September 2026 Newsletter: Record Tourism, Tighter Banking Rules and a Costa del Sol Housing Squeeze
Spain heads for a record 100 million tourists this year, new EU banking rules complicate foreign accounts, Málaga puts the brakes on new tourist housing, and Costa del Sol towns invest in infrastructure ahead of a busy autumn calendar.
9/7/20267 min read
Opening Note
This edition picks up where the last one left off. Our June-August issue covered Gibraltar's Schengen debut and Andalucía's new coalition government; the weeks since have kept the numbers moving. Spain is on track for a record 100 million visitors this year, Andalucía posted its strongest first-half tourism and investment figures on record, and international buyers keep choosing Marbella even without a Golden Visa to sweeten the deal. At the same time, a new EU banking directive is making life harder for anyone holding a foreign bank account, and Málaga has quietly moved to slow the growth of tourist apartments in the city. None of it is dramatic on its own, but together it points to a region absorbing serious growth while regulators work to keep pace with it.
Global News
A record 165,000 millionaires are relocating internationally this year, and Marbella keeps its share
Henley & Partners' 2026 Private Wealth Migration Report puts global millionaire relocations at around 165,000 for the year, a 16% rise on 2025's record. Spain's property-linked Golden Visa closed in April 2025, yet Marbella keeps attracting buyers who could settle almost anywhere. Part of the reason is geopolitical: with the Gulf tested by conflict and several long-standing wealth hubs facing political uncertainty, Spain is increasingly framed as one of the more stable, predictable places to relocate capital and family life. Increasingly, a home here is one piece of a wider portfolio of residence rights and business interests spread across several jurisdictions, not a tax base in itself. The practical point for MAE clients: a property purchase and a residency strategy are now two separate conversations, not one.
Europe News
A new EU banking rule could force you out of your foreign bank account
The EU's Capital Requirements Directive (CRD6), specifically Article 21(c), requires non-EU banks offering "core banking services" (deposits, loans, credit) to EU residents to either open a licensed local branch or partner with an EU subsidiary. Spain missed the January 2026 transposition deadline and was formally reprimanded by Brussels in June, but pressure is building regardless: several UK and US banks have already started writing to Spain-based customers about their accounts. Two exemptions soften the blow: contracts signed before 11 July 2026 are grandfathered, and "reverse solicitation" (where the client approached the bank first) is exempt. If you rely on a UK or US account for a pension or home-country tax affairs, it is worth checking your bank's position now rather than after a closure letter arrives. Multi-currency accounts from providers like Wise or Revolut, which carry both an EU and a non-EU account number, are the fallback most clients are turning to.
Málaga airport is now scanning fingerprints, and ETIAS is next
The EU's Entry/Exit System (EES) has been fully operational since April 2026, replacing passport stamps with biometric registration for non-EU arrivals, including at Málaga airport. ETIAS, the €7 pre-travel authorisation for UK and other non-EU visitors, is expected to soft-launch in the final quarter of 2026. British owners and frequent visitors who haven't yet been through EES registration should expect it on their next arrival, and should build the ETIAS application into travel planning once booking for early 2027.
Spain National News
Euríbor breaks above 3% for the first time in two years
The 12-month Euríbor closed August at 2.95%, up from 2.11% a year earlier, with the rise driven largely by inflation pressure linked to conflict in the Middle East and markets pricing in a firmer European Central Bank stance. For a typical €150,000 variable mortgage, this month's revision adds roughly €70 a month, or €843 a year. After two years of falling rates, this is the first meaningful reversal, and worth factoring into any purchase or refinancing decision made this autumn.
Spain is on course for 100 million tourists this year
Spain welcomed 46.5 million tourists in the first half of 2026, up nearly 5% on 2025, and is forecast to cross the 100-million mark by year end, with €64 billion in tourism revenue expected between June and September alone. The figures confirm Spain's position as Europe's top destination, ahead of traditional rivals, and reinforce the demand pressures already visible on the Costa del Sol's roads, housing stock and services.
Andalucía Regional News
Foreign investment in Andalucía up 35% in the first quarter
Productive foreign investment in Andalucía grew 35% in Q1 2026, twelve points above the national average of 23%. France, the UK, Italy and the US were the leading sources. Combined with the tourism figures below, it points to a region attracting capital on two fronts at once, tourism spend and direct investment, which is unusual and worth watching as a signal of underlying confidence.
Andalucía posts record tourism numbers, with more to come
The region closed the first half of 2026 with 7.3 million foreign visitors and €9.8 billion in tourist spend, up 7.9% and 6.8% respectively on 2025. Forecasts point to a further 14.2 million visitors between July and September, with foreign arrivals expected to rise another 4.5%. Around 550,000 tourism jobs are projected for the season, up to 7% more than last year. For hospitality and services businesses, this is a strong year to be trading, but also one where staffing and capacity planning matter more than usual.
