The rental landscape in Marbella: key trends

• Table of contents
• The evolving rental landscape in Marbella: key trends in 2025
• Long-term rentals: a mounting challenge
• Short-term rentals in Marbella: regulatory changes and market impacts
• Regulatory framework
• Market impacts
• Community dynamics and mitigation
• The regulatory overhaul is driving a very rapid evolution of the market as follows:
• Recommendations
• Looking to rent or invest in Marbella?
• Sources

Marbella, like much of the Costa del Sol and the rest of Spain, faces significant shortages of properties available for long-term lets. In fact, the housing crisis is one of the most serious problems facing the country today. Marbella’s market is fragmented and skewed toward second homes and properties used during part of the year by their owners, exacerbating the issue compared to some other cities.

The long-term rental market is comprised of a number of different demographics: the classic tenant employees such as civil servants, office, shop and hospitality staff. Then we have the well-established “leisure-year” international clients with good budgets looking to bask in the year-round sun. Also, the rise of international business commuters and digital nomads who can work from any location. Then there are families of all income types coming to settle in the area, some to work, some to enjoy life, many of whom eventually will buy.

Long-term rental prices in Marbella have surged by nearly 89% over the past five years, with average monthly rents for an 80m² apartment rising from €848 (€10.6/m² in January 2019) to €1,600 (€ 20.0/m² in July 2025), according to Idealista.

This upward trend reflects a strong and sustained demand for  all ranges of rental properties in MarbellaFor example, the Golden Mile and Nagüeles have seen average prices reach €19.2/m² in 2024, with an annual increase of 10.3%, while Nueva Andalucía and Marbella East (Los Monteros) recorded average prices of €18.4/m² and €16.7/m² respectively, both up by 11.1% year-on-year. This information confirms that rental  prices continue to rise steadily driven by limited supply, high demand and Marbella’s continued appeal as a luxury lifestyle destination.

This surge has prompted workers and professionals to relocate to surrounding towns like Ojén, Coín, Guaro, Manilva, and rural areas where rents are lower but increasing rapidly, often by 15–20% annually.  This tendency is the same throughout Spain.

The effect is systemic: hospitality, education, healthcare and every other sectors,  and local businesses, struggle to attract and retain staff due to the lack of accessible housing. Some companies have resorted to purchasing properties to house staff, thus enabling business growth.

Rental scarcity is also pushing some residents into homeownership as alternative, adding more pressure to the already saturated for-sale market. Meanwhile, larger cities like Málaga, despite broader housing stock, face similar constraints due to the rise of short-term holiday rentals, especially in central neighbourhoods. Between April 2022 and April 2025, rental prices in the city of Málaga have risen significantly, with an increase of 54% according to data from Idealista. In April 2022, the average rental price was approximately €10.0/m² per month, reaching €15.4/m² by April 2025.

For investors, issues such as sitting tenants, insufficient legal frameworks and procedures for evictions, and court delays of a year or more, have reduced both flexibility and profitability. As a result, many owners have withdrawn properties from the market altogether, producing the exact opposite effect of the intended outcome of the recent Housing Law (Ley de Vivienda) enacted on May 24, 2023. However, long-term rental investments remain viable for those who do not plan to use their homes, and particularly institutional investors who implement rigorous tenant vetting. Vacancies are low, and rental yields remain stable.

In accordance with an urgent law passed by the regional government on February 25, 2025, which authorises the use of municipal land classified as “equipment land”, Marbella’s local government is taking action by allocating these lands to developers at no cost.  In return, developers are required to build affordable housing, either for sale or rent, at regulated prices established under low-income housing legislation. Priority will be given to workers in key sectors like healthcare, education, and hospitality – people who keep the city running. 

A recent initiative approved the construction of 172 living units in San Pedro de Alcántara dedicated to affordable rentals [Diario Sur, 2025]. Other actions include incentivizing public-private partnerships to build below-market housing and integrating housing access into the city’s upcoming General Plan, scheduled for provisional approval in 2026. The plan will regulate tourist apartments and promote primary residence developments.

The prestigious developer of high-end residential projects on the Costa del Sol, Sierra Blanca Estates, is making a strategic and pioneering move to address Marbella’s affordable housing challenge. The project involves 25 social housing units on a 3,140 square metre plot near La Cañada shopping centre, with plans for an additional 290 units in Hacienda Cortés and 80 in Ferrocarril del Puerto, totalling 395 protected units.

