Costa del Sol: More m² for Your Money
Same coast, same sea, more square metres for your money: New Builds cost €5,145 per square metre in Estepona and €7,491 in Marbella. For a budget of €500,000 that is around 97 square metres in Estepona against 67 in Marbella.
We compared New Build prices in six towns on the western Costa del Sol, surveyed on 18 September 2026 across all property types. Estepona is the least expensive of the six, around 31% below Marbella, and also has by far the largest choice.
Estepona offers the most square metres for your money on the Costa del Sol
| Town | New Build per m² | Against Marbella | m² for €500,000 |
|---|---|---|---|
| Marbella | €7,491 | – | 67 |
| Casares | €6,969 | −7.0% | 72 |
| Benahavís | €6,548 | −12.6% | 76 |
| Manilva | €5,266 | −29.7% | 95 |
| Sotogrande | €5,215 | −30.4% | 96 |
| Estepona | €5,145 | −31.3% | 97 |
Between Marbella and Estepona there is a New Build gap of €2,346 per square metre. For a 100 m² apartment that is around €235,000. Manilva and Sotogrande are close to Estepona but offer only a fraction of the choice. Casares and Benahavís sit between Estepona and Marbella at €6,969 and €6,548 per square metre. Buying new for €500,000, you get around 30 square metres more in Estepona than in Marbella and around 21 more than in Benahavís, with the same sea and the same sun.
Why are New Builds cheaper in Estepona than in Marbella?
Because Marbella's average is driven by prime locations and villas, and Estepona builds far more. The price gap is a question of supply, not of the quality of the location.
Marbella's prime locations drive the average
In Marbella many New Builds are in the most expensive locations on the coast. On 21 September 2026 the New Build median on the Golden Mile was €9,969 per m² and in Nueva Andalucía €8,247. Even San Pedro de Alcántara, Marbella's least expensive New Build zone, was at €5,677, above Estepona's median. Current projects in Marbella are listed under New developments in Marbella.
Estepona builds more: 840 units in 118 projects
On the survey date Estepona had more than three times as many priced New Build units as any other of the six towns. Where so many projects are selling at the same time, developers price competitively. That keeps the price per square metre below the neighbouring towns, even though Resale prices in Estepona have been rising faster than there for years.
Estepona has the largest New Build choice on the western Costa del Sol
With 840 units in 118 projects, Estepona offers more than three times the choice of any other town on the western Costa del Sol. For buyers that means more floor plans, more locations, more price levels and a better chance of finding exactly the right home.
| Town | Units | Projects |
|---|---|---|
| Estepona | 840 | 118 |
| Manilva | 256 | 23 |
| Marbella | 244 | 95 |
| Casares | 228 | 35 |
| Benahavís | 186 | 79 |
| Sotogrande | 47 | 18 |
In Marbella 244 units are spread across 95 projects, many of them individual villas. In Estepona 645 of the 840 units are new apartments, so the choice spans many developments, sizes and locations. Current projects are listed under New developments in Estepona.
What lies behind the New Build prices of the other towns
The medians of the neighbouring towns are often shaped by a few projects or a high share of villas. Anyone reading them should know what they are made of.
Casares: one luxury project lifts the average
In Casares, 85 of the 226 priced units on 21 September 2026 were townhouses in only two projects, with a median of €10,433 per m²; a single project accounted for more than half of them. New apartments in Casares were at €5,219 per m². The high municipal figure says more about that project than about the town.
Benahavís: villas in the golf valleys
Benahavís is a villa market in the valleys behind the coast. New villas there had a median of €7,481 per m² on 21 September 2026, new apartments €6,356. If you want to buy right on the coast, Benahavís offers a different product from Estepona.
Manilva and Sotogrande: affordable, but little choice
Manilva and Sotogrande are close to Estepona on New Build prices. However, on the survey date Sotogrande had only 47 priced units and Manilva 256. In both towns individual projects make up a large share of the supply. Estepona offers similar prices with more than three times the choice.
Nowhere are New Builds as close to Resales as in Estepona
In Estepona New Builds cost only 2.9% more than Resales, in Marbella 25% more, in Manilva 73% more. The premium for a new building is the smallest of the six towns in Estepona.
| Town | New Build | Resale | Premium |
|---|---|---|---|
| Estepona | €5,145 | €5,000 | +2.9% |
| Benahavís | €6,548 | €5,544 | +18.1% |
| Marbella | €7,491 | €5,992 | +25.0% |
| Sotogrande | €5,215 | €3,969 | +31.4% |
| Manilva | €5,266 | €3,039 | +73.3% |
| Casares | €6,969 | €3,177 | +119.3% |
For buyers that means: in Estepona you pay almost nothing extra for a new property, while in the neighbouring towns you pay a clear premium over the local Resale market. If you want to buy new, Estepona offers the best ratio between new and second-hand.
