The luxury real estate and hospitality sector on the Costa del Sol is undergoing a small revolution, driven by a massive influx of international capital, the scarcity of ready-to-build land in exclusive locations and the consolidation of an ultra-luxury tourism and residential model. In this mature market, the development of Higuerón Marbella Golf Resort emerges as one of the most significant drivers of the decade for the region. With an estimated overall investment of 175 million euros, this large-scale project is set to completely redefine the standard of hotel and tourism luxury in Southern Europe.

At Nevado Realty, we take an in-depth look at the key aspects of this exceptional development and explain why it represents an unrivalled opportunity for investors and buyers seeking sophistication, design and profitability.

Key figures that define Higuerón Marbella Golf Resort

This megaproject began following a strategic alliance formalised in the iconic Peacock Alley, the famous corridor almost 100 metres long that connected the two original buildings of the legendary Waldorf-Astoria hotel in New York.

As a curious fact, at the end of the 19th century (1897) the cream of high society liked to be seen there, which is why the New York press nicknamed it “Peacock Alley”.

It was there, on 12 December 2025, that Javier Rodríguez, CEO of Higuerón Developments, and Chris Nassetta, President and CEO of Hilton, sealed the arrival in Spain, for the first time, of the prestigious ultra-luxury brand Waldorf Astoria, at an event attended by the Mayor of Marbella, Ángeles Muñoz. With an opening scheduled for 2029, the resort will be built on the grounds of the historic Marbella Golf, in the Las Chapas district, previously acquired by Higuerón. The site covers some 687,000 square metres, of which the hotel project itself occupies approximately 8.9 hectares.

The renowned hotel group will leave its mark with a hotel featuring the following main characteristics:

Five-star superior hotel: comprising 120 rooms and suites with uninterrupted views of the Mediterranean Sea.
Hospitality and wellbeing: the Waldorf Astoria chain has turned the aforementioned Peacock Alley into a registered brand for the lounges, main lobbies and signature bars found in its hotels around the world. There we will find live music and fine mixology. In addition, the complex will offer multiple signature dining concepts, a 750-square-metre spa and wellness area, and several indoor and outdoor swimming pools.
Golf course redesign: a comprehensive remodelling will be carried out on the historic original 18-hole, par-72 golf course —designed in 1994 by Robert Trent Jones Sr.— following strict criteria of extreme sustainability and water saving.
Tourist apartments: the hotel will include apartments with one to four bedrooms, integrated into the hotel establishment. The initial project envisaged 120 villas under the branded residences format, but the final version does not include residential use and retains its tourism and sports character.
Iconic architecture: a conceptual design developed through an international competition with the collaboration of three Pritzker Prize-winning architects.
Club house and amenities: the project also includes a club house, dining spaces and commercial and sports areas, creating a tourism facility linked to the activity of Marbella Golf.
Low-rise, low-density: the hotel complex will have a buildable area of 80,000 square metres, following a model fully integrated into its surroundings.

From branded residences to a purely tourism project

The initial announcement of the project included 120 villas that would receive the hotel’s services under the branded residences format, a product in full expansion: according to Savills’ Branded Residences 2025-2026 report, the number of such projects worldwide grew by 19% year-on-year to 910 developments in 2025, and at the beginning of 2026 Spain established itself as the European country with the second-highest number of projects under development (22).

However, as reported by Marbella City Council (Diario SUR, 23 September 2026), the final project will not include residential use: the complex will retain its tourism and sports character, with a 120-room hotel and apartments with one to four bedrooms. For buyers, this means it will not be possible to purchase a home within the resort; its effect on the property market will be indirect, through the appreciation of the surrounding residential areas.

Declaration of public interest and next steps

The Local Government Board, meeting on 22 September 2026 at the Las Chapas District offices, approved the declaration of municipal public interest for the initiative and admitted its project plan (proyecto de actuación) for processing. The Mayor, Ángeles Muñoz, described it as a “major investment” and a “commitment to a tourism model based on quality and excellence”, with a direct and indirect impact on the local economy both during construction and once in operation.

From now on, the file must include studies on mobility and landscape, on the integration of the project into its surroundings and on its effects on infrastructure and communications. Once these are complete, it will be put out for public consultation and the administrative procedure will continue until the building permit can be applied for.

