Rental income from real estate in Marbella 2026: what you can really earn

Short-term or long-term? Which areas give 7%, and which 1.5%? Full guide to real returns, VFT licenses, taxes, and property management companies.

One of the main questions for any real estate buyer in Marbella is: how much can I earn from renting? The answer depends on the area, the type of property, the rental format, and the quality of management.

Market averages for 2026.

Quality apartments in the main areas (Nueva Andalucía, San Pedro, East Marbella): gross yield of 3.5 to 5.5% per year.

Well-managed properties in tourist zones (Puerto Banús, Golden Mile): gross yield of 6 to 9% per year from short-term rentals.

Two-bedroom apartments in the most profitable micro-areas: up to 7.03% gross annual yield.

Premium villas in Golden Mile: gross yield of only 2 to 4%, but it is offset by price growth.

These figures are gross, before taxes and management expenses. The real net yield is much lower, and it is important to say so honestly.

Short-term rentals: what to know

Short-term rentals (from one night to a month) are the most profitable format on paper, but also the most complex in terms of management and regulation.

Seasonality

The main feature of Marbella: the short-term rental market strongly depends on the season.

High season (June August): occupancy from 80 to 95%, peak prices. About 50% of the property’s total annual income comes from this period.

Shoulder season (April May, September October): occupancy from 60 to 75%, prices are 30 to 40% lower than in summer.

Low season (November March): occupancy from 20 to 50%, prices are at their lowest. Many properties sit empty during this period.

Returns by property type

1-bedroom apartments (Puerto Banús, Centro): from €120 to €250 per night in high season, from €60 to €120 in low season.

2-bedroom apartments (Nueva Andalucía, San Pedro): from €180 to €400 per night in high season.

3 to 4-bedroom villas (East Marbella, San Pedro): from €500 to €1,500 per night in high season.

Premium villas (Sierra Blanca, Golden Mile): from €2,000 to €10,000 per night, in rare cases more.

Premium apartments Puente Romano: up to €15,000 per month with long-term summer rentals.

Sales channels

Most properties are listed on several platforms at the same time:

Airbnb, Booking.com, Vrbo for the mass market.

Premium and niche portals for the upper segment (LuxuryRetreats, Plum Guide, OneFineStay).

Direct channels through the management company or agency website.

Brokers in the premium segment who work with wealthy clients through personal recommendations.

Long-term rentals

A long-term contract (from 11 months and longer) provides stability, but lower returns.

Advantages. Steady cash flow without seasonal fluctuations. Fewer operating costs: no cleaning between guests, less wear and tear. No VFT license required. Simple tax rules.

Disadvantages. A lower rate compared to peak summer prices. Legal protection for tenants in Spain is strong: it is difficult to terminate a contract, and it is also difficult to raise the price in the first years. If the tenant stops paying, the eviction process takes 6 to 12 months.

Real rates for 2026.

1-bedroom apartments: €1,000 to €1,800 per month.

2-bedroom apartments: €1,500 to €3,500 per month.

3 to 4-bedroom villas: €3,000 to €8,000 per month.

Premium villas: €8,000 to €25,000 per month.

Mid-term rentals: the “golden middle” in 2026

The fastest-growing segment of Marbella’s market. Contracts from 3 to 11 months for remote workers, digital nomads, families in the process of relocating, and corporate clients.

Advantages. Higher returns than long-term (usually by 30 to 50%), and more stability than short-term (one contract for 4 to 6 months instead of 20 short bookings). Fewer licensing requirements compared to tourist use. Suitable for the winter season when short-term rentals decline.

Typical client. An IT specialist who stays in Marbella from October to April. A family that moved for the school year while looking for permanent housing. A corporate employee on a 4 to 6 month project.

Rates. Usually 20 to 35% higher than long-term when converted to a monthly basis. That means apartments rented for €2,000 per month long-term may go for €2,600 per month for 6 months.

VFT license: what you need to know

If you plan to do short-term (tourist) rentals in Marbella, a VFT license (Vivienda con Fines Turísticos) is required.

What is VFT

A license from the regional government of Andalusia that allows you to use property for tourist rentals. Without it, short-term rentals are illegal, with fines from €2,000 to €150,000.

After you obtain the license, you are assigned a VFT/MA/12345 type number (where MA is Malaga). This number must be included on all booking platforms.

How to get it

The process usually takes 1 to 3 months. Steps.