Málaga Province News
Málaga city hall moves to slow new tourist housing
Since August, Málaga's city government has been processing a modification to the General Plan aimed at regulating new tourist apartments and hotels rated below four stars. Initial approval triggers a three-year moratorium on new tourist housing licences, though it does not affect complete apartment complexes or hostels. Separately, the council is limiting new tourist-home registrations while it finalises a zoning ordinance targeting the most saturated neighbourhoods. This follows the Junta de Andalucía deregistering more than 10,000 non-compliant tourist properties in recent months. Owners considering a tourist-letting registration in Málaga capital should expect a materially slower and stricter process from here.
The Málaga Metro extension edges closer
The Junta de Andalucía continues to describe 2026 as a turning point for the Metro's extension toward the future Hospital Civil, with all three construction sections of the line-two extension now under active development. There is no firm completion date yet, but for anyone weighing a property purchase along the planned route, the project has moved from planning into visible construction this year.
Local Municipal News
Marbella reopens its lighthouse as public space, and picks up a tourism award
The Ayuntamiento has completed the rehabilitation of the Faro de Marbella, opening over 2,500 square metres to public use and relocating the town's tourism office and a new "Aula del Mar" into the site. Separately, Marbella was named Europe's best sports destination for 2026 by European Best Destinations, scoring 19.6 out of 20. Together, the two developments reflect a deliberate push to diversify Marbella's appeal beyond beach tourism.
Estepona keeps investing in public spaces and infrastructure
August brought a cluster of smaller but tangible projects: around fifteen new free parking spaces beside the bus station, a fishing-boat monument on Avenida Puerta del Mar marking the town's maritime heritage, and the opening of Plaza Aurelio Gurrea Chalé, honouring the Fundación APRONA. Pavement works on the urban stretch of the Benahavís road are also nearing completion. None of these is individually significant, but the pattern of steady public-realm investment is consistent with Estepona's recent run of infrastructure upgrades.
Mijas finally fixes a decades-old power supply problem
A new electrical substation and cabling network came fully online in Mijas on 7 August, resolving supply issues that residents and businesses had lived with for decades. For anyone who has dealt with unreliable power in the area, particularly relevant for businesses running equipment or holiday rentals, this is a genuine practical improvement rather than a symbolic one.
Upcoming Events
PJ Fest, Marbella: 3 September
A one-night Latin music and pop culture event at the Starlite auditorium, drawing international names and a strong summer-season crowd.
Marbella International Film Festival: mid-September
The festival returns for its traditional week-long run, with screenings and industry events across the town.
Feria del Rosario, Fuengirola: 6-12 October
One of the most significant ferias in Andalucía, with a full programme of parades, flamenco, fairground rides and street celebration at the Recinto Ferial.
Private Sector & Business News
BBVA's hostile bid for Sabadell collapses
BBVA's takeover offer for Banco Sabadell failed after securing acceptance from only 25.3% of shareholders, well short of the 30% minimum needed. BBVA shares rose nearly 6% on the news and the bank has since launched a €4.95 billion share buyback plus the first tranche of a further €2 billion programme. For business owners and investors watching Spain's banking sector, the failed deal signals that meaningful consolidation among the larger Spanish banks is off the table for now.
Málaga's tech sector keeps setting the pace
Málaga has been confirmed as Spain's leading technology hub, according to analysis from ABANCA's Business Climate Barometer, which tracked €350 million in foreign investment into the city's tech sector. The recent launch of the Málaga Startup Network adds a further layer of institutional support for the ecosystem, which already hosts operations from companies including Vodafone and Quantexa. The challenge for 2026, as regional analysts note, is ensuring this wealth and expertise spills over into the traditional local economy rather than remaining confined to the tech district.
New business creation on the Costa del Sol continues to climb
New business registrations on the Costa del Sol rose 17% year-on-year, according to regional tourism and economic data, extending a multi-year trend of entrepreneurial growth in the area. Combined with the investment and tourism figures above, it points to a local economy that is diversifying, not just growing on the back of tourism alone.
Why This Matters
Residency and property are separating as decisions. With the Golden Visa gone, buyers are choosing Marbella for lifestyle and portfolio diversification while sorting residency through entirely separate routes. Anyone planning a purchase should treat these as two distinct pieces of advice, not one.
Compliance costs are rising quietly, not dramatically. The EU banking directive won't make headlines the way a new tax would, but it will force real decisions for anyone keeping a foreign account while resident in Spain. The sensible move is to get ahead of it before a bank forces the issue.
Rental and housing regulation is moving from Madrid to the regions. The national short-term rental registry is dead, but Málaga's moratorium and Andalucía's mass deregistrations show the direction of travel is the same, just enforced locally rather than nationally.
Costa del Sol's growth is now outpacing its infrastructure, but the gap is closing. Record tourism and investment figures are straining roads, housing and services, even as the Metro extension and municipal projects finally move from planning into construction.
Cheap borrowing is over, for now. Euríbor's return above 3% ends two years of falling mortgage costs. Anyone buying, refinancing or budgeting for variable-rate debt this autumn should plan around a materially higher cost of borrowing than a year ago.
Closing Note
That's the picture as autumn begins: a region growing faster than almost anywhere else in Europe, with the regulatory and financial landscape shifting to match. If any of this affects a purchase, a residency plan or a business decision you're weighing for the coming months, it's worth a conversation sooner rather than later. As always, we're here to help you make sense of what's changed and what it means in practice.
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