At least 10 more property developers are following Sierra Blanca’s lead as of August 2025.

The short-term rental market in Marbella has faced significant regulatory tightening in 2025, driven by national, regional, local, and EU-level reforms. These changes aim to enhance transparency, professionalize the sector, and address housing availability concerns, but they introduce complexity and compliance challenges for property owners. As of July 2025, only 20% of tourist apartments on the Costa del Sol were registered with the National Registry.

According to an article by Idealista, lawyers and property professionals claim the system lacks clarity, consistency, and sufficient infrastructure, raising questions about whether this regulation may be doing more harm than good in its early rollout.

Short-term rentals (up to two months for tourist use or up to 12 or more months for seasonal use, and not permanent residences under the Ley de Vivienda) must comply with four layers of regulation:

• Regional (Junta de Andalucía):
  • Requires a Vivienda de Uso Turístico (VUT) license for urban tourist rentals up to 2 months (Decree 28/2016 and Decree 31/2024).
  • Mandatory registration in the Andalusian Tourism Register with safety/habitability standards.
  • Non-resident owners in Marbella must appoint a registered management company to assume legal responsibility for rentals (mandatory since 2024).
  • VUT licenses expire upon property sale, requiring new applications by the buyer (new owner).
• National (NRUA):
  • Effective July 1, 2025, the Número de Registro Único de Arrendamientos (NRUA) mandates a unique national registration number (NIU) for all platform-listed short-term and seasonal rentals (not covered by Ley de Vivienda’s 5-7 year obligatory long-term rental renewal rules).
  • A valid VUT license is a prerequisite for NRUA registration via the Land Registry.
  • Platforms like Airbnb and Booking.com must display the NRU, with fines for unregistered listings or non-compliant hosts.
• Local (Marbella Town Hall):
  • Developing a municipal tourist housing register to complement the NRUA.* .
  • Possibility to restrict tourist rentals in specific zones, particularly ground-floor units, to preserve neighbourhood character and reduce housing pressure.
• Homeowners’ Communities:
  • Since April 2025, under the Horizontal Property Law, tourist rentals require approval from 60% of community residents.
  • Communities may ban short-term or temporary rentals, restricting properties to long-term rentals only.

As an example of the restrictions imposed by local authorities, on August 13, 2025 Málaga City Council has implemented a three-year moratorium on new tourist rental licenses across the municipality. Mayor Francisco de la Torre emphasized that "not one more" tourist property license will be granted during this period, even after earlier measures—such as requiring independent access for new licenses and banning them in 43 especially saturated neighborhoods—failed to sufficiently curb growth. The moratorium will remain in place while the city updates its General Urban Planning Plan (PGOU) to better balance tourism with affordable housing needs.

The short-term rental market in Marbella, however, is quite different from those of the big cities, most of which are suffering from over-tourism. According to the Mayoress “the pool of short-term rentals consists mostly of properties rented to high-net-worth visitors.” This, coupled with the fact that most of the short-term rental properties are owned by foreigners who return to use the properties themselves for the rest of the year, is the reason why Marbella has far fewer problems compared with the big cities.

The layered regulations create significant challenges and market shifts:

• Compliance complexity: Owners must navigate national (NRUA), regional (VUT), municipal, and community approvals, increasing administrative burdens.
• Low registration rates: Only 20% of Costa del Sol tourist apartments are NRUA-registered, reflecting owner and agent unawareness coupled with slow adaptation.
• Legal disputes: The Junta de Andalucía, along with the regional governments of Valencia, Murcia and the Canary Islands, have challenged the NRUA as unconstitutional, arguing the national law invades the area of its competence and duplicates work already done, creating legal uncertainty.
• Proposed VAT increase
  A proposed national law seeks to apply a 21% VAT to short-term rentals aiming to shift supply toward long-term rentals. Strongly backed by the hotel industry (who pay 10% VAT and believe that touristic rentals should pay the same) it has sparked opposition, particularly from coastal property owners who rent seasonally to cover costs. Critics argue it would harm tourism, unfairly target short-term rentals, and do little to ease the housing crisis. Although approval of the law is considered likely, it will probably not be approved without important modifications, hinging on coalition support in Spain’s divided parliament and likely amendments due to regional and sector resistance.
• Community restrictions:
  Bans on short-term rentals imposed by homeowners’ communities may be reducing property saleability and values, as reported by local agents and confirmed through recent transactions. An article published by the Leading Property Agents of Spain (LPA), linked below, provides excellent insight into the current situation. However, in smaller, high-end communities, these restrictions can sometimes produce the opposite effect. By eliminating transient, high-turnover rentals, they preserve a quieter, more residential atmosphere, enhancing the overall sense of exclusivity, security, and cohesion among residents. For discerning buyers seeking peace, privacy, and a stable community environment, this added layer of control can increase the desirability and long-term value of the development.
  In such cases, the restriction is not seen as a limitation but rather as a mark of distinction, reinforcing the perception of a truly private and prestigious enclave.
• Market chaos: The rapid introduction of laws raises questions, with property registrars who are in charge of NRUA inscriptions, sometimes making determinations better suited for courts. There is also a lack of clarity in some aspects of how the law should be applied; lack of qualified short-term management companies; increased overall costs; potential prohibition altogether; and the threat of 10% or 21% VAT.

