Why buy property in Marbella?

Marbella has an ideal Mediterranean climate but also a cosmopolitan living in natural beauty. Surrounded by its international ambience, Marbella retains authentic Spanish identity, allowing residents to enjoy both familiar comforts and local traditions. With excellent travel connections, including proximity to Malaga Airport, buying property in Marbella offers financial stability and potential growth.

Marbella, a benchmark for quality of life on the Costa del Sol

Is more than just a holiday destination; it’s increasingly becoming a place where people choose to live. Professionals are attracted by its quality of life and job opportunities. Marbella isn’t just about luxury living; families love it for its good schools and active community life.

For those who love the outdoors, Marbella has wildlife parks, concerts and sports events. The region is famous for golf, tennis and water sports. It also hosts major sports competitions.

Besides its beaches, Marbella is surrounded by mountains and countryside. Residents can easily access both city life and rural attractions like historic sites and beautiful landscapes.

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Reasons for living in Marbella

Marbella offers an idyllic Mediterranean lifestyle, characterised by sunny days, outdoor dining and a plethora of activities. Whether you seek a beachfront villa or a hillside retreat, each property embodies Marbella’s unique blend of elegance and relaxation.

Architectural Innovation:

Marbella stands at the forefront of architectural innovation and design, boasting a luxury real estate market featuring homes that redefine modern living. From sleek, contemporary villas with panoramic sea views to charming estates inspired by Andalusian heritage, there’s a diverse range of options to suit every buyer’s taste.

Meticulously Maintained Environment:

Complemented by lush gardens and elegant promenades, creating a welcoming atmosphere. The town hall’s recent purchase of new, quieter and cleaner machinery demonstrates its commitment to maintaining this standard, as stated by the newspaper Sur.

Sophisticated Luxury Living.

Marbella offers not just a home, but a lifestyle that combines sophistication and luxury with natural beauty and a vibrant cultural scene, making it an ideal destination for residents seeking the best of Mediterranean living.

Educational Excellence:

Marbella offers a diverse range of international schools catering to various nationalities and offering bilingual education options. Additionally, there are state schools and private options available, each with their own advantages.

Vibrant Cultural Scene:

Marbella features several art galleries and museums showcasing works by local and international artists, blending modern and traditional styles. Its cultural heritage, with Moorish and Andalusian influences, is evident in these venues. The Marbella International Art Festival, held in July, highlights artworks from around the world, providing a platform for both emerging and established artists. Various art forms, including paintings, sculptures, photos and digital art, are on display. Additionally, the International Opera Festival celebrates opera and classical music with performances by renowned singers. Throughout the year, Marbella hosts cultural events like the Marbella International Film Festival, Marbella Jazz Festival, and Marbella International Theatre Festival, offering diverse cultural experiences.

Excellence Healthcare:

The city provides top-tier services, including world-class medical facilities to both residents and visitors. Private hospitals like Hospital Quirón Marbella and Marbella High Care provide specialised medical services and advanced diagnostics. Emergency medical services, including ambulance and home doctor visits, are offered by Helicopteros Sanitarios. Medical centres focusing on areas like oncology, fertility and cosmetic surgery are also available. Additionally, public hospitals and clinics operated by the Andalusian Health Service offer general medical care to those covered by the Spanish public healthcare system.

 

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The real estate market in Marbella

Despite facing challenges such as the COVID-19 pandemic, Marbella’s real estate market has demonstrated consistent growth over the years, indicating promising long-term property appreciation. Currently, the value of the square meter in Marbella stands at 4596 euros. According to Idealista, the real estate market in Marbella has experienced significant growth over the past few years. From March 2023 to March 2024, there was an impressive increase of 11.1%. This growth is consistent with the upward trend seen in previous years, with a 19% increase from March 2022 to 2023 and a 12% increase from March 2021 to 2022. This chart below indicates a strong and steady appreciation in property values in Marbella, making it an attractive location for real estate investment.

