Costa del Sol New-Build Watch 2026–2028: Where the Next Wave of Inventory Will Emerge
“In real estate, the best opportunities come from seeing what others don’t yet see.”
As the Golden Visa route tied to real estate was eliminated in April 2025, many buyers shifted from chasing residency levers to focusing purely on quality, timing, yield, and delivery certainty. The Costa del Sol market is adjusting — but the new-build wave is still very much alive. This article maps out the key developments you should watch for 2026–2028 in Marbella, Estepona, and Mijas, along with practical advice for buyers navigating off-plan purchases today.
1. Market Context: Why the New-Build Pipeline Matters Now
Post–Golden Visa recalibration
With Spain’s decision to remove the property-based Golden Visa, the narrative around investing in Spanish real estate has shifted. Buyers are less enticed by residency perks and more focused on rental yield, capital appreciation, and asset quality.
Price momentum & supply tightness
In 2025, Spain’s housing price index continues to climb. New build segments are rising too, reflecting scarcity in high-quality new inventory. In Andalusia especially, demand for coastal, sustainable, and resort-style properties remains intense.
Why off-plan still competes
- Lower entry price before full development
- Customization and priority in unit selection
- Modern standards and certifications older resale properties may lack
- Integrated amenities such as wellness zones, co-working, and energy-efficient features
However, buyers must balance those benefits against delivery risk, down-payment structure, and the developer’s track record.
2. Where the Action Is: Pipeline Highlights by Micro-Market
Below is a summary of development activity slated for completion between 2026 and 2028 across key zones of Costa del Sol.
| Zone / Micro-Market | Key Projects & Developers | Delivery Window | Selling Points | Buyer Appeal |
|---|---|---|---|---|
| Marbella / Golden Triangle | Ocean 11 Villas, Bel-Air Marbella (11 villas) | Q4 2025 | Ultra-premium architecture, exclusivity, high privacy | Luxury villa buyers |
| Estepona / New Golden Mile | The Palms & Bougainvillea Estepona | 2026–2027 | Resort amenities, beach & golf proximity | Lifestyle & investment buyers |
| Mijas / Fuengirola corridor | South Residences (Higuerón branded) | 2026 | Branded residences, strong amenities | Holiday & rental investors |
| Balance Nova (142 units, Mijas) | 2026 | Gym, spa, coworking, community zones | Mid to upper segment buyers | |
| Benalmádena / El Higuerón | El Higuerón Luxury Homes | Available now | Sea views, rooftop terraces, wellness design | Immediate buyers |
| Estepona Land Release | 108,000 m² plots for 1,125 homes | Future phases | Large-scale urban expansion | Developers & institutional investors |
Key takeaways:
- Higuerón continues as a flagship brand with its Waterfall Residences and newly announced Higuerón Marbella Resort.
- Branded residences with hotel-style operations are growing — ideal for investors seeking steady yields.
- Mid-segment projects now integrate co-working, wellness, and energy-efficient features to justify higher returns.
3. Costing the Full Picture: Taxes, Closing Costs & Budget Buffers
When budgeting for new builds in Andalusia, include the following:
| Cost Item | Rate / Range | Notes |
|---|---|---|
| IVA (VAT) | 10 % | Standard for new residential properties |
| AJD (Stamp Duty) | 1–1.5 % | Varies by province and classification |
| Notary & Legal Fees | 0.5–1 % | Engage a Spanish property law specialist |
| Bank Guarantees / Escrow | Variable | Ensure each payment is protected |
| Financing Costs | Variable | Include interest during construction |
| Contingency Buffer | 3–5 % | Cover finishing and furnishing extras |
Example: On a €500,000 apartment, you might expect €50,000 in IVA, ~€5,000–€7,500 in AJD, and another €5,000–€10,000 for legal, registration, and miscellaneous costs — roughly €565,000 total all-in.
4. Financing & Yield Dynamics for Off-Plan Buyers
Stage payments
Most off-plan contracts follow a schedule such as 10 % on reservation, 30 % during construction, and 60 % at completion. Always confirm that bank guarantees protect each installment.
Financing during construction
Some investors use bridge or construction loans until completion, while others secure pre-approved mortgages. Calculate total interest to include it in your yield forecast.
Rental yield potential
- Short-term holiday rentals can reach 8–12 % annualized gross yields depending on location and seasonality.
- Mid-term rentals offer stability and lower wear-and-tear.
- Modern amenities and energy ratings significantly boost occupancy and nightly rates.
5. Buyer Timeline & Due Diligence Checklist
Typical buyer timeline
- Reservation – pay a small holding deposit
- Private Purchase Contract (PPC) – stage payments begin
- Construction phase – periodic updates and legal supervision
- Final deed signing – property registration and handover
- Post-handover – snag list, warranties, property management setup
Due diligence essentials
- Confirm planning licenses and urban classifications
- Demand bank guarantees for each stage payment
- Review developer track record and reputation
- Verify title deeds and community bylaws
- Check energy certificates and sustainability ratings
- Clarify rental management terms and fees
6. Featured Developments to Watch (2026–2028)
- Ocean 11 Villas, Bel-Air, Marbella – 11 villas completing Q4 2025
- The Palms at Estepona – luxury apartments from ~€379,000
- Bougainvillea Estepona – New Golden Mile resort project
- Emerald View Club Residences, Mijas – mid-luxury apartments
- Evoque Residences, Costa del Sol – from €490,000
- South Residences, Higuerón – 164 branded units (~€80 M investment)
- Balance Nova, Mijas – 142 units, launching 2026
- El Higuerón Luxury Homes – ready to move in, sea views
- Estepona SURO R1 Land – 108,000 m² for future development
These projects represent the region’s next wave of investment potential — ideal to watch as supply tightens toward 2027.
8. FAQs: Off-Plan Buying in Costa del Sol
Is buying off-plan in Costa del Sol still a safe investment?
Yes, provided you work with reputable developers, require bank guarantees for all payments, and confirm all licenses. Off-plan properties remain attractive for their design, sustainability, and future rental appeal.
How much extra should I budget beyond the listing price?
Plan around 10 % extra for IVA, 1–1.5 % for AJD, and 3–5 % in additional costs and contingencies.
What happens if a developer delays or fails?
Ensure your contract includes penalty clauses and that all stage payments are protected by bank guarantees or escrow accounts. Always use an independent lawyer specialized in Spanish property law.
When should I start planning rentals or management?
Ideally before handover — align finishing, furnishing, and marketing to start generating income quickly. Some branded developments include professional management packages.
Which area offers the best upside?
- Marbella: premium appreciation and exclusivity
- Estepona: balanced lifestyle and strong growth potential
- Mijas: accessibility, infrastructure, and rental appeal
Ready to Explore the Costa del Sol New-Build Market?
At Alta Moderna, we help investors secure the best off-plan opportunities across Marbella, Estepona, and Mijas — from property selection to legal support and financing. View our selection of New Developments or contact our team to start your investment journey today.
