We are often asked whether events taking place thousands of miles away really affect the value of a house in Benalmádena or the cost of a mortgage in Fuengirola. Our answer is always the same: we live in an interconnected world and our job is, precisely, to help you navigate these waters so that your well-being and that of your family are not compromised.

At Hernán Bustos – Real Estate Experts, we analyse the recent conflict in Iran not from a position of alarmism, but from one of realism and legal certainty. The shockwaves are already being felt in our local economy, and it is vital to understand the rules of this new landscape.

The energy crisis and your pocket

The blockade of the Strait of Hormuz has sent oil prices soaring above $100. In Spain, this has resulted in an electricity ‘pool’ with peaks of over €200/MWh in just a few weeks.

For us, this figure is critical for two reasons:

• Impact on maintenance: Monthly bills for large homes are taking a hit.
• Construction costs: We estimate that new-build properties could become 6% to 12% more expensive due to the cost of materials such as steel and glass. Energy efficiency has ceased to be a luxury and has become a financial priority for any buyer in 2026.

The unexpected turn in the Euribor: A change in cycle

If you have a mortgage or are thinking of applying for one, the outlook for March 2026 has taken a dramatic turn. After two years of falls, the 12-month Euribor has rebounded, closing at 2.565%.

This is the first year-on-year rise in two years, and the banks have already made their move. Banks such as Santander, BBVA and ING have begun setting their fixed rates above 2.75% or even 3%.

Our technical analysis: Against this backdrop of volatility, the hybrid mortgage is establishing itself as the strategic tool. It allows you to protect yourself from immediate instability without sacrificing competitive terms in the medium term.

Benalmádena as a safe haven

Despite the international turmoil, the Costa del Sol is demonstrating astonishing resilience. In Benalmádena, the average price has reached €4,120 per m², hitting all-time highs. Why are prices rising if borrowing is more expensive?

1. Shortage of stock: As we have recently noted, actual supply is minimal compared to unrelenting demand.
2. International clout: Almost 40% of purchases in the province are made by foreigners who do not rely on bank financing.
3. Safe-haven destination: Given the instability in the Middle East, Spain is perceived as a safe haven. In fact, we expect tourism to grow by 35% this summer, boosting the profitability of holiday rentals.

What can we expect for the rest of 2026?

At Hernán Bustos – Real Estate Experts, we foresee a more demanding market. Buyers requiring bank financing will be more cautious, whilst owners with quality properties will maintain their prices due to the lack of stock.

Our professional advice:

• If you want to sell: Now is the time to assess and highlight your property’s energy efficiency. This is the factor today’s buyers prioritise given the high cost of electricity.
• If you want to buy: Don’t rush into it, but don’t expect miracles in terms of prices either. In times of change, the smartest move is to safeguard the transaction with a thorough legal and technical analysis.

At our agency, our approach is not simply to close a deal, but to support people through one of the most important decisions of their lives, taking care of every legal and emotional detail. Your peace of mind is our most valuable asset.

Hernán Bustos – Real Estate Experts

Property Broker – Benalmádena, Málaga.