Ana Francia: “There are no bargains left in Marbella’s prime property market”
Carmen Duran - Mar 12, 2026 - Pure Living News
PURE TALKS: Ana Francia. The super-prime villa market in Marbella has become one of the most dynamic and sophisticated residential markets in Europe. Increasingly, international buyers are not only looking to purchase finished properties, but also to develop bespoke projects in some of the most exclusive locations of the Golden Triangle.
To better understand how this market really works and what it takes to develop a high-end property, Javier Nieto, CEO of Pure Living Properties, speaks with Ana Francia, director of Matterhorn Estates, a firm specialising in the development of exclusive villas and luxury homes in Marbella.
Over the past decade, Ana Francia has promoted some of the most distinctive residential projects in Marbella in prestigious locations such as Sierra Blanca and La Cerquilla, two of the most sought-after areas for buyers looking for privacy, lifestyle and long-term investment value.
Last year, Pure Living Properties successfully sold Villa Majorelle for €14.5 million, a property located in La Cerquilla and developed by Matterhorn Estates, confirming the strong international demand for exceptional homes in Marbella’s prime residential market.
In this conversation, Ana Francia shares her perspective on the evolution of luxury buyers, the capital required to invest in Marbella’s villa market, the real risks involved in property development and the key elements required to create projects that appeal to today’s highly sophisticated international clientele.
You can watch the full interview with Ana Francia on the Pure Living Properties YouTube channel.
International buyers seem to have evolved significantly in recent years. How does Ana Francia perceive this change from her experience developing villas in Marbella?
Buyers have definitely changed. Today’s clients know the market very well. They have visited many properties, sometimes even better ones or very similar ones, and that means they arrive with a much clearer idea of what they want.
The moment they walk into a property, they can immediately sense whether there is real quality behind it. Decoration can sometimes soften or disguise certain aspects, because it helps create a strong visual impact, but today’s buyer can clearly distinguish finishes, materials and the quality of execution.
Years ago, this was not always the case. Previously, visual impact played a much bigger role, but today buyers are much more informed. They travel extensively, they have seen high-level properties around the world and they compare much more carefully.
According to Ana Francia, this evolution means developers must be far more rigorous. Buyers are no longer simply purchasing a beautiful home — they expect a property that genuinely meets international standards of quality and craftsmanship.
If an investor wants to develop a villa in areas such as Sierra Blanca or La Cerquilla, how much capital is realistically required?
I can give you two very clear examples because they illustrate the reality of the market very well.
Over the past few months I analysed two exceptional properties with incredible views and very similar built areas of around one thousand square metres. Both opportunities were extremely interesting, but they also required a significant level of investment.
One had a purchase price of €8 million and the other €10 million. However, once you factor in everything required to develop the project properly — construction, design, execution and all associated costs — the total investment in both cases would not be less than €15 million.
And that is really the reality of today’s market. Anyone looking to invest in an exceptional property in a prime area of Marbella must assume that this is the level of capital required to create a truly outstanding product.
For Ana Francia, this reflects how the market has evolved. Developing luxury villas now requires far more planning, financial strength and attention to detail in order to compete in Marbella’s prime segment.
Many investors ask whether bargains still exist in Marbella’s luxury property market. Are such opportunities still available?
Honestly, no. In Marbella’s prime market there are no bargains left.
If something truly exceptional appears, the market identifies it very quickly. This is a very local industry and professionals who have worked here for many years understand the market deeply.
Sometimes clients tell me: “If you find a bargain, please let me know.” But the reality is that if such an opportunity appears, we will probably not be the only ones looking at it.
Today the real work lies in developing truly exceptional projects that can attract the right buyer. That is where the value lies.
Ana Francia on delays and construction timelines
In your experience, where do most delays occur in new-build projects?
So far I have been quite fortunate because I have worked with excellent teams. My construction company, EcoBuilding, and previously Solís, have been outstanding, and the architects I have collaborated with — such as José Ignacio de la Font and Francisco Martínez Galván — are highly experienced professionals.
However, realistically speaking, the main delays tend to occur when obtaining the building licence.
Today, if you want to be cautious, you should calculate at least twelve months to obtain a licence for a new-build project. That is a realistic timeframe.
This means the project must be extremely well prepared from the outset, carefully analysed and supported by a strong technical team.
Some people believe land prices in Marbella have risen too sharply. What is your view?
Personally, I do not think so.
There are several factors investors must consider. One is the replacement value of the property, particularly when dealing with homes that will be refurbished.
Another key factor is inflation and the rising cost of construction. When you take these aspects into account, the price of land and certain properties makes much more sense.
When people think of luxury villa developers they often assume very high profitability. Are there projects where developers do not make money?
Yes, absolutely.
The reality is that people rarely talk about projects that do not perform well. It is easy to discuss record prices or extraordinary sales, but it is much harder to admit when a project has a very low margin or even generates losses.
This can happen due to poor management or simply because the location was not the right one.
We have seen impressive villas with exceptional architecture that were simply built in locations that could not support that level of product. That is where some investors can make mistakes if they are not properly advised.
Ana Francia: location is the key factor
How important is location when developing a luxury villa?
Location is absolutely essential.
You can have a spectacular villa with incredible architecture, but if the area does not support that level of product it will be much harder to sell at the right price.
For me, location is fundamental. That is why I focus on very specific areas. Sierra Blanca and La Cerquilla are currently my main development targets.
If an investor wants to develop a villa in Marbella today, what are the three most important aspects to analyse?
First, without any doubt, location.
Second, surrounding yourself with the best professionals. Marbella has excellent architects, builders and specialists, and it is essential to work with them.
Third, the quality of the product and execution must be impeccable. The project must convince you as a developer. It should represent you reputationally as well.
Architectural trends in Marbella have also evolved. How has Ana Francia experienced this change?
Yes, trends have definitely evolved. For many years there was a strong focus on very modern homes with minimalist designs.
Today buyers still want quality, space and great views, but they are increasingly looking for properties with warmth, character and a stronger connection with the Mediterranean lifestyle.
There is a growing appreciation for villas that combine sophistication with a more Mediterranean or Andalusian spirit, homes that feel more welcoming and timeless.
Ana Francia on Villa Majorelle
After so many projects, is there one that you feel particularly proud of?
Every project represents a moment in the market and a moment in your own professional journey.
However, the most recent project is probably the one that feels the most special to me. It is elegant, very Andalusian, full of colour, scents and sensations.
It was an intense and fascinating project where I tried to give the very best of myself. I am referring to Villa Majorelle.
Finally, after so many projects, is there any particular memory you treasure?
There are many. Simple moments can be very meaningful.
The breakfasts we organise with the construction team are always wonderful, and the small Christmas lunches or paellas we share together are very special to me. It really feels like a family environment.
But perhaps the most emotional moments happen when the client finally walks into the completed home with their family for the first time. You see their excitement, their curiosity about what the first night will be like, how they will feel living there.
It is a very human and emotional business. And part of that magic also comes from Andalusia and its people, from the warmth and empathy that make each project unique.
The conversation with Ana Francia reveals how Marbella’s luxury villa market has matured into a highly sophisticated sector where experience, local knowledge and exceptional execution make all the difference.