The newspaper Sur indicated that as of January 1, 2024, the city of Marbella has a population of 165,871 residents registered in the municipal registry, marking a substantial increase compared to the previous year when the population stood at 150,321. Among these residents, there are representatives from 153 different nationalities, as expressed by another article in Sur. The top-ranked countries of origin for registered individuals are Spain, with 112,013 citizens, followed by the United Kingdom with 5,486, Morocco with 5,177, Ukraine with 4,516, Colombia with 3,712 and Russia with 3,319. These figures are based on data collected in the City Council’s database, pending review and approval by the INE (National Institute of Statistics).

Inmonews reports from the Conference on Real Estate Market Report, held in November 2023, by the real estate association LPA, suggesting potential minor adjustments in prices for pre-owned homes in 2024, alongside a projected modest increase in new construction prices. Founded in 2006 and 2007, LPA is dedicated to fostering transparency, innovation, and professionalism for the sustainable growth of the regional real estate sector.

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 Benefits of buying a house in Marbella

Investing in Marbella real estate in 2024 offers an enticing opportunity due to market stability and growing interest from global buyers. The luxury real estate sector in Marbella has witnessed remarkable growth, positioning the city as a prime destination for high-end property acquisitions along the Spanish coast. Additionally, the rental market shows promise, with consistent demand for luxury properties, providing potential income streams for investors.

Prime Location: Marbella’s advantageous location near key European hubs and excellent transportation links, including high-speed trains from Malaga and sea routes from ports like Malaga, Algeciras and Puerto Banús, make it an ideal destination to enjoy its climate and culture.

Tourism Benefits: Marbella’s thriving tourism industry brings several advantages, including the emergence of new businesses across various sectors, leading to job creation and economic growth. In 2023, the city experienced an increase in hotel tourists and overnight stays, indicating positive progress and enhancing the overall attractiveness of investing in Marbella real estate.

Buy-to-let properties present several advantages due to its popularity as a tourist destination on the Costa del Sol. Demand for rental properties in Marbella, whether short-term or long-term, remains consistently high. This offers investors the opportunity to capitalize on the demand and generate a regular rental income with high occupancy rates, ensuring a steady flow of tenants.

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Marbella real estate market

Lifestyle perks for homeowners

Marbella offers a range of gated communities that represent exclusivity and privacy. Residents enjoy a secure and controlled environment that prioritises safety and privacy, with restricted access and advanced security measures like guarded gates and surveillance systems. This is particularly appealing to high-profile individuals, celebrities and those who value discreet living.

In addition to security, Marbella’s gated communities usually include amenities such as private golf courses, spas, pools and exclusive clubhouses. The social aspect is important, residents often share common interests and a desire for a refined lifestyle

The exclusive Golf Member Clubs represent the lifestyle of Marbella. From chic lounges to top-notch restaurants, these clubs offer five-star service that elevates your experience. Whether you’re a golf enthusiast or staying fit, there’s a club for you in Marbella. The Puente Romano’s Owner’s Club has sophisticated amenities and Michelin-starred dining. Motel Particulier offers an elegant blend of gastronomy and entertainment, with strict privacy policies adding to its exclusiveness. The I/O Health Club provides a stylish space for fitness enthusiasts, with exclusive perks for members. At Finca Cortesin, golfers enjoy an elite membership with access to a private lounge and discounts on green fees (seasonal). Marbella Country Club’s Platinum Membership offers access to top golf courses nationwide, along with exclusive events. All these clubs offer a taste of exclusivity that’s unmatched.

In Marbella, fashion is more than just clothing; it’s a reflection of your lifestyle, showing your taste, preferences and even your social status. It’s not just about what you wear, but also where you shop, how you shop and the places you go while wearing these outfits and accessories. Marbella has evolved into a major fashion hub, offering exclusive shopping experiences comparable to those in New York, Rome or Paris. It stands out for the quality and variety of its shopping options with a lineup of top fashion brands, including Bottega Veneta, Carolina Herrera, Michael Kors, Jimmy Choo, Valentino, Dolce & Gabbana and Salvatore Ferragamo. A diverse selection of luxury labels and distinctive boutiques offer a fusion of French, Spanish and Italian influences, with ESCALES French Riviera chic, Adolfo Dominguez and Gucci and Louis Vuitton.