1. Submit an application to Junta de Andalucía with a document package: proof of ownership of the property, NIE, cadastral information.

2. Submit the application through the national portal NRU (Sistema Único de Información del Registro del Sector Turístico).

3. Receive the NRU code (separately from VFT), which is also required to be shown on platforms.

4. Activate the license and register with SES.Hospedajes (the national guest registration portal).

Requirements for a property with a license

After obtaining the license, the property must meet a number of requirements:

Air conditioning in bedrooms and common areas.

First aid kit.

Legal signage and information materials for guests.

Available contact information 24/7 for guests.

An emergency plan in case of emergencies.

Register all guests through SES.Hospedajes within the first 24 hours of their stay.

Comply with all requirements of Decreto 28/2016.

Important news for 2025

In 2025, the Andalusian government introduced a rule that VFT licenses are transferred together with the property when it is purchased. This is good news for investors: if the property already has a license, you do not need to go through the process from scratch. This often becomes a deciding factor when choosing between two similar properties.

Taxes on rental income

One of the most underestimated factors in real returns. Tax planning is critical.

Spain residents

Rental income is taxed under the general IRPF income tax scale: from 19% to 47%, depending on the income level.

At the same time, you are allowed to deduct a significant part of expenses: IBI, community fees, building depreciation, mortgage interest, repair costs, insurance, and management company services.

For long-term rentals under the “tenant’s permanent residence” regime (tenant’s permanent residence), an additional 60% discount is applied to the taxable base. This increases net returns significantly.

Non-EU residents

A fixed rate of 19%. With the possibility to deduct expenses similar to those allowed for residents.

Non-residents from other countries (UK, USA, UAE, Russia)

A fixed rate of 24%. The ability to deduct expenses is limited.

This is a significant difference, which makes ownership structure through an Spanish company SL or another legal form an important element of investment planning.

Additional local tax

In some municipalities, a “Tasa de Turística” is applied. It has not been introduced in Andalusia yet, but it is being discussed. It makes sense to monitor regulatory changes.

Return case studies by area

Real figures for typical properties in different areas of Marbella.

Puerto Banús

Property profile. 2-bedroom apartment, 90 m², with a terrace and marina view. Purchase price: €750,000.

Short-term rental income. High season (June August): €350 per night, 90% occupancy. Shoulder season: €200 per night, 65% occupancy. Low season: €120 per night, 30% occupancy.

Gross annual income: about €55,000.

Expenses. Management company (20%): €11,000. Community fees: €4,800. IBI: €1,500. Non-EU resident taxes: about €7,500. Cleaning, minor repairs, depreciation: €4,000.

Net yield: about €26,200 per year, or 3.5% of the purchase price.

Nueva Andalucía

Property profile. 3-bedroom townhouse, 150 m², in Golf Valley, with a pool in the complex. Purchase price: €950,000.

Long-term rental income. €3,500 per month.

Gross annual income: €42,000.

Expenses. Management company (8%): €3,360. Community fees: €3,600. IBI: €1,800. Taxes: €5,800.

Net yield: about €27,440 per year, or 2.9% of the purchase price.

Option: mid-term rental. The same property is rented in 6-month blocks for €5,000 per month. Gross annual income: €60,000. Net yield: about 4.2%.

Golden Mile

Property profile. 3-bedroom apartment, 180 m², in the prestigious Puente Romano complex. Purchase price: €3,500,000.

Premium rental income. Summer months (June August): €15,000 per month. Shoulder season: €8,000 per month. Low season: empty or €5,000 per month if lucky.

Gross annual income: about €95,000.

Expenses. Community fees in Puente Romano: €35,000. Management company (15%): €14,250. IBI: €5,000. Taxes: €8,000.

Net yield: about €32,750, or less than 1% of the purchase price.

Comment. Golden Mile is not a high-income segment, but a segment focused on price growth. Net yield of 1.5 to 3% is a normal level. Buyers are advised to view the property as an investment in capital, not as a source of income.

East Marbella (Elviria, Los Monteros)

Property profile. 3-bedroom villa, 200 m², pool, garden 800 m². Purchase price: €1,200,000.

Short-term rental income. High season: €700 per night, 85% occupancy. Shoulder: €400, 60% occupancy. Low: €250, 25% occupancy.

Gross annual income: about €85,000.

