The Costa del Sol, in the southern Spanish province of Andalusia, has long been popular with luxury property investors. A large part of this is due to its year-round good weather: with hot dry summers and warm winters, the area attracts visitors throughout the year. This makes it a great spot for investment properties.
When it comes to renting your property out, it’s good advice to take note of the local amenities and think about how they might align with the kind of visitors you are hoping to attract. Visitors look for properties that fit their needs and, while these needs may differ from client to client, there are certain amenities that can help to maximize your rental income by securing contracts faster.
For many people, ease of access is important. Some clients might fly in for a long weekend and want to get to the property as quickly as possible. For example, if your property is close to Malaga airport, it’s worth emphasizing in your sales brochure to attract those that are pressed for time.
In the same vein, you might want to mention any significant nearby towns and villages when you are marketing your property. Those looking for a property in the Costa Del Sol might be attracted to the nightlife of nearby Marbella; Sotogrande attracts luxury travellers looking for golf, polo and sailing; and Estepona lures visitors with its relaxed old town atmosphere.
It is important to recognize that the people you target can change with the seasons. Short-term rents in high season offer high yields, but some owners struggle to rent in low season and therefore fall back on lower yielding long-term rents. Finding a way to attract short-term renters throughout the year will allow you to let your property faster and increase yields.
One way to operate on more profitable short-term rents throughout the year is to emphasize the proximity of your property to golf courses, which drive demand in low season. Another amenity that may attract short-term renters are fishing ports such as those at Marbella, with fishing trips another driver of demand throughout the year.
It is also worth looking into local events and festivals that may entice visitors in otherwise quiet periods, such as the Holy Week celebrations in the province of Malaga. The traditional parades take place around Easter and bring thousands of tourists to the region.
Think about the characteristics of your property and the people that it is most likely to attract, and then consider what amenities they will value most. The Costa del Sol is packed full of beautiful beaches, renowned restaurants and sports facilities like golf courses, fishing ports and even polo fields. The challenge is to match these local amenities to your clients, inspiring multiple groups to make short-term rentals and thereby maximize your yields.