Spanish Cities Implement Measures to Control Holiday Lets
An increasing number of Spanish towns and cities, including Malaga, are implementing measures to control the surge of holiday rentals. Marbella ranks fourth in Spain, following Madrid, Barcelona, and Malaga, in terms of the number of these properties, boasting a total of 6,994. Consequently, Marbella’s town hall commissioned a study from the University of Malaga (UMA) a few months ago to assess the current situation.
Marbella’s Mayor Discusses Future Plans
Marbella’s Mayor, Ángeles Muñoz, recently announced that the town hall has received the UMA’s analysis, which will be dissected in January to determine the necessary measures. Muñoz stated that the town hall will make the necessary adjustments within the regulations and did not dismiss the possibility of introducing new taxes for increased use of the town’s services. This regulation will be incorporated into the new general plan currently being drafted.
Economic Impact of Holiday Lets in Marbella
Regarding the economic activity generated by these holiday rentals, Muñoz has stated on multiple occasions that these visitors contribute to eight per cent of the town’s sector income. A recent report by the Bank of Spain reveals that 70% of the flats for rent in Marbella’s centre are used for holiday purposes, leaving only three out of every ten properties available for long-term rental.
Marbella’s Unique Rental Market
While this is a common scenario in Spain’s major tourist towns and cities, Marbella’s town hall argues that the town has a unique character that sets it apart. Muñoz explained that Marbella has been dealing with the holiday home phenomenon for years, but not through platforms, but through real estate agencies or directly with the owners. The town has a large foreign population, whose residency coincides with the months of September to May, allowing them to rent out their homes during the high season and return to their home countries in the summer, where temperatures are milder.
Rising Rental Prices in Marbella
The price of rental properties in Marbella has surged by nearly 65% in the past five years, according to data from the property website Idealista. In 2019, the average rent for an 80-square-metre flat was 864 euros per month, but the same property now costs 1,424 euros. This financial issue is exacerbated by the scarcity of flats available for long-term rentals, as many owners prefer to rent their properties to tourists.
