The Bank of Spain has issued a stark warning about worsening rental shortages across Málaga province, with luxury hotspots like Marbella at the epicenter of the crisis.
According to the central bank’s latest housing report, as much as 40% of the province’s housing stock is either used as second homes or dedicated to tourist rentals, leaving an increasingly limited supply for full-time residents.
“This level of non-residential usage significantly distorts the local housing market,” the report states. “It’s creating affordability pressures and pushing middle- and working-class residents out of urban centers.”
The situation is particularly acute in Marbella, where short-term rental platforms and international second-home buyers have reshaped the housing landscape. Demand from tourists and wealthy part-time residents has driven up both rental and purchase prices, while limiting year-round housing options for locals.
Real estate experts say long-term rental inventory is drying up at a rapid pace. In some neighborhoods, fewer than 2 in 10 homes are available for permanent leasing.
“These aren’t just seasonal trends anymore,” says Antonio Ramos, a housing analyst based in Málaga. “It’s a structural issue — local workers, teachers, healthcare staff, and even police officers are being priced out of the communities they serve.”
The Bank of Spain is urging regional authorities to take action, including strengthening enforcement of existing rental laws, expanding public housing efforts, and exploring zoning reforms to incentivize long-term leasing.
Meanwhile, the Andalusian government’s recent tightening of short-term rental regulations under Decreto 31/2024 may help ease the pressure—but implementation is still patchy, and enforcement varies by municipality.
With tourism booming and investment in holiday housing continuing, the central bank’s warning underscores a growing risk: that the Costa del Sol’s success as a tourist destination could come at the cost of community sustainability.