Many owners were unaware of the consequences of banning short-term rentals, which as mentioned above has already proven to lower property values. Foreign owners often do not attend community meetings and may not have even been aware of this issue. A more moderate approach, like limiting rentals to a minimum of from one to four weeks, could attract more qualified tenants and preserve rental income. This model is likely to gain traction as owners become informed and, simply because it is good common sense.

• Professionalization: Stricter rules eliminate unqualified agents, fostering higher-quality service and management. The short-term rental managers are becoming much more like those in the hospitality industry, rather than the classic rental agents of before.
• Shift to long-term rentals: Some owners, deterred by compliance costs and community bans, are pivoting to long-term rentals, especially for properties not used off-season by their owners. New purchasers strictly for investment, are beginning to focus on the purchase of off plan properties, with the idea of renting them out on a long-term basis.
• Economic and social implications: The reforms address housing shortages, but they are  largely inapplicable in Spain’s coastal areas where the vast majority of property owners rent their homes during the high season and reserve them for personal use during the off-season.
  As a result, these properties were never part of the long-term rental market to begin with. The implications of these laws may lead to a reduction in the availability of short-term rental apartments, potentially impacting tourism-driven economies like Marbella, where short-term rentals support local businesses and play a vital role in the local economy.

Owners and investors should:

• Engage experienced local advisors to navigate compliance.
• For those investors who have bought for short-term rental income, and who do not use their homes personally, consider aligning with public policy goals favouring long-term rentals
• Monitor community voting trends and provide leadership within the community to advocate for balanced rental restrictions in order to maintain property values.

The Marbella rental market has swung from under-regulation to a model with perhaps the most stringent regulations and oversight in the world. While currently chaotic, while the different norms are being clarified and owners, agents, lawyers, and tenants become aware of the different repercussions we believe these changes will likely be modified and made somewhat less restrictive in time, due to the many protests from the affected tourism sector who were not sufficiently consulted before the passing of the laws, the duplication of many of the regulations, as well as the legal challenges mentioned.

1. INE – Tourist Movement Statistics (FRONTUR).
2. Marbella Town Hall – Record tourism figures in 2024.
3. SUR – Record hotel profitability in August 2025.
4. Marbella24horas.es – Foreign tourism boosts recovery.
5. Hosteltur – Spain set to reach 100 million international tourists in 2025.
6. AENA – Málaga–Costa del Sol Airport Destinations.
7. SUR – Up to 60 private flights a day during summer.
8. El País – Málaga’s three-year moratorium on new tourist housing.
9. Cadena SER – Málaga leads Spain in registered tourist rentals.
10. LPA – 2025 legislative changes & impact on tourist rentals.
11. Marbella24horas.es – PGOM moves forward.
12. Málaga Hoy – Definitive approval of Marbella’s PGOM.
13. Idealista – Evolution of rental housing prices in Marbella.
14. Idealista – Evolution of housing prices for sale in Marbella.
15. Tinsa – Property Prices in Marbella, 2nd Quarter 2025.
16. Registradores.org – Real Estate Registry Statistics (Q2 2025).
17. Marbella Town Hall – Population census 2024.
18. Marbella Town Hall – Demography and Socioeconomy (PGOM).
19. SUR in English – Costa del Sol leads European market for branded residences.
20. AENA – Destinations from Málaga–Costa del Sol Airport.
21. SUR in English – €290m invested in hotels/new refurbishments.
22. Europapress – Marbella approves its 2025 budget.