Wealth & Investment
Rental Yields in Marbella: What a Luxury Property Really Earns
Gross yield is the number brochures quote. This is what a luxury property in Marbella earns after the costs nobody prints.
99Habitat Research · 27 Aug 2026 · 6 min read
In short
Well-chosen luxury property in Marbella produces 4–6% gross on managed seasonal lets. Net returns typically land one to two percentage points lower after management, service charges and vacancy.
The gross number
4–6% gross on managed seasonal lets in Marbella. That is the number to start from, not the number to plan with.
The Costa del Sol's prime golden triangle offers architect-led villas, golf, international schools and one of Europe's longest letting seasons. Foreign ownership is unrestricted.
What comes off the top
Service charges, management fees, letting commission, insurance, maintenance reserve and void periods. In prime markets these routinely absorb a fifth to a third of gross rent, and service charges on branded or amenity-heavy buildings are the most commonly underestimated line.
Tax matters too: transfer tax on resale or vat on new-build; annual property and non-resident income taxes apply
Where the demand actually is
Golden Mile & Sierra Blanca: Core prime; consistent resale.
La Zagaleta: Gated ultra-prime estates.
Estepona & Benahavís: Newer supply, better value per square metre.
How we underwrite it
Ten months of occupancy, three years of comparable evidence, and a resale assumption of flat real pricing. If the case only works on twelve months and rising rents, it is not a case — it is a hope.
Licensing for tourist letting is region-specific. Confirm before you underwrite rental income.
References
This article is general information, not investment, tax or legal advice. Rules change — confirm current requirements with qualified counsel before you transact.
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