Agnieszka Marciniak-Kostrzewa: Agnes Inversiones
Costa del Sol remains one of the most desired markets in Europe, with an anticipated price increase of 5-9% in top locations – says Agnieszka Marciniak-Kostrzewa, an expert in the luxury real estate market in Spain, presenting forecasts for 2026.
2026: a year of growth, but more moderate
Most forecasts predict that in 2026, property prices in Spain will continue to rise, albeit at a slower pace than in 2023–25. National estimates (e.g., CaixaBank and Bankinter) foresee a moderate price increase of approximately 5-7% across Spain for this year. Limited housing supply, strong demand, and still relatively favorable lending conditions are key factors supporting the sustained upward trend.
The Spanish market is strongly influenced by demand from domestic and foreign buyers – especially for coastal properties. In turn, expected slight interest rate cuts could further stimulate demand and property availability in some segments. Government housing policy, including rental regulations under the “Ley por el derecho a la vivienda” (Law for the Right to Housing), may affect investment models and returns in high-rent markets.
– In 2026, further growth is expected, but at a more moderate pace – compared to the period of rapid economic recovery after the pandemic. Property price growth forecasts range from approximately 5 to 7%, with the most popular locations and luxury segments performing above average – describes Agnieszka Marciniak-Kostrzewa, founder of Agnes Inversiones – the largest and oldest Polish real estate agency on the Costa del Sol, present on the market for 20 years.
Costa del Sol: a strong and resilient market leader
This year’s forecasts for the Costa del Sol predominantly indicate higher price growth. In top coastal areas such as Marbella, Estepona, Mijas, and Benalmádena, it is predicted to be at 5-9% – with an upward trend in selected luxury investments – especially in Marbella itself. It is estimated that prices on the coast are growing 3-5% more than the national average, and in the best micro-markets – even by 7-9%.
– In 2025, prices reached a record level, and forecasts for 2026 predict continued high interest. Regions such as Marbella, which forms the “Golden Triangle” with Benahavís and Estepona, have high price levels, and the best locations function essentially independently of the national cycle – often at significantly higher prices – comments Agnieszka Marciniak-Kostrzewa.
On the Costa del Sol, the luxury real estate market remains exceptionally strong and is a pillar of the local economy – accounting for a significant portion of GDP and employment. New luxury projects – including completely sold-out investments such as Uno Marbella – along with a strong presence of foreign buyers strengthen growth prospects in 2026. Rental demand – both holiday and long-term – remains strong, which translates into investment profitability in coastal towns. Locally introduced restrictions on short-term rentals may negatively impact the profitability of rental investments.
The volume of transactions on the Costa del Sol is high, and a significant portion of international buyers remains active – over 60% in locations such as Marbella. Estepona is a promising location – increasingly perceived as the new star of the Costa del Sol. This translates into expected high international demand and higher price dynamics. Mijas and Benalmádena are also gaining, attracting growing investor interest due to lower price levels and infrastructure development.
Summary of the 2026 forecast for the Spanish real estate market
Nationwide:
- sustained price growth and its moderate pace (5–7%),
- a more balanced and stable market, less dynamic than in 2023-25,
- the best investments are urban and coastal areas with high demand, including locations offering a high standard of living,
- low mortgage interest rates (at 2% or even below).
Costa del Sol:
- price trend: stronger than the national average (5–9% growth in luxury segments),
- global demand, attractiveness of luxury properties, and lifestyle migration trends as market drivers,
- main risks: high price levels – reached after record increases, in the long term – risk of interest rate hikes, global geopolitical risks, climate risk.
Agnes Inversiones is the largest, oldest, and most recognized Polish real estate agency on the Costa del Sol, and the first to join Leading Property Agents of Spain. This association brings together real estate agencies in Spain with many years of experience in the local market and adhering to a strict ethical code accompanying this profession.
Agnieszka Marciniak-Kostrzewa is an expert and long-time advisor in the selection, purchase, and management of luxury properties in Spain. She is the founder and managing director of Agnes Inversiones real estate agency, which in the last two years alone has brokered the sale of nearly 120 properties with a total value of approximately 150 million euros. She actively supports WOŚP (Great Orchestra of Christmas Charity) on the Costa del Sol, as well as the Polish-language magazine “Hola Polacos”.
