Recent changes in Spanish legislation governing private holiday rentals should eventually improve the market for self-catering accommodation for everyone, paying guests and private landlords. If you are thinking of buying a holiday home in Marbella and want to make the most out of your investment, letting to family and friends will only get you so far. This type of letting typically just pays for the running costs.
Property prices in Spain are still adjusting and no dramatic price increases are expected for the foreseeable future; rental yields rather than capital gains should bring a healthy return on your investment.
Market research
Before listing your property with owners’ websites or holiday villa or apartment rental portals, it’s a good idea to do research into the type of holidaymaker your property will appeal to. Be realistic. Don’t assume because you happen to like your futuristic 2-bed apartment with shared swimming pool and private sun terrace that this will appeal to everyone across the board. If you market your property correctly, you can welcome paying guests for six months or more of the year. If not, it’ll be just you and your family enjoying the view.
Location, location, location
When you view properties in Marbella, Fuengirola or Mijas, ask yourself who is the most likely person to rent this property. Families with children, retired people or young people seeking fun, clubbing and surfing?
Once you have decided what makes the ideal paying guest for the type of Costa del Sol property you can afford, look at properties in areas that offer the maximum potential for just that type of tourist.
Local attractions
With Elviria for example, a neighbourhood in the east of Marbella, you have already ticked a number of boxes. It’s close to the sea and beach, so great for water sports enthusiasts and sun worshippers, but also fantastic for families with children.
Elviria is situated within a short drive of Aventura Amazonia Marbella Adventure Park, the largest of its kind in Andalusia. The park is located at the Km191 Elviria exit on the A7 motorway, roughly a 20 minute drive from Fuengirola, Torremolinos, Benalmádena and Estepona and is situated a mere 500 metres from the beach.
Your luxury 2-bed apartment in Elviria would therefore be ideal for families who want to be out and about all day but not drive for miles and miles to get to the nearest Marbella tourist attraction and the beach. Prices for new apartments start at around EUR 250,000; second-hand properties can often be found for half that amount.
In total, the park offers 83 challenges for all ages in trees spread across 6 adventure circuits. Very small adventurers aged 4 to 7 will love the MiniKids adventure circuit – as will parents, since the MiniKids circuit also serves as crèche. Parents and older children can join in the fun in circuits named Kids, Explorador, Jungla, Aventura and Deportivo. For adults and teenagers there are an additional 3 training circuits to master. The park boasts the longest treetop zip-line in Andalusia, a challenge of some 240 metres best tackled by people with a head for heights.
Exclusivity
If you are aiming at the luxury holiday market, head to Marbella’s most exclusive and glamorous addresses, such as the Golden Mile, the Sierra Blanca urbanization or El Madroñal and La Zagaleta, located high up in the hills above the town or look for some of the truly spectacular gated golf developments, where EUR 500,000 buys you a considerable amount of house these days.
For buyers who can stretch their budgets up to EUR 1.5m or more luxury villas offer the best rental yields; however, even in the humbler surroundings of Elviria, a week’s holiday rental during peak months July and August can yield up to EUR 1,500 for luxury apartments with 2 to 3 bedrooms and a sea view, so buying now means a pretty good long-term investment for buyers who have less starting capital to spend.
Once you have secured your ideal Spanish property, be sure to design a “manual” with information on Marbella tourist attractions and activities, which guests will find upon arrival at your Marbella holiday home.