Marbella has entered a new chapter for its future development.

On 18 September 2026, Marbella approved its new Plan General de Ordenación Municipal (PGOM), replacing the municipal planning framework that had been in place since 1986. The new plan is also the first PGOM in Andalusia adapted to the region’s LISTA legislation, marking a significant change in the way Marbella’s future growth and development will be planned and managed.

For property owners, developers and investors, this is important news.

It provides Marbella with a modern planning framework designed for the city as it exists today — and for the way it is expected to evolve over the coming years. For a market where land availability, development potential and planning constraints are fundamental to property values, greater clarity around the long-term planning framework is highly significant.

At Domus Venari, we believe this development adds another important layer to the investment story surrounding Marbella.

A new planning framework after 40 years

Until now, Marbella had been operating under a PGOU approved in 1986. Much has changed since then.

Marbella has evolved from an established luxury tourism destination into one of Europe’s best-known international residential markets, attracting high-net-worth buyers, investors, families and second-home purchasers from around the world.

According to the Marbella Town Hall, the approval opens a new stage in the city’s planning and development, while the Junta de Andalucía has highlighted the new system’s potential to streamline planning processes under the LISTA framework.

The new planning structure also reflects a fundamental change introduced by LISTA: municipal planning is now divided between the PGOM, which establishes the broader territorial and strategic framework, and the Plan de Ordenación Urbana (POU), which deals with detailed urban planning.

This distinction is important for investors. The approval of the PGOM does not mean that every potential development site suddenly becomes developable. Site-specific planning, classification, infrastructure requirements and other permissions still need to be assessed individually.

What it does provide is a new strategic foundation for Marbella’s future.

Why this matters to property investors

Planning is one of the most important factors affecting real estate markets.

Marbella already has a highly established international property market, but the availability of suitable land is limited. In many of the municipality’s most sought-after locations, new development opportunities are particularly constrained.

That makes planning clarity increasingly valuable.

A clearer framework can help investors understand where future development and regeneration may take place, which areas are likely to remain predominantly established residential markets, and where opportunities may emerge through redevelopment, refurbishment or the replacement of older properties.

For investors, this is not simply about constructing new homes.

It is also about understanding how existing property may perform within a changing urban environment.

Marbella remains a supply-constrained market

The fundamentals of the Marbella property market remain particularly interesting.

According to Domus Venari’s current Marbella market analysis, typical property prices range from approximately €800,000 to €8 million+, with ultra-prime properties in locations such as the Golden Mile reaching considerably higher levels.

At the same time, Domus Venari identifies severe supply constraints across prime areas, with limited opportunities for conventional new-build development.

This combination of international demand and restricted supply is central to understanding Marbella’s property market.

From new-build development to redevelopment

One of the most interesting implications for investors could be the continued importance of redevelopment.

In prime Marbella locations, the opportunity is often not a large greenfield development. Instead, it can involve acquiring an existing villa, an older residential building or an urban plot and creating a substantially improved asset.

This can mean:

• Acquiring an older villa for demolition and replacement
• Renovating and repositioning existing properties
• Identifying under-utilised urban plots
• Developing high-quality replacement homes
• Investing in locations where infrastructure and amenities are already established
• Targeting properties where planning characteristics create additional value

This is particularly relevant in established areas such as the Golden Mile, Nueva Andalucía, Marbella East and the Marbella centre.

The opportunity is therefore not necessarily about increasing the volume of properties dramatically. It is about the quality, location and planning potential of the property that already exists.

The Golden Mile, Nueva Andalucía and Marbella East

Marbella is not one single property market.

Different areas have different buyer profiles, price points and investment characteristics.

Golden Mile

The Golden Mile remains Marbella’s benchmark ultra-prime market, with exceptional international demand and extremely limited supply.

For investors, planning restrictions and scarcity are central to the market’s character. Opportunities tend to revolve around acquiring and upgrading exceptional assets rather than large-scale speculative development.

Nueva Andalucía and Puerto Banús

Nueva Andalucía provides one of Marbella’s broadest and most liquid luxury residential markets.

The area benefits from international demand, proximity to Puerto Banús, golf, schools and Marbella’s wider amenities. Older villas and established urbanisations can provide opportunities for refurbishment and repositioning, while selected development sites can attract significant interest.

Marbella East and Cabopino

Marbella East offers a different entry point into the municipality, with a mixture of established villas, apartments, newer developments and opportunities linked to older property stock.

Its relative position within Marbella, combined with access to beaches and infrastructure, makes it an area worth watching as the municipality’s development framework evolves.

A positive signal for Marbella’s property market

Property markets are influenced by many factors, including interest rates, international capital flows, construction costs, taxation, currency movements, tourism, employment and broader economic conditions.

However, the new planning framework is clearly relevant to the long-term investment environment.

Greater planning clarity can improve the ability of landowners, developers and investors to assess opportunities. It can also support a more structured approach to the regeneration and evolution of Marbella’s built environment.

For an established market with strong international demand and limited supply, that is significant.

What should investors be looking for now?

For investors considering Marbella, the most important question is not simply:

“Will the new plan create more property?”

A better question is:

“Which properties and locations could benefit from Marbella’s next phase of urban development?”

That requires detailed due diligence.

Planning classification, permitted uses, buildability, plot characteristics, infrastructure, existing licences, restrictions and the status of the relevant planning instruments all need to be examined before an investment decision is made.

This is where local knowledge becomes particularly important.

At Domus Venari, our investment approach combines access to the Costa del Sol property market with detailed knowledge of individual locations and opportunities. Our investment offering covers opportunities ranging from established property acquisitions to development and investment projects.

Marbella’s next chapter

The approval of the new PGOM is more than a planning milestone.

It represents the beginning of a new framework for one of Europe’s most internationally recognised residential markets.

Marbella enters this new phase with a combination of characteristics that investors continue to watch closely: strong international demand, world-class amenities, an established luxury market and significant restrictions on the availability of prime development land.

At Domus Venari, we will continue to monitor the implementation of Marbella’s new planning framework and its implications for property owners, buyers and investors across the municipality.

Interested in Marbella property or investment opportunities?

Explore our Marbella area guide for an overview of the local market, pricing, neighbourhoods and investment characteristics, or visit our Investment section to discover current opportunities through Domus Venari.