Living in Marbella’s Golden Mile: Costs and expenses

Looking to move to Marbella’s exclusive Golden Mile? Here’s what you need to know about the costs of living.

Marbella’s Golden Mile is one of the exclusive and sought after residential locations in the world.

Filled with villas, mansions and beach houses, and boasting international royalty, aristocrats and celebrities among its occupants, the Golden Mile lives up to its name.

But despite the high profile, it’s actually more affordable to live here than you might think. 

And even the higher housing costs can prove an attractive investment option for those looking for a strong opportunity.

Here we go through some of the main Golden Mile costs and expenses you can expect to deal with.

Cost of a home in the Golden Mile

At the higher end, a villa on a prime stretch of real estate in the Golden Mile could cost you as much as €25,000 per square metre.

This means you could be looking at prices ranging from low six figures to mid eight figures for a larger mansion or spacious villa.

However, there’s also a vast array of townhouses around €500,000 and apartments if you’re looking for something even more affordable.

Plus, even with these prices a home in the Golden Mile will be a good investment because property prices consistently remain strong regardless of the economy.

House prices here have increased at a higher rate than most of the rest of Spain or comparable areas in the rest of Europe.

Living costs

Despite the higher price tags, compared to comparable places in Europe like London, the Golden Mile and Marbella are actually relatively affordable.

For a family of four you would need about €2,225 a month (without rent or mortgage costs) to lead a comfortable lifestyle. For a single person it would be closer to €623 a month, without rent or mortgage costs.

This is still significantly lower than the cost of living in London, plus you benefit from the exclusivity and climate that comes with living in the Golden Mile.

Leisure and dining costs

There is no shortage of fine dining, bars and clubs to enjoy, so you’ll need to budget depending on the frequency you plan to eat or drink out.

An expensive meal in one of the more exclusive restaurants could cost you as much as €200 per person, but typically you can expect prices to be closer to €30 per person.

The Golden Mile is also home to some of the best golf resorts and leisure facilities so there’s no shortage of activities to get involved in as well as a bustling city centre a short distance away.

Shopping bills are similarly comparable, and cheaper than some European countries, with a weekly shop for the home being around €60 and leisure items like gym memberships coming in around the same.

Cost of transport

One of the main attractions of The Golden Mile is its proximity to other locations like Puerto Banus, Sierra Blanca and Marbella Central, making it ideal for those who want to get out and explore.

And the cost of transport is another affordable cost for residents. A typical monthly travel card with unlimited travel will cost you around €36 a month and can get you anywhere you want to go quickly.

Taxes

Of course if you’re going to live on The Golden Mile then the tax system is something you’ll want to know about.

Some of the taxes and expenses you can expect to some as part of your property purchase include:

• Community fees: If you live in an urban community, you’ll contribute towards the cost of maintenance of shared facilities like lighting, private roads and drains or water supplies. They can also be used to cover the costs of maintaining communal swimming pools or gardens.

• Wealth tax: All non-residents of Spain who own property will pay a wealth tax against the assets they own in Spain and is taxed depending on the rate of your taxable asset.

• Property tax: This is similar to council tax in the UK and is based on the value of your property.

• Home insurance: If you’re taking out a mortgage to fund your property purchase, then by law you’ll at least have to take out fire insurance.

Ready to buy your dream home in Marbella’s Golden Mile?

This should give you a rough guide on what you can expect to pay by investing in or buying a property in Marbella’s Golden Mile.

Your final fees and payments will depend on your individual circumstances and will be discussed with you at the time you decide to buy your home.

If you’re ready to start looking for your dream home in this exclusive area, get in touch with us today.