Is Marbella still a good property investment in 2026? (real yields & price growth)

Prices and yields, honestly framed

Marbella has been a resilient, internationally-driven market, and the directional picture is one of steady average growth of roughly 3–4% per year, punctuated by stronger moves at the very top — the Golden Mile and Nueva Andalucía have seen +15–20% in certain years when prime supply is tight. On the rental side, gross yields of around 3–5% are typical for prime villas held mainly for lifestyle, while higher-turnover, tourist-facing areas such as the Golf Valley and Puerto Banús can reach 6–8% gross. All of these are directional estimates that vary by street, product and year.

The risk you must price in

The single most important risk for a rental-led investment case is regulatory, not economic. The 2025 changes to tourist-letting rules — the community's new power to restrict short lets and to add up to 20% to community fees, plus the VUT/NRUA framework — can materially reduce the achievable yield on an apartment bought specifically to let. An investment that pencils at 7% on paper can look very different once a community vote or licence constraint bites.

The prudent approach is to underwrite the purchase on conservative, verified assumptions: confirm the specific building's rental position, treat the growth and yield ranges above as directional rather than promised, and cross-check against current market data (idealista price indices, Land Registry figures and our Marbella market report) before committing. Numbers here are informational, not investment advice.