Marbella’s long-term rental market strengthens following lockdown
The travel and overall mobility regulations resulting from the Covid-19 lockdown strongly impacted tourism, real estate and the economy in general – here as across the world – yet as the restrictions are gradually being lifted and by June should see a relative return to normality, we’re already seeing demand for long-term rentals in Marbella come back strongly.
The prospects of short-term holiday rentals remain uncertain, there is the expectation that flights will resume at the beginning of July, which would still leave much of the summer season intact at a time when people will be desperate to get out and into the open spaces and sunny beaches of Marbella – but right now the focus is very much on long-term lets.
A change in the dynamics
In recent years, strong demand has led to shortages in the supply of long-term rentals properties in Marbella and surroundings, with prices rising steadily and peaking in 2018-2019. Now, a lot of people who normally reserve their Costa del Sol rental properties for holiday lets are changing to longer term lets instead of waiting for the tourist market to recover. There is every chance that this will be a temporary move, but for now it means an adjustment of supply away from tourism to residential rental markets, and this will both satisfy the already strong demand for such properties, and also temper prices, which have already been levelling off in recent months.
“It’s great news for people looking to rent for long term in Marbella, as they will no longer suffer the shortages and rapidly rising prices typical of the past few years, and will be able to find attractive homes to rent at reasonable prices,” says Juan Antonio Urios of Nordica’s Property Rental department. For homeowners, it represents an opportunity to fluently shift from one kind of rental income model to another, and while each segment has its own characteristics, property owners can count on specialists such as Nordica – the Nueva Andalucía property rentals and sales experts – to manage the process for them in an efficient, professional, transparent and pleasant way, looking after their tenants as they have always done with holiday guests as well.
“We have a great deal of experience and know-how with both types of rentals markets, and our dedicated teams are helping those homeowners listing their properties with us for long-term rentals to make the process as safe, flexible and rewarding as short-term rentals have always been for them,” says Minerva Michel, Nordica Long Term Rentals expert. “This means offering advice and support as well as managing the process on our clients’ behalf, ensuring that they can reap the benefits of their home whether based in Marbella or abroad – and we look after the tenants’ needs on their behalf too.”
Contact us now for more information about the professional property management and rentals service offered by Nordica or visit our website for a comprehensive range of long term rental properties in Nueva Andalucía and Marbella.