Why townhouses are 2026's smart buy
Limited supply, walking-distance lifestyle, lower running costs than a villa, and 2024–26 capital growth that has outperformed apartments and villas alike.
Estepona old town
~120 transactions/year. Prices: €4,000–€6,500/m² renovated; €2,800–€4,000/m² to renovate. Best streets: Calle Caridad, Calle Terraza, Plaza de las Flores. Avoid: anything within 50m of the noisy main bar streets.
Marbella old town (Casco Antiguo)
~80 transactions/year. Prices: €5,500–€8,500/m² renovated; €3,800–€5,500/m² to renovate. Best streets: Calle Lobatos, Calle Jacinto Benavente, Plaza de los Naranjos perimeter. Avoid: anything backing onto the main delivery alleys.
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Start matchingRenovation reality
Budget €1,500–€2,800/m² for a full renovation. Licence times: 3–8 months. Old-town parties enforce strict façade rules — every shutter colour and door type must be approved.
The licences to verify
- Cédula de Habitabilidad
- Energy Performance Certificate
- Heritage protection level (some buildings restrict interior changes too)
- Community of owners agreement on common elements
Yield reality
Long-let yields: 4–5.5%. Short-let (if licensed): 6–8% net. Many old-town properties are VUT-restricted by community vote — check before assuming yield.
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Areas in this article
- Marbella guide6,800 €/sqm · +9.2% YoY
- Estepona guide4,900 €/sqm · +11.7% YoY
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