Costa del Sol Rental Yields 2026 by Town

Estepona leads this snapshot. An 80m² home at the municipal averages equates to roughly €359,920 to buy and €1,680 a month in advertised rent. That does not make every Estepona apartment a 5.6% investment. A high-spec New Golden Mile development can cost far more per square metre, while a central resale may need renovation. The useful lead is the spread between sale and rental asking prices.

Mijas, Benalmadena and Malaga cluster near 4.9%, but they do not carry the same risk. Mijas blends La Cala, Las Lagunas, Mijas Pueblo and inland communities into one average. Benalmadena ranges from Arroyo de la Miel to Puerto Marina and El Higueron. Malaga has deep year-round tenant demand, but its rules now shut the door on new tourist-rental registrations. A long-term tenancy case should stand on its own there.

Marbella has the highest purchase benchmark and a gross yield of about 4.5%. Buyers are paying for an internationally recognised address and scarce prime stock, so income can be secondary to personal use or resale expectations. Fuengirola comes last at 4.1% because its €4,729/m² asking price is high relative to a €16/m² residential rent. The train, walkability and limited coastline are valuable, but the tenant does not necessarily reimburse the full ownership premium.

These are municipal averages for all dwelling types. For a usable comparison, shortlist apartments of similar size, condition, terrace, parking and distance from the sea. Then check at least five genuine long-term comparables and remove seasonal listings. Our Costa del Sol area guide helps separate the towns before you compare individual streets.

Data sources: August 2026 Fotocasa sale and rental indices for Marbella, Estepona, Fuengirola, Mijas, Benalmadena and Malaga. Gross yields are our calculations from those advertised-price indices.

Andalusia's tourist-home rules require compliance with municipal planning and a responsible declaration to the regional tourism authority. Town halls can cap tourist homes by building, sector, area or period. For a new tourist use in a community of owners, national horizontal-property law has required express approval by three fifths of all owners and participation shares since 3 April 2025.

The position is different by municipality as checked on 10 September 2026. Malaga city has suspended new tourist-home licences and responsible declarations while its planning change proceeds, for up to three years. Fuengirola applies a planning rule that blocks homes without an independent entrance and has sought cancellations where registrations do not comply. Marbella, Estepona, Mijas and Benalmadena did not show a city-wide moratorium in the sources reviewed, but that is not an approval for a particular building. Planning conditions, protected-housing status, community rules and later municipal measures can still stop the use.

There is another 2026 change worth knowing. Spain's Supreme Court annulled the state procedure that required a national rental registration number for online short-term listings. The ruling did not cancel Andalusia's tourism registration, municipal planning controls or the community-approval rule. In other words, the disappearance of one national number did not turn an ordinary apartment into a lawful holiday let.

Before paying a reservation deposit, ask an independent lawyer for written confirmation of the permitted use at the exact property. Read the Junta de Andalucia guidance, the Supreme Court decision published in the BOE and the relevant town hall file. A listing described as having a licence is not enough.

Start with the lower of the rent an agent promises and the rent supported by current comparables. Deduct realistic empty time and every annual bill. Add purchase costs to your invested cash, then test a repair year rather than assuming twelve perfect months. If the result only works with August nightly rates, it is a tourism business plan, not a passive gross-yield calculation.

Estepona deserves the first look for income in this six-town benchmark. Mijas, Benalmadena and Malaga deserve a closer property-level comparison. Marbella can make sense when personal use and address value matter, while Fuengirola needs a disciplined purchase price. One discounted, well-run apartment can beat its town average; an expensive unit with the wrong permissions can miss it completely.