This report provides a detailed analysis of the short-term rental (STR) market in Marbella for 2025 and offers a forecast for 2026, with a specific focus on new legislative changes and market performance metrics.
2025 Market Overview: Key Performance Indicators
The Marbella short-term rental market in 2025 remains strong, driven by high demand from international tourists and investors. Key metrics highlight its resilience, though new regulations are beginning to reshape the landscape.
- Average Daily Rate (ADR): The median ADR stands at approximately $203 per night, with top-tier properties commanding rates of over $613 per night. During peak season (July-August), the average daily rate rises to around $333.
- Occupancy Rate: The median occupancy rate is approximately 42%. High-performing properties in the top 10% can achieve over 82% occupancy, indicating strong demand for premium offerings.
- Annual Revenue: The average annual revenue per listing is estimated at $28,732. During the peak season, monthly revenue can reach up to $5,990.
- Most Popular Property Types: Two- and three-bedroom properties are the most dominant, making up over 60% of active listings. This indicates a strong market for small groups and families. The most common guest capacity is four guests.
The Impact of New Regulations in 2025
A significant factor influencing the 2025 market is a series of new legislative changes aimed at addressing Spain’s housing crisis. These regulations are designed to regulate the market more closely and give local communities greater control.
- Community Consent Law: As of April 3, 2025, a new amendment to the Horizontal Property Law requires a three-fifths (3/5) majority vote from a Community of Owners to allow new tourist rental licenses. This is a major shift, as it empowers homeowners’ associations to approve or deny new STR applications.
- National Registry: Spain has introduced a national registry for tourist and seasonal rentals, requiring all properties to be registered with a unique identification number. Rental platforms like Airbnb and Booking.com must now verify and display this number. This aims to reduce illegal rentals and increase tax compliance.
- Impact on Supply: These new laws are expected to reduce the overall number of available short-term rentals, especially in multi-unit buildings where community approval is difficult to obtain. However, properties that already have valid licenses before April 3, 2025, are not affected.
Forecast for 2026: Navigating the New Landscape
The outlook for 2026 is one of stabilization and adaptation, where the market will respond to the full implementation of the new laws.
- Market Contraction & Professionalization: The number of available short-term rentals is likely to decrease as a result of the new regulations. This will weed out illegal listings and lead to a more professionalized market. Property owners who comply and have the necessary licenses may see increased demand and potentially higher yields due to reduced competition.
- Shift Towards Long-Term Rentals: Some owners who are unable to secure community approval or who find the new regulations too complex may shift their properties to the long-term rental market. This could help to alleviate some of the local housing supply issues.
- Increased Due Diligence: For new investors, due diligence will be more critical than ever. It will be essential to research a property’s location and the specific community’s stance on short-term rentals before making a purchase. The “Golden Triangle” (Marbella, Benahavís, and Estepona) is still expected to perform well, but with a greater emphasis on compliant and professionally managed properties.
- Property Value Trends: While the rate of growth may slow slightly from the unsustainable highs of previous years, property prices are still expected to rise. New construction may see price increases of 15-20%, while resales are projected to rise by 5-15% in 2025, with a similar, but potentially slightly more stable, trend continuing into 2026.
In summary, the Marbella short-term rental market is transitioning from a period of rapid, unregulated growth to a more structured and regulated environment. While the new laws pose challenges, they also present opportunities for well-managed, compliant properties to thrive.