Cheaper does not mean weaker: Estepona is growing faster than Marbella
Resale values in Estepona rose by 17.4% in one year and 194.1% in ten years, in Marbella by 4.0% and 151.3%. The lower entry price goes hand in hand with the stronger growth.
| Key figure | Estepona | Marbella |
|---|---|---|
| Resale index, 1 year | +17.4% | +4.0% |
| Resale index, 10 years | +194.1% | +151.3% |
| Gross rental yield | 5.05% | 4.75% |
| Residents since 2016 | +19.4% | +13.5% |
Behind the growth is a town that is expanding and investing: Estepona's population rose from around 67,000 in 2016 to almost 80,000 in 2025. According to the town hall, the town is debt-free and investing around €27 million in its 2026 budget. How New Builds and Resales compare in Estepona is shown in our note Estepona: New Builds cost only 2.9% more than Resales.
A town that invests
According to the town hall, Estepona has fully repaid an inherited debt of more than €300 million and is investing around €27 million in its 2026 budget, the highest in its history. The town has funded its own hospital for €15 million, almost completed a coastal corridor of more than 21 kilometres for pedestrians and cyclists, and is building the Bulevar Parque Central for almost €10 million. At the same time property tax for registered households is falling by 20% on average. For owners that means the town is becoming more attractive while running costs fall.
Apartment or villa: where the gap to Marbella is largest
Estepona's price advantage is largest for villas and smallest for apartments. On 21 September 2026 new villas in Estepona had a median of €5,753 per m², in Marbella €8,993. New apartments were close together at €5,135 in Estepona and €5,266 in Marbella.
For villa buyers Estepona is clearly the less expensive choice on the same coast. For apartment buyers Estepona's main advantage is choice: 645 new apartments in 69 projects against 121 in 18 projects in Marbella. Current villa projects are listed under New villas.
How buyers use Estepona's price advantage
If you calculate in square metres instead of euros, you see the difference between the towns immediately. In these steps:
- Convert your budget into square metres. Budget divided by the town's median shows which size is realistic.
- Choose a zone. Within Estepona New Build medians range from just over €4,000 to €6,500 per m².
- Compare New Build and Resale in that zone. In some areas New Builds are cheaper than Resales.
- Add purchase taxes. New Build 10% plus 1.2%, Resale 7%.
- Check the payment plan and guarantee. Every instalment must be covered by a bank guarantee or insurance.
What does this mean for investors?
Estepona offers the lowest entry price, the largest choice and the strongest value growth of the six towns. No other town on the western Costa del Sol combines all three.
A worked example shows what this means for running income: 97 square metres in Estepona at the average long-term rent of around €21 per m² per month give around €2,040 in monthly rent, around €24,400 a year. On a Purchase Price of €500,000 that is around 4.9% gross, before costs and taxes. These are past figures, not a forecast.
New developments in Estepona
Where the figures come from
New Builds: our own survey of the asking prices of all priced units, median across all property types, 18 September 2026; property types and Marbella districts 21 September 2026. Market area: Estepona, western Marbella and Sotogrande; individual zones such as La Zagaleta or Elviria are outside it. Resale index and rents: public price index for each municipality, August 2026. Residents: official figures as of 1 January. Floor areas: budget divided by the median, rounded to whole square metres.
Frequently asked questions
Where on the Costa del Sol do you get the most New Build for your money?
In Estepona. On 18 September 2026 the New Build median there was €5,145 per square metre, around 31% below Marbella at €7,491. For €500,000 that is around 97 instead of 67 square metres.
What do New Builds cost per square metre in Marbella, Casares and Benahavís?
According to our survey of 18 September 2026 the median was €7,491 in Marbella, €6,969 in Casares, €6,548 in Benahavís, €5,266 in Manilva and €5,215 in Sotogrande per square metre.
Where is the largest choice of New Builds on the western Costa del Sol?
In Estepona: 840 priced units in 118 projects on 18 September 2026, more than three times as many as in any other of the six towns.
Is Estepona cheaper because it is less in demand?
No. The public price index for Resales in Estepona rose by 17.4% in one year and 194.1% in ten years to August 2026, more than in Marbella with 4.0% and 151.3%.
Sources & official links
- INE – Official population figures of Spanish municipalities (checked 21.09.2026)
