The Costa del Sol (Málaga) remains a prime location for the foreign worldwide community, attracting millions of visitors every year for the host of reasons collated below. Marbella, Málaga, Benahavís, Benalmádena, Mijas, Estepona, and more, are all household names in the real estate market.
Although a hike in interest rates has indeed taken a toll on the real estate market, the Costa del Sol’s unique advantages, listed below, contribute to making it a resilient market where properties stand to lose little, and gain much, with the turn of each economic cycle. The underlying reason for this is mainly the always high demand for accommodation in this sought-after area which in turn piles pressure on property prices, increasing year on year.
The Costa del Sol is an ideal place for Digital Nomads or Golden Visa applicants to settle in, alone, or with their families.
Eight reasons to buy property on the Costa del Sol
- (Still) affordable property prices. When you compare property prices, they are still far cheaper by rapport to the United Kingdom. For the same amount of money that buys you a semi-detached in the UK in some Godforsaken location with no views (and no pool!), you get to buy a gorgeous villa on the Costa del Sol with commanding views and a plush garden and still have money left for a property makeover! Then there is also the little fact that property prices are appreciating by two digits on the Costa del Sol. At the end of the day, life is all about choice.
- A pleasant all-year-round climate. The Costa del Sol boasts 300 days on average of sunshine a year. This gorgeous weather is precisely what gives it its namesake. Light and warmth are never too far away!
- Ultra-low taxation. As explained in our taxation articles, Andalusia’s new regional government is hell-bent on pro-low taxation. They have introduced significant tax breaks on buying property making it (almost) a tax haven. This political agenda translates into the lowest taxes in all of Spain, on Inheritance and Gift Tax, on Wealth Tax (was suppressed in 2022), on Property Transfer Tax, and Stamp Duty which were both slashed. So much so, that most taxpayers pay nil on IHT (including non-resident and non-EU taxpayers). Inherited estates under one million euros (per taxpayer) are tax-free for next-of-kin. Over one million, are taxed at only 1% on the excess. If you invest on a buy-to-let, you can apply for lenient landlord tax relief which mitigate their tax bill by 70%, or more. On long-term rentals, you can expect a net annual yield of 5%, on tourist rentals you can expect a net yield of 10%.
- A privileged lifestyle. The Costa del Sol spoils you for choice, as it caters to all tastes: whether you enjoy its beautiful unspoiled scenery walking through its mountains and Mediterranean pine forests, going out on a fancy dinner, practising sports, sunbathing on the beach, night-time clubbing for party owls, skiing (Granada is only a 3-hour drive), or feeling the flutter of placing a wager (Marbella’s Casino), or simply chilling out al fresco sipping a glass of a fine Rioja while you watch a dramatic sky dusk against a dashing blue sea in good company. The Costa del Sol simply has it all!
- Excellent modern connections. Malaga’s airport, Gibraltar’s airport, a modern rail network, modern highways, Malaga’s upgraded port, all help to connect Malaga to the modern world.
- First-class amenities. Lavish restaurants, luxury shops, trendy designer boutiques, refined theatres, glam discotheques, 18 and 9-hole golf courses, international private schools, exclusive yacht-filled marinas (Puerto Banus, Cabopino, La Duquesa). Your problem is that won’t have enough time to enjoy it all!
- Quality healthcare. Malaga offers several state-of-the-art hospitals that will cover your every health need. There are also specialised beauty medical facilities that assist enhancing your physique, because everyone deserves a little nip and tuck. For those in the know!
- A vibrant cultural life. Malaga’s vast cultural offering spans from the Picasso Museum, Pompidou Museum, Carmen Thyssen Museum, Saint Petersburg’s Russian Museum, the bullring, to a slew of glam theatres, such as the trendy Teatro del Soho. Music concerts and refined classical music galas featuring world-renowned artists are all organized by Starlite during the long summer season. All these contribute to giving the Costa del Sol the lustre of a cosmopolitan venue. But if we dig deeper into its historical roots, history buffs will get lost in Malaga’s Roman and Carthaginian ruins, Augustus’ two-millennia-old amphitheatre and the imposing one thousand-year-old Arabic Citadel await your rediscovery!
Conclusion
Larrain Nesbitt Abogados (LNA) offers a competitive conveyance service. Our English-spoken lawyers and paralegals will handhold you throughout the entire purchase procedure. We also assist you filing taxes and applying for visa or residency permits.
You only live once, make the most of it.
Related conveyance services available from LNA:
At Larrain Nesbitt Abogados (LNA) we have over 21 years’ experience assisting foreign clients buying, selling, or renting properties in Spain. We offer a competitively priced accounting service to file your landlord taxes every tax quarter nationwide. We are also specialized in litigation, and immigration & residency visas. You can contact us by e-mail at info@larrainnesbitt.com, by telephone on our UK line (+44) 07543 838 218, our Spanish line (+34) 952 19 22 88, or by completing our contact form to book an appointment.
Larraín Nesbitt Abogados, small on fees, BIG on service.
2024 © Raymundo Larraín Nesbitt. All Rights Reserved. Plagiarism will be criminally prosecuted.
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