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Investment growth and opportunities

Investing in Marbella is appealing due to its strong economic performance in 2023, as stated by Marbella council. With over 80,000 contributors to Social Security and the lowest unemployment rates ever, Marbella shows a stable and thriving economy. The city’s support for businesses is evident in the growth of self-employment and significant subsidies for development projects. Events like entrepreneurial training and the establishment of a technical office offer opportunities for business growth. Marbella’s favourable tax laws, including a 25% corporate tax rate and a special regime for non-residents with a reduced rate of 24%, make it even more attractive. Marbella’s diverse business community, spanning real estate, construction, technology and creative industries, provides ample networking and collaboration opportunities. The rise of co-working spaces and business incubators further supports startups and small businesses. The city’s focus on embracing emerging technologies like artificial intelligence reflects its commitment to sustainable economic development, making Marbella a destination for investment and opportunities.

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Buying process

Our team of experts at Tejada Solicitors conducts thorough due diligence, meticulously examining all legal aspects of the property. After completing our research, we provide clients with a comprehensive legal report covering the following key points:

Confirming the property’s accurate registration in the Property Registry under the seller’s name with the correct property description (Spanish nota simple).

Ensuring the property is free of liens, mortgages and up-to-date on all tax obligations.

Verifying the absence of any residing tenants in the house.

Conducting a thorough review of urban planning files and planning licences as part of the property condition survey.

Confirming accurate registration and up-to-date payments of all taxes and utilities in the previous year.

Verifying that there are no outstanding debts with the community of owners.

In Spain, any debts associated with a property are transferred to the new owner during the sale. Therefore, it is crucial to confirm that the property is free from debts, such as mortgages. Any existing debts should be addressed in the contract terms and promptly settled upon completion. In summary, Tejada Solicitors ensures that the property is clear, legally sound, free from encumbrances and ready for sale to our clients

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Legal considerations and taxes

If you’re considering purchasing property in Marbella, you’ll need a valid passport, the NIE number (Spanish Tax Identification Number for foreigners) and a Spanish bank account.

The NIE, or Foreigner Identification Number, is required for property purchases in Spain. This means that even if you’re not a tax resident in Spain, you can buy property in the country with just an NIE.

After completing the property purchase, you’ll need a bank account in Spain. This account is essential for setting up direct debits for utilities and taxes. We advise opening the account one month before signing the purchase deed to facilitate immediate processing of utility and tax contract changes and subsequent direct debits from your Spanish account.

Tejada Solicitors can assist you in obtaining the NIE and opening a bank account in Spain. With a signed general Power of Attorney, we can act on your behalf, simplifying the property purchase process and minimising stress.

Understanding the total cost of buying property is crucial. Ensure your property lawyer provides comprehensive information on all expenses and taxes associated with the purchase, both currently and in the future. Here’s a breakdown of typical costs and taxes:

VAT (IVA) or Stamp Duty in Spain: 7% for existing properties. For new properties, expect around 10%, plus an additional 1.2% for documented legal acts.

Notary Fees.

Land Registry Fees.

Fees for legal services related to property acquisition, which we have available upon inquiry, with no obligation to proceed.

After completion, our services continue as we assist in transferring the ownership of utility contracts (water, electricity, wifi, gas, etc.) and ensuring the payment of property-related taxes. These payments will be seamlessly managed through your Spanish bank account.