Positioning of the luxury real estate market in Marbella

It is worth highlighting Marbella’s positioning, as the city benefits from a shift in trend. Previously the market was divided between urban locations and holiday destinations, whereas now 65% of new global branded residence supply is expected to be concentrated in resort-type markets by 2032.

The Marbella market has entered a phase of maturity, marked by a stabilisation in volume and sustained price growth. According to the real estate portal Idealista, the average asking price in Marbella reached €5,956/m² in August 2026, a year-on-year rise of 4.0%. In ultra-exclusive enclaves such as the Golden Mile, Puente Romano or Sierra Blanca, prices easily exceed €14,000/m², and can surpass €22,000/m², reaching €30,000/m² for certain so-called “trophy” properties.

As for mortgage markets, many buyers do without credit institutions: more than 70% of transactions above 1.5 million euros are completed in cash (cash buyers). Moreover, 63.14% of purchases in Marbella are made by foreign nationals with an average age of over 52, which gives the property added value as a strategic long-term legacy asset.

Marbella has established itself alongside destinations such as Dubai and Miami as a place where investors are not looking for a simple holiday home, but for a primary or secondary residence for extended use. This is possible thanks to a wide range of services that includes:

24/7 services.
Access to top-tier international schools.
A wide luxury dining scene.
Good connections to international airports.

Impact of Higuerón Marbella Golf Resort on the repositioning of East Marbella

The scarcity of ready-to-build land on the Golden Mile (especially large plots suitable for major projects) has led institutional investors to turn their attention to East Marbella (Los Monteros, El Rosario, Santa Clara and Río Real). The 175-million-euro injection from the Waldorf Astoria, together with the Four Seasons Marbella Resort megaproject (700 million euros and around 300 residences), the 260 million for the renovation of the historic Hotel Incosol and the modernisation of Hotel Don Carlos, will create a powerful ripple effect. Expectations are that, over the next decade, the gap in price per square metre between East Marbella and the Golden Mile will narrow as five-star services become established in the eastern part of the city.

Legal, environmental and tax framework of the project

The execution of this development is backed by solid technical and regulatory guarantees:

Planning security: supported by Andalusia’s LISTA Law and the completion of Marbella’s new General Municipal Development Plan (PGOM). This provides full transparency and legal certainty for licences. The project has also been declared of municipal public interest and admitted for processing.
Sustainability and hydrology: the redesign of the golf course by Robert Trent Jones Jr. is aligned with the plans of ACOSOL (the public water management company of the Association of Municipalities of the Western Costa del Sol). The exclusive use of reclaimed water, guaranteeing the resort’s resilience to drought restrictions, is a plus that aligns the city’s interests with security for investors.
Tax structure and wealth protection: Andalusia applies a 100% relief on Wealth Tax. Likewise, the TEAC ruling of December 2025 guarantees that non-resident investors (including American, British and Middle Eastern investors) are entitled to the “tax shield” and the tax-free allowance under the Solidarity Tax on Large Fortunes (ITSGF), protecting their global assets.
Acquisition costs in the surrounding area: for those investing in the residential areas near the resort, the purchase of new-build (off-plan) property is subject to 10% VAT and 1.2% Stamp Duty (AJD), adding up to a combined tax burden of 11.2%. On rental income, EU residents are taxed at 19% on net income after deductions, while non-EU residents face a 24% withholding on gross income with no deduction of operating expenses.

Summary

The project will strengthen East Marbella’s position as an alternative to the Golden Mile, establishing it as another option for ultra-luxury.
Commitment to a high-quality, low-rise and low-density tourism model, without residential use and linked to golf, which enhances the appeal of the surrounding residential areas.
Confirmation that legal certainty and climate resilience are factors that encourage investment.
Strengthening of Marbella and the Costa del Sol against global ultra-luxury destinations, evolving from a holiday destination into a well-connected ultra-luxury residential capital with excellent services.

At Nevado Realty, a real estate agency specialising in central Marbella and the Golden Mile, we have more than thirty years of experience in the Marbella luxury property market. We support our clients in identifying exclusive opportunities, throughout the entire process and beyond. If you would like personalised information about Higuerón Marbella Golf Resort and the property opportunities in the surrounding area, we invite you to contact our specialist team.