Marbella vs Dubai vs Cyprus: Where Should You Buy Your Next €5M+ Home in 2025–2026? The Real-World HNWI Guide by Constans Group

At Constans Group we advise ultra-high-net-worth clients who are comparing second or primary homes in the €5M–€25M+ range. In 2025 the final shortlist almost always includes Marbella on Spain’s Costa del Sol, Dubai in the UAE, and Cyprus, especially Limassol and Paphos seafront areas.  

This no-nonsense comparison uses the latest 2025 numbers on purchase price, lifestyle, residency options, taxation, rental income, capital growth, flight connectivity and genuine day-to-day living.

Property Quality and True Lifestyle in 2025

Marbella offers the largest plots and highest privacy levels in Europe at this price point. A €5M–€8M budget buys 800–1200 m² built plus 2000–10,000 m² of land with sea and mountain views in Sierra Blanca, La Zagaleta or Benahavís. Ten minutes later you are in Puerto Banús or Marbella Old Town having dinner.

Dubai delivers unmatched modern architecture and 24/7 service culture. The same budget secures a signature villa on Palm Jumeirah or Emirates Hills with private beach or golf frontage and skyline views that simply do not exist elsewhere.

Cyprus gives authentic Mediterranean living at 20–35 % lower entry price than Marbella for comparable sea-front specification, especially in Limassol Marina residences and the hills above Paphos.

Residency and Passport Pathways 2025–2026

Spain’s Golden Visa remains fully active in Andalucía at €500,000 minimum investment and includes the entire family.

UAE Golden Visa is granted automatically with property worth 2 million AED and above, renewable every ten years with zero stay requirement.

Cyprus offers the fastest EU permanent residency in two to three months from €300,000 and a clear citizenship route after seven years of actual residency.

Taxation for Non-Working Residents

Dubai has zero personal income tax, zero capital gains tax and zero inheritance tax.

Cyprus non-dom regime means zero tax on worldwide dividends and interest, plus zero inheritance tax.

Spain offers the Beckham Law flat 24 % tax for the first six years for new residents, then normal progressive rates. Andalucía inheritance tax between spouses and children is heavily reduced or eliminated with planning.

Rental Yields and Tourist Licence Reality

Dubai achieves 6–9 % gross yield with almost no short-term rental restrictions.

Marbella prime coastal and golf areas deliver 5–8 % gross with tourist licences readily available in most luxury communities.

Cyprus yields 4–6.5 % gross and licensing rules vary by municipality.

Capital Growth and Exit Liquidity

Dubai prime areas recorded +71 % growth from 2020–2025.

Marbella prime locations rose +48 % in the same period with continued limited supply.

Limassol seafront grew +38 % and still offers the lowest euro-per-square-metre among the three.

Everyday Living and Family Considerations

Marbella wins for international schools, mild summers and authentic European village life nearby.

Dubai dominates nightlife, Michelin-star density and winter-sun perfection.

Cyprus combines EU lifestyle with the quietest beaches and lowest cost of living of the trio.

Final Recommendation – Which Destination Wins for You?

Choose Marbella if your family will spend four months or more per year, you value huge plots, total privacy, top-tier schools and stable long-term European appreciation.

Choose Dubai if zero taxation, maximum rental income and ultra-modern statement architecture are your priorities and you visit mainly in winter.

Choose Cyprus if you want the fastest EU residency and eventual passport combined with Mediterranean authenticity at the lowest price point.

Why Constans Group for Cross-Border €5M+ Purchases

We hold direct relationships with the top developers and private owners in all three markets and regularly organise back-to-back viewing trips so clients can compare in person within the same week. Many of our buyers now own in two or all three locations – we coordinate acquisition, tax structuring and management seamlessly.

FAQ — Marbella vs Dubai vs Cyprus €5M+ Property Investment 2025–2026

How much house does €5 million actually buy in each location right now? 

Marbella: 800–1200 m² built + large private plot and views. Dubai: 900–1400 m² signature villa on Palm or Emirates Hills. Cyprus: 700–1100 m² sea-front or hillside with similar finishes at lower density.

Is the Spanish Golden Visa finished in 2025? 

No, it is still fully available in the Andalucía region that includes Marbella.

Which location delivers the highest short-term rental income?  

Dubai 6–9 %, followed by Marbella 5–8 %, then Cyprus 4–6.5 %.

Which has the lowest overall taxation for a non-working owner?  

Dubai, followed by Cyprus non-dom regime, then Spain with Beckham Law planning.

What are realistic annual running costs for a €10 million villa?  

Marbella €120,000–€180,000, Dubai €80,000–€120,000, Cyprus €70,000–€110,000.

Which market offers the fastest route to an EU passport through property?  

Cyprus, then Spain, while UAE has no citizenship path.

Which feels most European day-to-day?  

Marbella and Cyprus far ahead of Dubai.

Best international schools within 20 minutes of the villa?  

Marbella offers the strongest selection of British and IB schools on the coast.

Best flight connectivity from major European and Middle Eastern hubs?  

Dubai has the clearest advantage, followed by Cyprus, then Marbella.