Expenses. Management company (25%, villas require more work): €21,250. Community fees: €1,200. IBI: €2,500. Taxes: €11,000. Maintenance of garden and pool: €4,800. Other: €3,000.

Net yield: about €41,250 per year, or 3.4% of the purchase price.

San Pedro de Alcántara

Property profile. 2-bedroom apartment, 80 m², within walking distance to the center and the beach. Purchase price: €420,000.

Long-term rental. €2,000 per month.

Gross annual income: €24,000.

Expenses. Management company (8%): €1,920. Community fees: €1,800. IBI: €900. Taxes: €3,800.

Net yield: about €15,580, or 3.7% of the purchase price.

San Pedro is one of the most balanced markets for the average investor: stable long-term demand, reasonable entry prices, and low community fees.

Property management companies

If you do not live in Marbella full-time, professional rental management is critical.

What a management company does

Marketing and promotion of the property on platforms.

Communication with guests: bookings, check-in and check-out, issues.

Cleaning and preparation for each new guest.

Legal guest registration in SES.Hospedajes.

Basic maintenance: replacing light bulbs, minor repairs, responding to complaints.

Tax reporting for rental income.

Service costs

Basic management for long-term rentals: 8 to 12% of the rent.

Full management for short-term rentals: 18 to 30% of revenue. The higher rate is due to the intensity of operations.

Premium villa management in Golden Mile: 25 to 35% of revenue. Includes concierge services, premium cleaning, and exclusive marketing.

Key names in the market

Dozens of management companies operate in Marbella. A few major names: Holiday Lettings Marbella, Diana Morales Properties, MPDunne, Marbella Hills Homes. International operators also work actively (Onefinestay, Plum Guide) and local boutique agencies.

What to look for when choosing

Verified return figures for comparable properties.

Transparent reporting: you should be able to see all bookings in real time.

Marketing quality: professional photo shoot of the property, promotion on different platforms.

Experience specifically with your property type (a premium villa is different from regular apartments).

Legal responsibility for VFT registration, taxes, and insurance.

Real net returns

Considering all factors, net returns in Marbella in 2026 are distributed by segment as follows:

Premium segment (Golden Mile, Sierra Blanca): 1.5 to 3% per year. The main investment is in price growth, not in cash flow.

Mid-premium (Nueva Andalucía, East Marbella, San Pedro): 3 to 5% per year with proper management. The most balanced segment.

Tourist segment (Puerto Banús, central Marbella, Cabopino): 4 to 7% per year with active short-term use.

New segment: branded residences with a management company. 3 to 5% per year. Lower returns, but almost hassle-free ownership.

It is important to understand: none of these figures reflects the property’s price growth. If you add Marbella’s annual price growth of 6 to 12% in premium areas, the total combined return becomes 10 to 18% per year. That is what makes Marbella one of the most attractive investments in Europe.

Main mistakes investors make

Several typical missteps to avoid.

Buying only for rental income. If the property is not attractive to the investor themselves (not the right area, inconvenient layout, poor location), it will not be attractive to renters either. Do not buy an “investment property” that you would not want to rent yourself.

Ignoring licensing. Buying a property without an existing VFT license, assuming you will obtain it later, is a risk. Sometimes a license cannot be obtained due to zoning or decisions by the homeowners’ association.

Underestimating community fees. In premium complexes, annual fees can exceed all net returns. Study this point before buying.

Choosing the wrong management company. Poor management destroys returns even for a good property. Do not cut costs at this stage.

Not knowing tax rules. The ownership structure (personal or through a company) and tax residency have a major impact on net returns. Consulting a tax specialist before buying is required.

Buying without understanding the micro-location. Two similar villas in Nueva Andalucía can differ in returns by 2 times just due to their location relative to golf clubs, schools, or the road.

Key takeaway

Rental income in Marbella in 2026 is a real and predictable investment story if you approach it professionally. Net returns of 3 to 5% per year, plus annual price growth of 7 to 12%, provide a total return of about 10 to 17% per year. This is competitive for the premium market in Europe.

The main rule: choose a property for a specific rental strategy (short-term, long-term, or mid-term), license it correctly, carefully select a management company, and do not forget about the tax structure. If these conditions are met, Marbella remains one of the most balanced European real estate markets, offering both cash flow and long-term capital preservation.

ABARZO Real Estate — Your guide to real estate and the lifestyle of Marbella.