The Costa del Sol Real Estate Agents Association (LPA) has released a recent report examining the effects of the reform of the Horizontal Property Law on the tourist rental market in Marbella. This amendment, which came into effect on April 3, requires that any new application for a tourist rental license must be approved by at least three-fifths of the homeowners’ community.
The report indicates that this regulation is already significantly impacting the number of sales and the value of properties, particularly in iconic areas such as Puerto Banús and the Golden Mile, where second homes are predominant. Real estate agents have expressed their concern about the potential depreciation of property values in these areas, especially after similar prohibitions were implemented in some communities over a year ago.
According to the LPA’s analysis, this situation is causing a decline in demand, forcing homeowners to offer discounts to close sales. Instead of alleviating tensions related to coexistence, the prohibitions have led to an increase in illegal rentals that operate without any professional regulation.
The study also reveals a change in the profile of buyers over the last decade. More than 60% of those purchasing properties in these areas intend to rent them out during their absence, turning the purchase into an investment. This phenomenon, coupled with the rise of digital platforms and management services, has transformed the vacation rental model.
The LPA concludes that to ensure harmonious coexistence among neighbors, protect property values, and combat the underground economy, it is essential to regulate and professionalize the sector, rather than impose prohibitions. The report, available for free download in PDF format, invites homeowners, investors, and industry professionals to consult it and circulate its content.
Referrer: MiMub in Spanish
