in 2023 — yet Marbella ran at 60.9%. What the 2026 property data really shows.

Spain’s housing market slowdown in 2026 saw sales fall 11.8% in May while prices rose 8.8%. Marbella, averaging €788,970 a sale, is not following the trend.

Spain’s 100% property tax on foreign buyers is still a bill, not law, at 1 August 2026. It targets non-EU non-residents; EU and EEA buyers are excluded.

Community statutes can veto a tourist rental in Spain. 2 DGSJFP rulings on the Benalmádena registry, October 2025, show a licence is not enough on its own.

Spain’s national short-term rental registry was struck down by the Supreme Court on 21 May 2026. What falls, what survives, and the 3 checks owners need.

Andalucía will cut ITP on resale homes to 6.75% in 2027 and aims for 6%. What that means for acquisition cost, resale liquidity and timing at the €1m to €5m level.

On paper this is a comparison between Marbella and Mijas — the coast’s most valuable municipal name against its fastest-improving one. In practice the two

Fifteen minutes of coast road separate La Cala de Mijas from Calahonda. They sit in the same municipality, pay into the same town hall, look