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Finding the right property in Marbella

Buying the right property involves several critical considerations to ensure a successful purchase. Key criteria include price, commute to work time, school quality, home design, condition, space, energy efficiency and potential drawbacks like poor tiling or foundation issues. During house viewings, watch out for signs of poor maintenance, water damage, mould, improper ventilation and other issues that may affect the property’s value or safety. Location significantly impacts the property’s value.  Searching for the perfect home, whether to rent or buy, can be time-consuming and frustrating. However, with careful planning and a clear list of wants and needs, the process can become much smoother. By creating a property search list, you can focus your efforts and avoid wasting time on unsuitable options. The list should include essential requirements (“needs”) and desirable features (“wants”), such as property type, number of bedrooms, parking availability, preferred location and nearby amenities. Using this list as a guide can help you stay focused during your search.

Seek assistance from professionals such as real estate agents to navigate the process effectively. Remember, buying a property is a significant investment, so take your time, conduct due diligence and seek professional advice when needed.

Looking for a Lawyer in Marbella? 

At Tejada Solicitors, we are aware of the challenges presented by urban planning in Spain; therefore, we always recommend hiring the services of a lawyer and architect specialised in real estate law.

Prior checks on the urban situation of the property you wish to acquire are crucial in the buying process and should be carried out before signing the reservation contract. Rushing into signing should be avoided; the contract should clearly outline the sale conditions and be refundable.

At Tejada Solicitors, real estate law experts meticulously review all property documentation to ensure its complete legality, enabling you to acquire it without any problems.

During the property purchase process in Spain, you may also need an architect to assess the physical condition of the home and identify any potential issues. In some cases, these problems may be serious enough to warrant reconsideration of the purchase. Therefore, we advise all our clients to obtain a property report before signing the reservation contract.

Additionally, we suggest consulting with a local real estate agent to assist you in finding a property that fits your needs and financial plan.

The tax aspect in the buying process is also of utmost importance. If you intend to establish residency in Spain, study and plan in advance the tax implications of your move to Spain and how the sale or exploitation of your assets abroad may affect your finances, bearing in mind that in these cases, international double taxation agreements come into play.

For a secure and risk-free investment, it is essential to seek the support of professionals, including real estate agencies, lawyers, tax advisors and architects, who will guide you through the entire purchasing process.

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FAQ’s

Investing in Marbella property has been a lucrative choice with consistent growth in house prices over the past five years. It remains resilient, making it an attractive option for long-term investors seeking both growth and income.

Marbella’s nicest areas lie in several distinct areas, each catering to those seeking luxury, peace and sophistication on the Costa del Sol. San Pedro de Alcantara, situated west of Marbella, provides a serene lifestyle, ideal for families. It retains a strong local character and is known for its peaceful, family-oriented atmosphere, appealing to tourists and expatriates. Puerto Banus is famous for its breathtaking scenery and vibrant nightlife, luxury and excitement, attracting selective individuals. In Nueva Andalucía, you’ll find spacious and luxurious homes like villas, apartments and townhouses in exclusive neighbourhoods. It’s a great place to live because it’s peaceful yet close to the excitement of Puerto Banús and the beaches. Many Scandinavians live here, but it’s popular with people from all over the world, especially families and couples. The Golden Mile, stretching from Marbella to Puerto Banús, covers 5 kilometres and is home to many luxurious properties on the Costa del Sol. With stunning coastal views, majestic mountains and a variety of leisure and dining options, it’s one of Marbella’s most sought-after areas.

The Golden Mile in Marbella is the most prestigious and sought-after residential area. It’s a hub of luxury, attracting wealthy people from Spain and worldwide. Marbella itself is synonymous with wealth, attracting millionaires from all over. Connected to the Puerto Banús marina, The Golden Mile is an iconic symbol of wealth, with luxury yachts and high-end cars constantly passing through. It offers a wide range of services catering to selective tastes, including top-notch restaurants, hotels, luxury shops, exclusive cafes and golf courses. The area is like a playground for the rich, with vibrant nightlife and exclusive clubs, luxury real estate. mansions, upscale apartments and villas surrounded by beautiful gardens.

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