On the Costa del Sol, Scarcity Is Reshaping Prime Residential Real Estate

The Costa del Sol is moving into a more mature phase of growth. Demand remains strong, but the real driver of value is becoming clearer: scarcity. In prime residential real estate, the question is no longer only who wants to buy, but what can still be built, where, and under what conditions.  

That was the central message of Vitaliy Rushchynskyy, co-founder of Prestige Expo Group, at the Forbes Real Estate Forum Costa del Sol in Marbella. His argument was direct: “On the Costa del Sol, we are not running out of buyers. We are running out of land.

1. Scarcity, not price, is defining the next prime cycle on the Costa del Sol. Demand remains strong, but the strategic variable is now legally consolidated, well-located land in markets such as Marbella and Estepona.  
    
2. Estepona is emerging as one of the most dynamic real estate markets in southern Spain. Price and volume growth from 2024 to 2026, combined with a controlled urban model and beachfront serviced projects such as Tyrian Residences, are reshaping its position on the Costa del Sol map.
    
3. Serviced beachfront living is becoming a core residential model for international buyers. Prestige Expo Group reads the new cycle as driven by privacy, management and time, with projects like Tyrian conceived as buildings that work for their owners, rather than homes that owners must manage themselves.

For years, the Costa del Sol was viewed mainly as a lifestyle destination. That position still matters, but the market now carries another layer of relevance for international buyers and long-term capital. It is increasingly being read as a secure residential asset class with structural demand behind it.  

As Vitaliy Rushchynskyy put it, “The Costa del Sol is not going through a real estate bubble. It is becoming an international asset class.” In Marbella, the average price per square metre rose from 4,109 euros to 4,424 euros between 2024 and 2025, while volumes began to stabilise after a particularly strong year, pointing to normalisation rather than weakness.  

This shift is supported by the region’s fundamentals. Rushchynskyy described the Costa del Sol as a place where sea, mountains, climate, international air connectivity, healthcare, security and education come together in a way that few European destinations can replicate. “Spain exported sunshine for decades. Today, Spain exports a lifestyle,” he said.  
 

In established markets, price alone does not explain long-term value. Scarcity does. The supply of well-positioned plots is tightening, and the strategic importance of land with consolidated legal status is rising as the next cycle takes shape.  

Rushchynskyy framed the distinction clearly: “Expensive housing is a matter of price. Prime housing is a matter of scarcity. Price corrects over time. Scarcity does not.” That logic is especially relevant in Marbella and across the Costa del Sol, where prime opportunities are increasingly defined by what cannot be repeated once existing sites are absorbed.

Within this wider market, Estepona is gaining ground as one of the strongest growth stories on the Costa del Sol. The average price per square metre rose from 2,902 euros to 3,219 euros between 2024 and 2025, and increased by a further 13.2 percent year on year in the first quarter of 2026, according to the figures cited in the forum material. Transaction volumes also closed 2025 up 9.6 percent, showing a market still expanding while consolidating its position.  

For Prestige Expo Group, Estepona’s strength goes beyond pricing. It combines beachfront positioning, controlled urban evolution, international appeal and a more balanced town scale than many mature coastal destinations. In the forum material, Estepona is presented as a town that has expanded its prime residential offering without losing its identity, scale or long-term outlook, which is exactly what gives it strategic weight in the next phase of the market.  

The product is changing because the buyer has changed. The current international residential buyer on the Costa del Sol is not simply looking for visibility, square metres or a seasonal base. The search is increasingly centred on privacy, quality of life, year-round practicality and professional support around the home.  

Rushchynskyy described that evolution in simple terms: “People with money used to look for places where they could be seen. Today, they are looking for places where they can live well.” He also noted that many of today’s buyers are families asking about schools, gyms and tennis academies because they are considering real life on the coast, not just short stays.  

This is one of the most important shifts in high-end residential real estate in southern Spain. The new premium is no longer only space. It is time, ease and consistency in daily living.

This is where Tyrian Residences becomes especially relevant. Developed in Estepona by Prestige Expo Group together with Grupo BZH, and designed by Yodezeen and Arata Arquitectura, Tyrian comprises 40 beachfront residences ranging from 300 to 1,060 square metres. The development holds WELL Silver pre-certification and is expected to become the first residential building on the Costa del Sol to obtain that distinction.  

Rushchynskyy explained the principle behind the project with clarity: “Building a home is the easier part. The difficult part is creating all the services around it that make that home truly work for the client. Tyrian is conceived as a building that works for its owners.”  

The transcript around the project reinforces the same idea. Tyrian was never conceived as just another seafront building, but as a model shaped around service, time and ease of living, including airport pick-up, assistance with appointments, household support, beach club services and a building designed to function around the resident’s life.  

One of his strongest lines captures the concept well: “We want to make a building that works for each client.” He also said that from Cádiz to Monaco, he sees no directly comparable residential building in terms of the combination of architecture, service and operational depth that Tyrian is aiming to deliver.

The direction of travel is clear. Prime residential real estate on the Costa del Sol is becoming more selective, more service-led and more dependent on irreplaceable locations. Buyers are not only choosing a property. They are choosing how they want to live, and which residential model can support that choice over time.  

Rushchynskyy summarised that shift with another line worth carrying into the article: “The next revolution in luxury residential will not come from design alone. It will come from management companies. In a few years, buyers will not choose only a home. They will choose the quality of their daily life.” For Prestige Expo Group, that is not just a market observation. It is a development thesis with direct relevance for Estepona, Marbella and the wider Costa del Sol.