When Mark Johnson, a seasoned real estate investor from San Francisco, first set foot in Marbella, he thought he was on vacation. The palm-lined boulevards, the yachts glistening in Puerto Banús, and the rhythm of Mediterranean life felt worlds apart from Silicon Valley’s fast pace. Yet, behind the sunshine and tapas, Mark saw something even more appealing: a real estate market that combined lifestyle and profit in a way California no longer could.
Comparing Numbers: California vs. Costa del Sol
“I had been investing in California property for almost two decades,” Mark explains. “But in recent years, the math stopped making sense. Prices were soaring past the million-dollar mark in Los Angeles and San Diego, while rental yields were stagnating. Then I looked at Marbella: for about $600,000 I could buy a new-build apartment with sea views. In LA, the same budget would barely get me a small condo in an average neighborhood.”
Beyond entry price, Mark highlights taxation: “In California, property tax hits you every year at market value. In Marbella, I pay a fraction, because the IBI is based on cadastral value, which is much lower. That alone saves me thousands annually.”
Stability and International Demand
For Mark, investment isn’t only about cost—it’s about market fundamentals. “What struck me most is how global the Costa del Sol is. Buyers come from Northern Europe, the UK, the US, even the Middle East. This isn’t a market tied to a single economy. That makes it resilient. Even during downturns, demand doesn’t disappear—it just shifts geographically.”
The infrastructure also impressed him: “Málaga Airport has direct flights all over Europe, and with one easy connection I’m back in San Francisco. Compare that to some of the traffic and logistical nightmares in LA, and Marbella feels easier.”
More Than Numbers: A Lifestyle Investment
But perhaps the greatest surprise was the lifestyle factor. “Normally, I separate business from pleasure. In Marbella, I can’t. I come to check on my property portfolio, and within hours I’m walking the beach, golfing, or having tapas with friends. I realized I wasn’t just investing in square meters—I was investing in a lifestyle that my family and I could actually enjoy.”
When asked if he regrets leaving California property behind, Mark laughs. “Regret? Not at all. California will always be home, but Marbella is where my investment dollars make sense—and where I see myself spending more and more of my time.”
