Property for Sale in Marbella, Spain: A Detailed Guide for Foreigners
From a luxurious lifestyle and Mediterranean beauty to vibrant culture, Marbella offers unbeatable opportunities – invest in prime real estate and enjoy one of the most prestigious destinations in Europe.
Resilient to global market fluctuations, Marbella’s economy is pretty robust. With its special appeal, resilient property prices, and good rental demand, it is still an excellent, internationally recognised base for a foreign buyer.
The guide below will help you:
- Understand the Marbella Property Market
- Go In-Depth into the Buying Process
- Look at Some Essential Taxes
Why Invest in Property in Marbella?
See why Marbella is so in demand by foreign investors:
Good Weather
With over 300 days of sun annually, Marbella presents warm summers and mild winters, hence making it perfect for permanent residence and holiday times.
High Quality of Life
From world-class golf courses to restaurants with Michelin stars, the lifestyle in Marbella is luxurious, while the cost of living is often lower compared to other global hotspots such as:
Tourism-Driven Renting Market
Properties in Marbella’s high-class areas like Puerto Banús and Golden Mile, which are popular with rich tourists and hence sought after, achieve a good yield.
Appreciate Luxury
The city of Marbella certainly provides more ‘reasonably’ priced options for luxury villas, beachfront apartments, and golf-side homes in comparison with other prime European destinations.
Strong Growth Potential
Long-term growth in the value of the property market has been stable at Marbella, underpinned by its international appeal and scarcity of prime real estate.
International Connectivity
With Marbella near Málaga Airport, you can enjoy direct flights whatever the destination – a serious factor for second-home buyers and frequent flyers.
Can a Foreigner Buy Property in Marbella?
Yes, foreigners, including Brits, can buy property in Marbella. No legal restrictions exist, and the Spanish government encourages foreign investment, especially with the Golden Visa, among others, with extra ease of processing if the minimum purchase threshold is met.
For British and other non-EU buyers, it is pretty easy in Marbella to buy property, either ultra-modern penthouses that have breathtaking views overlooking the sea to the traditional Andalusian villas.
Seeking services from local agents and a lawyer, who are specialised in Spain’s property law, is highly advisable. This is how you can ensure your maximum benefit and a smooth purchase.
While this process has been made quite accessible, not all elements of it are especially easy. For instance, foreign buyers often have to arrange for much higher mortgage deposits, with a lack of Spanish banking and/or credit history. Furthermore, taxes, legal fees, and continuing maintenance expenses are important to know when budgeting.
Finding your Home in Marbella
Marbella’s diverse neighborhoods cater to various preferences and budgets. Popular areas include:
The Golden Mile: Known for its luxury villas, mansions along the beach, among others.
Nueva Andalucía: Where golfers come for peace and quiet, offered by stylish homes.
Puerto Banus: Great nightlife, views of the marina, and high-quality living.
La Zagaleta: One of Europe’s most exclusive residential communities, fully private and luxurious.
First, glance through a few reliable portals offering property for sale in Marbella:
- Fotocasa
- Idealista
- Kyero
You can also explore local agencies specialising in Marbella real estate. Viewing properties in person is highly recommended to ensure they meet your expectations and provide insights into the surrounding neighborhoods.
Upscore’s Benefits
Upscore’s Finance Passport makes buying a property in Marbella easier; it offers personal support and competitive alternatives for mortgages. Here’s how Upscore can help:
Multiple Lenders: Check with local lenders for the best deal on your mortgage.
Apply Anywhere: Apply for your mortgage fully online with no hassle of a geographic barrier.
Personalised Service: Utilise a dedicated agent who can address your needs through every step of the process.
Free to use: Upscore’s services are free for buyers – upon securing a loan, all the fees are covered by the lenders.
Upscore makes it easier to get through this process – you just need to focus on finding the perfect home in Marbella.
FAQs
How Much Does Property Cost in Marbella?
Prices of property vary according to location and type in Marbella. Upmarket property located on the Golden Mile or in La Zagaleta could cost upwards of €1 million, while apartments can begin from around €200,000 in less central areas.
Can a Foreigner Obtain a Mortgage in Spain?
Yes, foreigners can get a mortgage in Spain. Generally speaking, non-residents can borrow up to 70% of the value of the property, while residents may access higher financing rates.
What Other Costs are Associated with Buying Property in Marbella?
Yes, expect to pay taxes (approximately 10-12% of the purchase price), legal fees, notary fees, and registration costs. Budget an additional 10-15% of the property’s price for these expenses.
Is Marbella Good for an Investment Property?
Due to the strong tourism sector, the international appeal of Marbella will enable good returns on rentals and long-term appreciation, making it a sound investment.
As a Foreigner, Can I Stay in Marbella All Year Round?
Yes, foreigners can live in Marbella all year round. Those applicants who would qualify and meet the minimum requirements of the Golden Visa may allow them the capacity for long-term residency, thereby traveling across the Schengen Zone.
